Searching Bitcoin Inventor Satoshi Nakamoto Might Affect the Cryptocurrency

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If the identification of Bitcoin’s anonymous creator Satoshi Nakamoto is exposed, the markets for Bitcoin and Ethereum may suffer significantly. Coinbase, a cryptocurrency exchange, published a warning in its initial public offering (IPO) papers.

In documents filed with the US Securities and Exchange Commission, the San Francisco, California-based company also reported that the discovery of the enigmatic founder may have a detrimental effect on its business and dramatically lower the prices of Bitcoin and Ethereum in the cryptocurrency market. While there is no publicly accessible information regarding Bitcoin’s founder, the name Satoshi Nakamoto was used during the writing of the Bitcoin whitepaper pseudonymously in 2010.

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In a stock market filing, Coinbase reported that the discovery of Satoshi Nakamoto would have a direct effect on Bitcoin and Ethereum. Besides the disclosure of its identity, the company anticipates that the investor’s Bitcoin transfer would have an effect on the cryptocurrency sector.

The explanation for this is that Nakamoto is thought to own about a million Bitcoins out of a total of 21 million. With Bitcoin passing the milestone of $1 trillion (roughly Rs. 74,16,320 crores) in January, this may be worth $40 billion (roughly Rs. 2,96,700 crores). The creator’s identification, on the other hand, remains a mystery.

Bitcoin inventor Satoshi Nakamoto's return could dramatically affect price  of cryptocurrency, Coinbase warns | The Independent
The Independent

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Because of the anonymity of Nakamoto, Bitcoin and Ethereum have become decentralized currencies throughout the global economy. As a consequence, it’s likely that his identification would have an effect on the essence of cryptocurrencies, putting them under the jurisdiction of a single individual. Investors can become discouraged as a result of this.

The negative view of Bitcoin and Ethereum, according to Coinbase’s IPO filing, may also impact the crypto economy, lowering their value.

Many items were listed in the documentation that should be examined. It also mentioned that “laws and regulations affecting the Bitcoin and Ethereum networks or access to these networks, including a determination that either Bitcoin or Ethereum constitutes a security or other regulated financial instrument under the laws of any jurisdiction” might also impact the cryptocurrencies market.

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Parth Dubey
Parth Dubey
I am Parth Dubey, currently an undergraduate. I have been working as a content writer for the past 6 months and have worked in various fields with many people and firms. I firmly believe that writing is not just about money making or attracting people, it's more about knowledge and information, along with feelings.

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