Friday, September 17

Identity of Satoshi Could Harm Crypto Market

Bitcoin hit an all-time high as the market value reached $1 trillion. Everyone knows it is started by an unknown group of people under the name of Satoshi Nakamoto. Cryptocurrency exchange Coinbase has issued an IPO filing with a concern. If the inventor of bitcoin is revealed, the crypto market of Bitcoin and Ethereum can go down.

However, not to get fooled by the name, Satoshi can’t be Japanese. According to reports by Independent.co.uk, he holds 1.1 million of the total bitcoin market. Moreover, his existence is believed to have a socio-economic impact. In 2008, a white paper titled, Bitcoin: A peer-to-peer electronic cash system, by an anonymous. Therefore, there have been many failed attempts to unveil Santoshi’s identity.

The crypto market saw a hike in Bitcoin’s price after Elon Musk bought $1.5 billion worth of bitcoin. He further hinted towards using bitcoin as a mode of payment. Musk is a vocal supporter of the crypto market. Hence, he supported Dogecoin in a tweet, calling it the future currency on Earth.

Musk Lost $15 Billion After Investing in Bitcoin

Therefore, this made big companies like Square Inc. and Paypal validating the exchange model. Nevertheless, the iPhone seller will immediately lead the market in Apple wallet. However, Apple is famous for its best security and privacy services to its customers.

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