The Bitcoin Phenomenon And Its Mysterious Discoverer

Bitcoin (The Telegraph)

JAKARTA - Bitcoin was created by Satoshi Nakamoto. However, the name is still shrouded in a riddle. The reason is, Satoshi Nakamoto is not a person's name, nor is it the name of the AI algorithm.

Satoshi Nakamoto's name is a pseudonym or a pseudonym. Since 2008 until now no one has been able to reveal the figure or group with the name who made the Bitcoin digital currency.

In 2008, the pseudonym Satoshi Nakamoto published nine 'white papers' mentioning bitcoin for the first time. Peer-to-peer electronic cash which can also be referred to as an electronic system that is mutual in nature.

Not long after that, Satoshi Nakamoto launched the Bitcoin software for the first time. The mysterious figure partners with online developers and coders to bring it to the public.

Bitcoin then grew so rapidly that a mysterious figure named Satoshi Nakamoto disappeared suddenly. Various parties try to reveal the figure behind this name but always fail.

Launching Cryptopotato, then speculation developed, some argue that Satoshi Nakamoto is an acronym for the name of the electronics giants, namely Samsung, Toshiba, Nakamichi, and Motorola.

Some others mentioned the big name behind Satoshi Nakamoto. There are those who associate it with Nick Szabo and Hal Finney, who act as cryptographers.

The Fading of Trust and the Shaking of the Banking System

A number of crises that hit Asian economies from 1997 to 1998 and the Subprime Mortgage crisis that was experienced by the United States (US) left a prolonged trauma that reduced the trust of many people in the central bank.

At that time, the central bank was trusted by various parties as a bank capable of maintaining financial stability. However, that trust was tarnished by the financial crisis and people's trust started to fade over time.

Bubble credit also occurs, plus the bank charges fees at will. This makes Bitcoin reach its perfect form even faster.

Satoshi Nakamoto no longer trusted the conventional banking system, this event prompted Satoshi Nakamoto to create a Bitcoin digital currency that can be sent anywhere via Blockchain. This delivery is not through the bank and the like. There is no limit to the number of transactions and transfers and terms in Bitcoin.

The emergence of Bitcoin has had an impact on the banking financial system. In 2019, Christine Lagarde as Managing Director of IMP stated that Bitcoin “shook” the banking system. Lagarde also stressed to monitor the development of cryptocurrencies.

This is because crypto digital currencies, including Bitcoin, are 'decentralized', which means they cannot be controlled by a central bank from anywhere in the real world.

"I think the role of distraction and anything that uses distributed ledger technology, whether you call it crypto, an asset, a currency, or whatever ... is clearly rocking the system," Lagarde said.

What is clear, the popularity of Bitcoin has skyrocketed after the richest man on earth, Elon Musk, announced it on Twitter and then bought up the digital currency worth tens of trillions of rupiah.