The High Court in the United Kingdom has determined that an Australian computer scientist is not the creator of bitcoin known as “Satoshi Nakamoto”.
“Who is the creator of Bitcoin? A recent judgement from the high court in Britain has at least eliminated some possibilities for who Satoshi might be.”
For eight years, Australian computer scientist Craig Wright has claimed that he was the man behind “Satoshi Nakamoto,” the pseudonym that masked the identity of the creator of bitcoin. His claim was vehemently rejected by the Crypto Open Patent Alliance, or Copa, a nonprofit group of technology and cryptocurrency firms, who brought the case to court.
According to Justice James Mellor’s decision, Wright did not create bitcoin, was not Satoshi, and did not write the initial versions of the bitcoin software. Additional details will be revealed when Mellor’s written statement is released at a later time.
In 2009, it was released as open-source software and quickly became the most well-known form of digital currency. Being a digital token, bitcoin is not controlled by any bank or government. Similar to physical cash, it enables users to make anonymous transactions, although not entirely. Additionally, it can be exchanged for cash at rates determined through online trading when deposited into designated accounts.
Advocates claim that this form of currency can be more reliable than typical money, which is often subject to the influence of those in authority. Critics argue that its instability has created a new potential threat to the worldwide financial structure, while also expressing concern about its potential to facilitate unlawful behavior and uncertainty.
“cryptocurrency exchanges”
Although there have been some fluctuations, a single bitcoin is currently valued at more than $70,000, which is three times its value from a year ago. The demand for bitcoin has increased significantly on exchanges known as “cryptocurrency exchanges”.
Bitcoin exchange-traded funds are available for trading on certain platforms.
Experts have stated that the ETFs, which provide a less risky option for investors to participate in the crypto market, have seen a significant increase in capital investment this year.
The ruling on Thursday is comforting news for crypto exchanges who have been opposed to the notion of Wright being Satoshi.
A representative from Kraken, one of the largest exchanges, stated that Satoshi recognized the importance of decentralization and intentionally designed bitcoin to prevent it from being controlled by any one individual or entity. They expressed satisfaction that the court acknowledged the substantial evidence that definitively proves that Wright is not Satoshi.
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Source: cbsnews.com