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The mysterious origin of Bitcoin – Explained

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santoshi nakamoto

Trying to uncover the underlying face of the Bitcoin creator

Since the first revelation of the Cryptocurrency based on the blockchain technology in the years 2009, Bitcoin has been experiencing many ups and downs. It was clearly unimaginable that a currency would spike up to $20,000 from almost nothing.

Another amazing feature of the cryptocurrency is its origin. It has been considered one among the topmost mysterious cases in the world. How can the creator of such an amazing creation step back and deny all the credit he has the right to? There are a lot of speculations regarding the matter. Some say it’s Satoshi Nakamoto. Let’s try to break this mystery.

According to an extensive research done, the creator(s) of Bitcoin is considered to have the following features:

They are genius

One of the top security researchers from New York describes the Bitcoin code as one of the inscrutable set of code that nears perfection. “Only the most paranoid, painstaking coder in the world could avoid making mistakes,” they said.

 

They speak fluent English

Satoshi Nakamoto from his 2 years of extensive research on the technology, has written about 80,000 words on it, revealing the possible identity of a fluent English speaker.

 

He might be of a British origin

On careful examination of their paperwork, by their use of British colloquialisms, it can be predicted that they might be hailing from the United Kingdom. For instance, they call their apartment as a flat and spell math as maths. The time of the posting also adds to this fact as most of the time the postings are done in the daylight UK hours.

 

They might be a group of people

The flawless code of the Bitcoin Blockchain Technology has left the experts in the field to speculate that it can be an extraordinary person or a team of highly effective developers. According to Dan Kaminsky, a Bitcoin security researcher Satoshi Nakamoto,

“could be either a team of people or a genius.”

 

Satoshi’s frustration might have been the reason.

In February 2009 released an article in which he expressed his anger on the current Centralized Financial System where the banks lost our hard earned money. He explained that the banks were supposed to hold our money and transfer it electronically but not to lend it out with just a fraction of it in the reserves. He also says the central banks should maintain the trust by not debasing the currency, but on contrary, the history is evident for a number of breaches. Many Bitcoin forums discuss that he might bring to the libertarian group who is against rich and corrupt people and politicians. The timing of emergence of Bitcoin is completely inline with the 2007 housing bubble burst. He might have released it as a means of destruction for the corrupt banking system.

 

Anonymity could be to dodge legal implications.

It is evident that anyone who tried to improvise something against the interests of the government was met with potential legal implications. The anonymity might also be considered a recipe for Bitcoin’s success.

Also, the overall concept of the decentralization would be voided if he revealed his identity which again might attract distrust among the Bitcoin enthusiast.

In a nutshell, whoever is the creator of Bitcoin, it must be agreed that he is a long-term thinker who foresees the consequences and a great mastermind.

#Exchange

Vietnam launching a regulated cryptocurrency exchange

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Vietnam is all set to launch a regulated crypto exchange as two companies have just signed an MOU for the development and licensing for a crypto exchange.

Vietnam is all set to launch a regulated crypto exchange as two companies have just signed an MOU for the development and obtaining licensing for a cryptocurrency exchange.

Partnership for the cryptocurrency exchange:

According to an article published by PRNewswire, Linh Thanh Group, which is the biggest distributor in the country is partnering with Kronn Ventures AG, a blockchain company located in Switzerland for the development of the cryptocurrency exchange.

Recently, Kronn Ventures AG created an association with the financial committees around Asia which included countries like Bangladesh, Sri Lanka, Cambodia as well as Vietnam. The motive of the association is to use blockchain technology to create a worldwide wiring system that suits the environment of the Asian continent.

According to the report, Linh Thanh Group has officially stated that partnering with the Kronn Ventures AG will help both the companies in creating a cryptocurrency exchange that is world class. Kronn Ventures is quite famous for their work in the field of blockchain in Switzerland.

 

Regulation in Vietnam:

The government of Vietnam had earlier seized the domain name of the biggest BTC exchange in the country as the company was accused of allowing e-commerce services without seeking regulations from the authorities.

