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The billionaire who lost his private key

2021-01-31 22:40
crypto story
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About 20% of the 18.5 million bitcoins in existence (currently worth about $140 billion) are likely to be in lost or stranded wallets.
Original title: " Lost Private Key, Billionaire's Wealth Returned to Zero|Roasted Star Selection"
Original Source: Currency circle is not famous and positive

Stefan Thomas (Stephen ·Thomas) is a German A programmer who was born in San Francisco now lives in San Francisco. Half a month ago, he lost a password. How much is this password worth? As of the current value is about 240 million US dollars!

With this password, he can unlock a small hard drive called IronKey , which contains the number with 7,002 bitcoins Private key of wallet. Although the new crown epidemic has ravaged the world economy, in the past eight months, Bitcoin has experienced abnormal and turbulent fluctuations, but the price of Bitcoin has skyrocketed in the past two months, and many holders have The assets in the span> have doubled several times. Recently, the bitcoin market has been relatively volatile, but based on the current price of about 35,000 US dollars, the value of these more than 7,000 bitcoins is also: 245,070,000 US dollars , a billionaire's family property instantly collapsed.

A few years ago, Mr. Thomas lost a piece of paper. On that piece of paper he wrote down the IronKey's password, which can be guessed 10 times before permanently encrypting the content, but, as of now,He has tried eight of the most commonly used password formats, but to no avail.

Thomas said: "I lay in bed and thought for a while " "Then I adopted some new strategies to crack it on the computer, but it still didn't work. It really made people desperate."

Decentralized blockchain brings freedom and privacy protection to users, but at the same time, encryptionCurrency The unusual nature of decentralization also means that if the private key/ The mnemonic is lost or forgotten, and if bitcoin is lost, the fate of many people may be rewritten-seeing the sharp rise and fall of bitcoin price, they are forced to helplessly and can only watch helplessly, but There is no way to use the wealth that should belong to him.

About 20% of bitcoins are lost

Of the 18.5 million bitcoins in existence, about 20 percent (currently worth around $1,400 billions of dollars) is likely to be stored in lost or stranded wallets. According to helping to retrieve the lost digital private key, the employees of the business wallet recovery service company said that they receive 70 requests from people who need help to retrieve their wealth every day. The data is three times that of a month ago.

Bitcoin holders who need to retrieve the wallet private key Reporters said they experienced numerous setbacks along the way. Since the birth of Bitcoin ten years ago, many of them have owned these digital currencies, but at that time no one would have believed that these numbers would be valuable and would have such sky-high prices.

"Over the years, it can be said that I spent several Hundreds of hours trying to reopen these wallets of mine," said Los Angeles entrepreneur Brad Yasar, who owns several desktop computers that include the bitcoin he created and mined in the early days of bitcoin technology. Thousands of bitcoins. While those bitcoins are now worth hundreds of millions of dollars, many years ago he lost the private key and put the hard drive storing the private key password in a vacuum-sealed bag , and was never found again.

Brad Yasar Said: "I don't want to be reminded every day that what I have now is only a small part of what I have lost. This feeling is too crushing."

This dilemma is a stark reminder of the extraordinary technological underpinnings of Bitcoin that make it different from ordinary currencies Distinguished, it is risky, Once the private key/mnemonic is lost, it can never be retrieved, which is different fromusing traditional bank accounts and online wallets Not the same, banks like Wells Fargo and others like PayPalFinanceCompanies can give people the passwords to their accounts or reset lost passwords, but not Bitcoin.

Lost private key, billionaire wealth returned to zero|Baked star selection

Interviewee: Stefan Thomas (Stephen·Thomas) Photo shoot: New York Times

Satoshi Nakamoto (Satoshi Nakamoto), the founder of Bitcoin once said that the central idea of Bitcoin is to allow the world Anyone who opens a digital bank account and holds that money in a way that no one can stop or police, is completely their own money.

Make yourself your own bank

< p>Bitcoin's structure made possible Satoshi Nakamoto's vision, in which it is controlled by a network of computers that agree to follow the software that contains all the rules of the cryptocurrency, including a complex algorithm that creates an address and the associated The private key, known only to the person who created the wallet; this software also allows the Bitcoin network to confirm the accuracy of the password to allow transactions without seeing or knowing the password itself. In short, the system enables anyone to create a Bitcoin wallet without registering with a financial institution or undergoing any kind of identity checks.

