Australian entrepreneur Craig Wright claims to be Bitcoin creator

Posted on:04 May 2016 14:26:02

Australian entrepreneur Craig Wright claims to be Bitcoin creator
04 May 2016 Current Affairs GK: Australian entrepreneur and computer scientist Craig Wright has publicly identified himself as creator of virtual currency Bitcoin. He claimed that he is the real person behind the pseudonym Satoshi Nakamoto, the creator of Bitcoin which was launched in 2009. Satoshi Nakamoto’s online cash system work in 2009 was the key for creation of the online cash system, but he remained anonymous and his work has since stopped. Craig Wright revealed his identity in order to stop the spread of misinformation about the virtual currency. He even sustained his claim by signing digital messages using cryptographic keys used during the early days of Bitcoin.

What is Bitcoin? Bitcoin is a virtual currency that is unregulated by any central bank or government, but still works for purchasing goods and services from retailers willing to accept it. It can also be traded on an open market and its exchange rate fluctuates much like a stock market i.e. based on the demand. Bitcoin is a distributed peer-to-peer digital currency that functions without the inter-mediation of any central authority. Bitcoin is also called a “cryptocurrency” since it is decentralized and uses cryptography to prevent double-spending, a significant challenge inherent to digital currencies.

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