Also at the end of last year, Vietnam’s ministry of justice had proposed various methods which could help in regulating cryptocurrencies in Vietnam. The regulatory authorities had also explored the pros and cons of cryptocurrency regulations in the country.

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#Exchange

Mt Gox: Has the time come when Mt.Gox Creditors will be paid?

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As reported by the Mt Gox trustee, They still have 141,000 BTC and 142,000 BCH and the trustee seems to be taking charge to return the funds to the victims.

The small cryptocurrency community back then was in shock when the biggest bitcoin exchange Mt Gox (at that time) was hacked and around 850,000 BTC were stolen which were worth around $450 million back then and around $3.4 billion according to today’s price. Years have passed since the incident, however, only a few the victims have received their share and most of them are still waiting for their lost funds.

 

Mt Gox to credit victims?

As reported by Nobuaki Kobayashi, the Mt Gox trustee, Mt Gox still has more than 141,000 Bitcoin and 142,000 Bitcoin Cash and the trustee seems to be taking charge to return the following funds to the victims. The victims were super excited to hear this and Twitter seems to be full of tweets claiming that the exchange has finally made its decision of returning the lost funds to the victims.


However, it is worth noting that Mt Gox might have more than $631 million worth of Bitcoin and Bitcoin Cash, the number of funds to be compensated are likely much more than this amount. The other documents on the website claim that the victims shall be sent a notification regarding the approval or disapproval of their claims based upon their type of filing (online or email).

 

Nobuaki Kobayashi said that after a few days, the Rehabilitation Trustee of Mt Gox will be announcing the results of the claims filed by the victims. The result will showcase whether or not their claims have been accepted.

 

Missed the deadline?

If you are one of the victims and you’ve somehow missed submitting your claim, you can still download the claim form from the Mt Gox website. However, if these claims made after the deadline shall be accepted for refunds will be decided by the court.

 

Is there any timeline for the claims?

According to Nobuaki Kobayashi. he will contact the victims soon. So there is no specific timeline as to when the funds will return to the victims. However, it is still great news for the people who have been waiting for over 5 years and they are surely happy about the fact that they will soon be compensated.

 

Cryptocurrency investors are now wondering how will this affect the bitcoin price? What do you think? Tell us in the comments section below.

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Cryptocurrency Price Analysis: Great Week for the top 10

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The current week has proved to be quite amazing for the cryptocurrency market as all major coins are holding green. The total cryptocurrency market rose by around $1.5 billion yesterday night with the price of bitcoin reaching $4100.

 

Bitcoin:

BTCUSD Price Chart

BTC/USD Weekly Price Chart

Bitcoin broke the $4000 resistance level on 17th March and has been over this range since then. Bitcoin has turned the previous resistance into strong support now and has moved upwards slowly currently trading around $4120 (according to Bitfinex chart) with around 1% increase in the last 24 hours. If bitcoin is able to maintain its position above $4100 range for long, it might soon move ahead towards the major long term resistances such as $4500 and $4600.

 

Altcoins:

ETHUSD Weekly Chart

ETH/USD Weekly Chart

Ethereum also saw a nice bullish momentum this week after reaching the highest point of $143. Currently, Ethereum is trading nicely around $140 and is experiencing a few dips while trying to move upwards.

Unlike other top 10 coins, Ripple market is experiencing volatility from the last week but the momentum is still quite bullish.

LTCUSD Weekly Chart

LTCUSD Weekly Chart

Litecoin has been following trends and is steadily trading around $60 from the start of the week. Litecoin has increased more than 1.67% in the last 24 hours which makes it the best performing crypto of the day (in comparison with the top 10 cryptos according to market capitalization). LTC is currently trading around $61 (according to Bitfinex chart).

 

The overall cryptocurrency market is in a bullish momentum with sings of further gains. After a long bearish trend, cryptocurrency analysts are now believing that the bull market might be coming soon.

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