So, this makes Bitcoinvery popular among criminals Popularthey can use the money without revealing their identity. It also attracts people in countries like Venezuela, where an authoritarian government is known for raiding or shutting down traditional bank accounts.

However, the structure of the system does not account for people remembering and protecting How bad is it in terms of passwords.

 < /span>Diogo Monica, co-founder of a start-up called Anchorage, says, “Even experienced Investment also completely incapable of any private key management.”The company that helps companies handle cryptocurrenciesSecuritySecurity. Mr. Monica founded the company in 2017 after helping a hedge fund regain access to one of its bitcoin wallets.

Programmer Mr. Thomas said that he was attracted to Bitcoin because This is partly because it is not controlled by a countryor company. In 2011, while he was living in Switzerland, an early bitcoin fanatic gave him 7,002 bitcoins as a reward for making an animated video, "What is Bitcoin?", introducing many people to the technology.

That year, he held the digital wallet of BitcoinI lost my private key. Since then, due to the skyrocketing and falling value of Bitcoin and his inability to access the money, Mr. Thomas started to come up with the idea that people should be their own bank and own their own money .

"This is the whole idea of being your own bank"  He explained,“The reason we have banks is that we don’t want to deal with everything that banks do.”

Other bitcoin believers are also aware of the difficulty of becoming their own bank. Some people outsource their Bitcoin holdings to startups and Exchange to ensure that private keys can be stored in people's virtual currency.

However, some of these services are Also in trouble,Many of the largest bitcoin exchanges over the years, including the once famous exchange Mentougou (Mt. Mt. Gox) also encountered security issues such as being stolen.

34-year-old Gabriel Abed is from Barbados An entrepreneur lost about 800 bitcoins — now worth about $25 million — when a colleague reformatted a laptop containing the private keys to a bitcoin wallet in 2011.

Mr Abed says this has not diminished his interest in Bitcoin enthusiasm. He said that before bitcoin, he and his islanders did not have access to affordable digital financial products, such as credit cards and bank accounts, that Americans could easily use. In Barbados, even getting a PayPal account is nearly impossible, he said, and the openness of Bitcoin allowed him to fully enter the world of digital finance for the first time.

Mr Abed said: "The risk of being my own bank With the rewards of being able to use my money freely and being a citizen of the world, it was worth it.”

For Mr. Abed and Mr. Thomas, any losses due to mishandling of private keys were partially mitigated by the huge gains they made on the bitcoin they managed to keep. The 800 bitcoins Mr Abed lost in 2011 are just a fraction of the coins he has bought and sold since, allowing him to recently buy a block in Barbados for more than $25 million 100 acres of waterfront land.

Mr Thomas said he also managed to retain enough Bitcoin - and remembering the password - provided him with more wealth than he knew. In 2012, he joined Ripple, a cryptocurrency startup aimed at improving Bitcoin. He got Ripple's own native currency XRP< /span>, the currency has appreciated in value.

(check the sentence digression, recently, Ripple< span>Get into some legal troublepartly because the founders have too much control over the creation and distribution of XRP tokens, so early to the SEC SEC's prosecution has caused sharp fluctuations in currency prices.)

As for his lost passwords and inaccessible bitcoins, Mr. Thomas keeps the IronKey in a secure device that he does not The exact location will be revealed in case cryptographers come up with new ways to crack complex private keys. Keeping it at a great distance helps him try not to think about it, he says.

Thomas said: "I know myself Say to yourself: "Let the past be the past, just for your own psychological balance. "

In the new era, it is imminent to change your old cognition and concepts

Indeed, since the birth of Bitcoin more than ten years ago, the price has increased tens of thousands of times. Insufficient and other issues have lost huge amounts of wealth. Many people know little about Bitcoin technology, and its definition is still a scam. In the new era, it is time to change your old cognition and concepts.

< p>

The digital currency Bitcoin has been in the news for years.However, since it is entirely digital, it is not necessarily associated with any Existing fiat currency corresponds, so it is not easy for newcomers to understand.Next we will explain in detail the basis of Bitcoin, how it works and its future in the global economy.

