Cryptocurrencies need no introduction nowadays. Every investor, trader or speculator knows very well the potential of cryptocurrencies. The word Crypto is synonymous with BITCOiN because bitcoin was the first cryptocurrency which got so much popularity within few years of its inception. As of now, Bitcoin is rising like crazy, standing at its All Time High approx $4400. Can you believe it? $4400 for a single Bitcoin which don't even exist on paper and have presence only on the Internet.
Bitcoin is a cryptocurrency which came into existence after the Financial Crisis of year 2008 when people demanded a new medium where they can store their hard earned money which can rise in value with time and also decentralized so that Governments of any country wouldn't have any control on it. Based on all these requirements, Bitcoin came into existence, initially for the purpose of decentralized transactions where one person can send money through Bitcoin to another person sitting across another country with ease and minimal fees without any requirement of an Intermediary like banks and financial institutions. But after watching its growth, people made it a medium of Investment which is still paying off to early adopters.
Bitcoin was created or designed by 'Satoshi Nakamoto' a person or identity which no one knows about, even after 9 years since the inception of Bitcoin. Bitcoin is based on the technology of cryptography which uses some algorithms to move from one place to another in Blockchain and the person who solves these algorithms are knows as Miners and the act of solving these algorithms are known as mining. Bitcoin is implemented on Blockchain Technology, a decentralized system of creating public records, to work effectively and decentralized manner without having any control over it by governments or any central authority.
Over the Years, there were many conspiracies connected to the Bitcoin and as its popularity rises, a new conspiracy theory come into effect.
One of the Conspiracy connected to the Bitcoin : Is Bitcoin a Government project or simply a creation of an individual's creative mind?
Let's talk about it in details:
This Conspiracy originated because of the anonymity of 'Satoshi Nakamoto'. Who was he? Was he a human or an A.I.? If we study the history of Bitcoin, then there was no trace of Satoshi except he created Bitcoin and immediately gone AWOL (missing) . There were enormous conspiracies on the identity of Satoshi Nakamoto itself. Like who was he, was he an A.I., was he an individual or group of Individual, was he a robot and many more.
All these conspiracies rose because of the potential of Bitcoin. It was so advanced and unique that people had a problem to digest the fact that Bitcoin was created by a single person who went missing just after that. There had to be something dark about it. Because if he was a man, then now he must have become a Billionaire if he only reserved 1 Million Bitcoin for himself out of 21 Million of total supply. And who doesn't want to become a Billionaire? Simply, everyone enjoy fame and luxury and this 'Satoshi Nakamoto' would have all of it by now.
This conspiracy gave rise to another Conspiracy that Bitcoin was created by government either U.S, Russia or China to have more control over the monetary standards all over the World.
There are many reasons to it.
Fiat currency like Dollar have its own up and downs, and it gets affected by an enormous amount of regional and National factors. So in order to have a strong control over World's monetary standard and money supply, Bitcoin could have been created by U.S. government.
Bitcoin is so advanced cryptocurrency that it was highly unlikely for any person to create it independently with only a computer under his hands and a developer certificate on his side back in year 2008. On the other hands, Government had all the resources to create it with ease and they also had a motive to do so.
Bitcoin is decentralized, that means it doesn't belong to any authority and have no central control over it, so it would be very convenient for any government to control it without having any ties to it.
When it comes to miners, then it would not be difficult to exploit their differences. For example, recent Bitcoin Cash came into the existence just because some miners wanted to have their own Cryptocurrency to mine and they are seeing more potential to it as compared to Bitcoin. So If government had created Bitcoin, then it could really change miners opinions and control their decisive outcomes.
- Bitcoin's future was bright from its very beginning which a government already had predicted back then if it was created by one. It was decentralized that means people would have been more involved with Bitcoin because People attracts to those investments more which have no control over it and which can be easily manipulated.
So, all these reasons combined prove that Bitcoin could be a Government project, not the creation of an individual's mind.
But like all the other conspiracies connected with Bitcoin, this one also remained Unsolved. But may be it can be proved true in near future, as we all know the uncertainties and strange things happens all the time in Cryptocurrency World.
Due tune up tomorrow for New conspiracy!New Theory!New Adventure..!!
Author @cryptonet