Bitcoin is worth $64 billion, and all we know about who made it is one pseudonymous name.
If you own Bitcoin, you need to read this article.
The Bitcoin Creator Could Be Unmasked At The Trial Over A $64 Billion Cache Of Cryptocurrency
In Florida, a routine trial is taking place: The family of a deceased man is suing the former business partner over the partnership’s assets. Lawyers for the family believe that, if they were to find out who created Bitcoin, they would have a better idea as to whether or not to pursue their case.
There are about one million bitcoins involved in this case, equivalent to around $64 billion today. They belong to Satoshi Nakamoto, the pseudonymous creator of bitcoin. One of the enduring mysteries of the financial world is who Satoshi Nakamoto was. The dead man’s family says he and his business partner were together Nakamoto, so the family is entitled to half of the fortune.
Is it a single person or a group of people? And why have they not touched a penny of that fortune?
Bitcoin has become a trillion-dollar market with tens of millions of investors, and the answers to these questions are at the heart of both the Florida dispute and bitcoin itself.
It has challenged government attempts to regulate it and has been recognized by some. Its technology is viewed to rewire the global financial system.
Even then, its creators and why they created it remain a mystery, not to mention who controls one of the world’s largest fortunes.
A jury in Florida will consider this question. It will hear evidence from the family of David Kleiman’s former business partner, a 51-year-old Australian named Craig Wright. Mr. Wright insists since 2016 he invented bitcoin, a claim most people dismiss. Mr. Kleiman’s family claims that the two worked on and mined bitcoin together, so Mr. Kleiman’s family is entitled to half a million bitcoins.
Vel Freedman, a lawyer for the Kleiman family, believes investigators will find evidence of a partnership to create and mine bitcoin worth over a million.
Both of the plaintiffs plan to provide evidence that they have worked together since bitcoin’s inception.
Observer Tibor Nagy, a lawyer who has followed the trial, explains that the case concerns two friends who had a partnership, as well as how one of them tried to take everything away from the other after he died.
Andrés Rivero, a lawyer for Mr. Wright, said the court will find there is no evidence that the two formed a partnership. “We believe the court will find that they were not in a partnership,” he said.
One piece of evidence could definitively prove Satoshi Nakamoto’s identity: the private key to the account in which the one million bitcoins were stored. Even a fraction of a coin moving out of it would be enough to show that someone claims to be Satoshi Nakamoto.
The Bitcoin Mystery About Satoshi Nakamoto
Bitcoiners have long been curious about the name Satoshi Nakamoto. On Oct. 31, 2008, someone using that name sent a nine-page paper to an audience of cryptographers explaining how people could exchange value without using banks or intermediaries.
In its first year, Nakamoto collected one million bitcoins after the bitcoin network went live.
According to the family of Mr. Kleiman, his business partner, Mr. Wright, asked him to assist him in what would become that nine-page paper in 2008. The suit alleges they worked together on the white paper and launched bitcoin at the same time.
With bitcoin, two people can transact without an intermediary anywhere in the world with an internet connection. Bitcoin combines encryption, cryptography, distributed computing, and game theory.
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Author
Chris Munch is a professional cryptocurrency and blockchain writer with a background in software businesses, and has been involved in marketing within the cryptocurrency space. With a passion for innovation, Chris brings a unique and insightful perspective to the world of crypto and blockchain. Chris has a deep understanding of the economic, psychological, marketing and financial forces that drive the crypto market, and has made a number of accurate calls of major shifts in market trends. He is constantly researching and studying the latest trends and technologies, ensuring that he is always up-to-date on the latest developments in the industry. Chris’ writing is characterized by his ability to explain complex concepts in a clear and concise manner, making it accessible to a wide audience of readers.
