Few days ago, there was a viral trend on social media platform X that the former CEO Jack Dorsey is reportedly the creator of Bitcoin with the pseudonymous name Satoshi Nakamoto. Before this report, there's been series of speculations about the real identity of Satoshi Nakamoto but none have been confirmed to be true.
Bitcoin unlike other technological and financial innovations has succeeded without a leader and below are some of the key beneficial factors why Satoshi will continue to remain anonymous.
- Decentralization: One of the major goals of Bitcoin creator was to create a decentralized financial system that'll be free from control by governments and corporations. But if Satoshi's identity is revealed, Bitcoin will likely be vulnerable to centralization as many investors will begin to see Satoshi as an authoritative Rather, Bitcoin operates on code and community consensus instead of visions of a single leader.
- Security and Protection from Targeting:If Satoshi Nakamoto had unveiled his identity, he would likely have become a major target for governments of power and regulators of financial institutions. He would've been pressured, sued or maybe arrested which I think would result to a potential destabilization of the project. But by remaining anonymous, Satoshi succeeded in eliminating any form of failure thereby making Bitcoin more resilient.
- To prevent a cult of personality: In many technological innovations, the existence of a popularly-known creator can possibly lead to division, hidden conflicts and power struggles. Projects often encounter difficulties when the leader makes debatable decisions or their personal life becomes a distraction to the growth of the said projects. By going anonymous, Satoshi ensured that Bitcoin would progress based on community consensus and not the impulse of a single person.
- Avoidance of legal and regulatory attacks: Different Governmental bodies around the globe have tried to either regulate or ban Bitcoin but the reason the major reason why their attacks on Bitcoin have not had any significant effect on the mother coin is because of Satoshi's anonymity. If Satoshi were to be known, they might have held him accountable for Bitcoin’s use in unlawful activities such as financial disruption, tax evasion etc. in absence of a clear target, regulators are left with no option than to deal with Bitcoin as a decentralized network rather than an establishment with a known leader.
- The Mystery and chronicle Strength: Satoshi Nakamoto's decision to stay anonymous also adds an element of mystery and legend to Bitcoin. It has helped to cause intense interest and adoption of Bitcoin among investors as Bitcoiners are fascinated by the idea of a decentralized currency created by an unknown genius. The non-existence of a known creator have allowed Bitcoin to continue to exist as a "people's money" rather than the product of a specific individual, organization or nation.
Satoshi Nakamoto's anonymity have been Bitcoin's greatest strength and wether it was an intentional move or not, I believe the creator(s) already understands the inexplicable importance of such decision and already knows the extent of failure( damage) the coin will suffer if he decides to unveil himself. With these points of mine, I hope I've succeeded to convince you why Satoshi Nakamoto is very likely to remain anonymous till the end of time.