In layman's terms: Bitcoin is a digital currency. This concept may be better than yours It's more complicated than that to realize: it's not just a designated monetary value stored in a digital account, like a bank account or line of credit. Bitcoin has no corresponding physical elements, such as coins or banknotes (although there are popular images of actual coins on it to illustrate ).The value and verification of a single bitcoin is provided by a global peer-to-peer network.

Bitcoins are An ultra-secure block of data that is considered money.Transferring this data from one person or place to another and verifying transactions (i.e. spending money) requires computing power.By Users called "miners" allow the system to use their computers to securely verify individual transactions.These users are rewarded with new bitcoins for their contributions.These Users can spend their new bitcoins on goods and services and repeat the process.

Advanced Explanation: Imagine it'sBitTorrent, a peer-to-peer network, you're sure In the early 2000sdidn'tuse it to download thousands of songs. In addition to not moving files from one place to another, the Bitcoin network generates and verifies blocks of information represented in a proprietary currency.

Bitcoin and its many derivatives are known as cryptocurrencies. The system uses cryptography (an extreme advanced cryptography) togenerate new "coins" and verify coins transferred from one user to another. The encrypted sequence serves several purposes: to make transactions nearly impossible to forge; to make a "bank" or "wallet" of coins easy to transfer as data; and to verify the value of bitcoins from one person to another. transfer.

Bitcoins must first be generated or "mined" by the system before they can be spent. While conventional currency needs to be minted or printed by governments, the mining aspect of bitcoin is designed to make the system self-sustaining: people "mine" bitcoin by providing processing power from their computers to a distributed network, thereby Generate a new block containing the data of the distributed global record of all transactions. The process of encoding and decoding these blocks requires a lot of processing power, and users who successfully generate new blocks (or more precisely, users who generate random numbers that the system accepts as new blocks) will Earn rewards. Amount of bitcoins, or fraction of transaction fees.

In this way, the process of transferring bitcoins from one user to another creates a Demand for more processing power donated to the peer-to-peer network, which will generate new bitcoins that can be spent. This is a self-expanding, self-replicating system that generates wealth...or at least a cryptographic representation of the value that corresponds to wealth.

In layman's terms:Suppose you buy a coke with your debit card at the supermarket. A transaction consists of three elements: your card (which corresponds to the bank account and funds), the bank itself which verifies the transaction and transfer of funds, and the store which accepts the funds from the bank and completes the sale. Broadly speaking, Bitcoin transactions have the same three components.

Each bitcoin user stores data representing the amount of his or her coins in a named In the program called "wallet", the program includes a custom password and a connection to the bitcoin system. A user sends a transaction request (buy or sell) to another user, and both users agree. The peer-to-peer Bitcoin system verifies transactions across a global network, transferring value from one user to another, and inserts cryptographic checks and verifications at multiple levels. No centralized banking or credit system: a peer-to-peer network completes encrypted transactions with the help of bitcoin miners.

Advanced Explanation: The technical side of things is a little more complicated. Every new bitcoin transaction is recorded and verified to a new block of data in the blockchain. (The two parties in the exchange are represented by nonces, and each transaction is essentially anonymous even though they are being verified) Each block in the chain contains the Password to validate against the previous block.

Lost private key, billionaire wealth returned to zero|Baked star selection

Bitcoin transactions are very secure in the traditional sense. Due to the complex encryption at each step in the process, which can take a significant amount of time to verify (see below), it is more or less impossible to forge a transaction from one person or organization to another. However, bitcoins can be "stealed" by discovering someone's digital wallet and the password they use to access it. If the information is discovered through hacking or social engineering, the digital bitcoin stash can be distributed without any means of tracking down the thief. Since Bitcoin is not regulated or secured in the same way as a bank account or credit account, the money is gone.

First, in a purely economic sense , Bitcoin Yes real money. It has value and can be traded for goods and services. It's unlikely you'll be able to pay bills or buy groceries entirely in bitcoin (although those services do exist and are growing), but you can buy a surprising amount of stuff online with a bitcoin wallet. Currently, the most Large companies including online computer hardware retailer Newegg , digital videoGamesSellers Steam, social network Reddit, and more common Retailers like Overstock.com or Subway restaurants.

