Photo by Kanchanara on Unsplash
Cryptocurrency’s incredible rise owes a lot, if not everything, to the inventor or inventors of Bitcoin, but that is not computer scientist Craig Wright. This is the verdict of a London High Court trial that disputes Wright’s claims that date back to 2016.
Bitcoin’s creator is shrouded in mystery and the name Satoshi Nakamoto has been used by whoever created Bitcoin. This person or group of people created the first blockchain database, authored the initial Bitcoin white paper, and deployed its first reference implementation.
Satoshi Nakamoto claimed they were a man located in Japan in 2012, but speculation has claimed Western experts are involved in some way or other.
Bitcoin’s code was originally started in 2007 before the Bitcoin domain was registered in 2008.
Despite Nakamoto’s identity being secret, it is believed that they own up to 1.1 million bitcoins. This would have put them as the world’s 15th richest person when Bitcoin’s value spiked to more than $68,000 in 2021.
It took some time to convince the public that Bitcoin was a legitimate currency, and there are still those who are skeptical. However, things are slowly changing as more and more businesses and industries start to accept Bitcoin and its reputation continues to grow more favourable.
Global brands like Burger King, KFC, Starbucks, Amazon, and Twitch all accept cryptocurrencies, and some industries are actively changing to create space for crypto users. For example, the betting industry was one of the first to widely embrace cryptocurrencies, with dedicated crypto casinos growing in popularity every year. Specially designed crypto casinos for the Australian market offer a selection of benefits according to betting expert Michael Graw. High levels of security, anonymity, and fast payments make crypto an excellent option for consumers in a variety of markets in Australia, and the rest of the world.
The rapid rise of cryptocurrencies has sparked a whole new market of decentralized currencies that offer secure, open transactions, and as the biggest cryptocurrency, Bitcoin has drawn a lot of attention.
Speculation around the identity of Bitcoin’s creator was inevitable and names like cryptographic pioneer Hal Finney, Dorian Nakamoto, Nick Szabo, and Craig Wright.
Unlike many of the others being linked to Bitcoin, Craig Wright has done nothing to deflect the rumors and actively claimed he was the creator.
Eventually, a crypto company conglomerate named the Crypto Open Patent Alliance sued Wright due to the instability his claims were causing, accusing him of trying to capitalize and benefit from them.
The court proceedings came to an unusual end with Judge Justice Mellor giving a verdict moments after the two-month trial concluded. A judge would usually take time to deliberate over the case, but he stated that the overwhelming evidence made the case straightforward and he would issue a lengthy written judgment.
The judge ruled that Wright did not create Bitcoin, the system, author the Bitcoin white paper, or author Bitcoin’s initial software versions.
While this judgment may close the door on a potential Australian Bitcoin inventor, it will not end the speculation. For a currency based on transparency, the mystery surrounding Bitcoin’s founder will continue to frustrate those involved in the industry.