But, as interesting and rapidly developing as it is, Bitcoin is simply not a substitute for traditional government-issued money right now: Landlord Bitcoin probably won't be paid for rent checks. Even if you happen to have a few dozen bitcoins available, and you want to use the profits you make from them to buy a new car, the car dealership probably doesn't have the infrastructure for it as payment (despite being a private seller ). So if you own bitcoins and want to cash them out in your country's currency, or if you want to convert them to bitcoins to buy, sell or invest, you need a conversion service .

Broadly speaking, converting bitcoins into dollars, pounds, yen or euros etc. Standard currencies are very much like converting these currencies from one to another when traveling. Youstart in one currency, state the amount you want, give the value in the first currency plus transaction fees, and collect that value in the converted currency. However, since Bitcoin has no cash component and cannot be accepted for regular credit or debit transactions, a specialized market exchange needs to be found.

Coinbase is currently the most A popular marketplace and exchange thatoffers buying and selling Bitcoin and other similar cryptocurrencies, and converts U.S. dollars and other standard fiat currencies into Bitcoin, as well as U.S. dollars and 31 other fiat currencies Buy bitcoins. The company does not charge any fees for exchanges between cryptocurrencies, but exchanging bitcoins for U.S. dollars deposited into U.S. bank accounts will charge users a 1.49% transfer fee. So transferring $10,000 worth of bitcoins from your own wallet to a bank account is actually worth 1.74 bitcoins plus a transfer fee of $14.9 or .00259 bitcoins. This is a fairly standard transfer for most verified markets and exchanges.

There are other options to turn bitcoin into regular currency. Coinbase and other marketplaces can exchange bitcoin for U.S. dollars and other currencies directly deposited into one-time debit or gift cards, or even into more flexible systems like PayPal, often for a higher fee much. Youcan trade bitcoins directly to others for cash, although this is far more risky than transacting through established systems.

Bitcoins are valuable

A few years ago, when the new bitcoin system came out, individual users quickly "hunted" for new bitcoins. Bitcoin mining software uses a local processor, or even an additional processor, such as a computer's graphics card, to calculate the hash of the next block in the blockchain. Even though the number of people using and "mining" Bitcoin is small, each user mining will randomly confirm the next block at a higher rate, quickly generating new Bitcoins for their account .

But the prosperity of this generation will not last. The Bitcoin system is designed to make each new block harder to find than the last, thereby reducing the number of random bitcoins generated and distributed. This means that each of their mining jobs has to work harder and harder over time (figuratively speaking, this is the computer working harder, consuming more electricity, thus costing more conventional money). As the number of individual bitcoins increases, the number of bitcoins rewarded for a successful hash will decrease. Effectively, "whole" bitcoins are no longer generated by a single user at once, but are rewarded with a fraction of bitcoins (which are still valuable).

Lost private key, billionaire wealth returned to zero|Baked star selection

Originally, users created custom "mining rigs" that used clusters of relatively cheap off-the-shelf CPUs and GPUs to increase their chances of generating bitcoins. The system is now so popular and widely distributed that a single user can no longer simply buy a screamingly fast GPU and expect to earn enough bitcoins to pay their traditional currency's value. There are now custom designed "miners" for this purpose, which The sole purpose of the software and hardware is to provide maximum computing power to the peer-to-peer system, resulting in a greater chance of completing blocks. More processing power, more hardware, more opportunities to get paid...but, at the same time, you're spending more and more real resources on hardware and electricity.

As a result, those who wish to earn traditional wealth through Bitcoin, instead of trading or selling goods and services, It's better to try to set up a mining system and run it continuously.

Lost private key, billionaire wealth returned to zero|Roasted star selectionCustom designed Bitcoin miner for commercial sale on Amazon. At the current rate of generation, it would take months of mining time to earn back the hardware value in the bitcoins generated, plus the cost of electricity to run it.

Currently, there are between 12 million and 13 million bitcoins in existence. As more stuff is generated, they will become harder to mine. The system has an upper limit: after 21 million bitcoins are generated, no more can be mined. Based on current trends, the last full bitcoin will be mined sometime in the 2040s, and the last part of the coin reward will last about 100 years. Once the cap is reached, the value of the currency will fluctuate almost entirely based on supply and demand, although "miners" can still earn bitcoins by lending their processing power to the transaction system and collecting transaction fees.

Bitcoins are valuable,but this value changes rapidly , much faster than any currency in stabilizing the economy, or even most stocks and bonds. Variations in bitcoin’s value can also be dramatic: as a function of its total value, bitcoin fluctuates more than ten times faster than the dollar.

In 2010, each full bitcoin was worth less than 25 cents. In late November 2017, each bitcoin was worth over $11,000 (with a sharp drop to $9,000 almost immediately afterwards). Obviously, this is a huge growth rate and a huge opportunity for anyone who got in early - if the original bitcoin miners stick with bitcoin long enough, they may now be millionaire. However, these two bits of data don’t tell the whole story: Bitcoin has experienced multiple dips and “crashes,” initially during a turbulent period in late 2013 and early 2014. Every time the value recovers, but there is no guarantee that the current climb will continue, or the entire cryptocurrency market will not collapse.

Lost private key, billionaire wealth returned to zero|Baked star selectionThe value of Bitcoin has grown and fluctuated greatly, compared to traditional Currencies, stocks or commodities are much higher.

This makes Bitcoin a dubious method of investing. It is true that many people make a lot of regular wealth mining and trading Bitcoin, but unless it is transferred to a more stable currency or investment, this wealth is as volatile as the market itself. Bitcoin markets seem to move faster and more often than major stock markets and exchanges. The current high price of Bitcoin could be just the beginning before a bigger boom, or it could be a temporary "bubble" with an imminent crash followed by a recovery...or the entire Bitcoin market could crash tomorrow, hundreds of Ten thousand people have nothing but worthless encrypted sequences. There is no way of knowing.

However, this does not mean that Bitcoin will no longer have a place in the future. Let’s talk about some of the advantages and disadvantages of Bitcoin over traditional currencies.

Anonymity and Privacy

< p>Bitcoin purchases between individual users are completely private: two people can exchange bitcoins or fractions of coins between wallets without exchanging names, email addresses, or any other information, which is Very likely. And since the peer-to-peer network uses a new hash for each transaction, linking concurrent purchases to a single user is more or less impossible. The nature of the peer-to-peer encrypted network also makes it externally protected: no one else can see your personal receipts and transfer history without first accessing the wallet.

No transaction fee (for now)

Regular cashless purchases include a transaction fee: With a Visa credit card payment, Visa will charge the merchant a few cents to verify the transaction. Of course, the cost of this fee will be passed on to you in the form of higher prices for goods and services.

Currently, Bitcoin has no mandatory transaction fees. Individual users and merchants can submit their purchases to the peer-to-peer network and just wait for the next block to be validated. However, this process can take some time (and the more networks you use, the more time it takes). Therefore, in order to speed up transactions, many merchants and users have increased transaction fees to increase the priority of transactions in blocks, thereby rewarding users on the peer-to-peer network to complete the verification process faster.

As the global bitcoin supply hits the 21 million coin limit, transaction fees will be a factor for miners Top Ways to Earn Bitcoins. At this point, presumably most transactions include a small fee just to complete the purchase quickly.

No Central Administration or Taxes

Because no country recognizes bitcoins as an official currency, they do not regulate themselves buying and selling bitcoins and using them to buy goods and services. Therefore, anything you buy with bitcoins will not be subject to standard sales tax or any other tax normally applicable to that good or service. If you are rich enough and interested enough to specialize in a lot of Bitcoin, then this is of great financial interest.

Not subject to most currency laws, Bitcoin is effectively a barter system . Imagine the current bitcoin supply as a giant pile of potatoes: if you traded 10,000 potatoes for a new TV, the government would not collect sales tax in the form of 800 potatoes. It simply cannot process any transactions not made in its native currency.

However, you should know that any regular income from Bitcoin transactions will be handled in the usual way. So if you transfer $10,000 worth of bitcoins to a bank account through the bitcoin marketplace, you need to report it as tax income. Trading bitcoin also doesn’t void other standard tax requirements: Even if you buy a new car via bitcoin from a private seller, you still have to register the car with the government and pay taxes based on its market value.

So if bitcoin is so good why isn't everyone using it? Obviously, it also has some disadvantages, especially at this time.

Possible government intervention

Anytime something new comes around and challenges the status quo, the government needs to get involved to make sure things stay the way they are should  Yes. The fact is that the US government and other governments are looking into Bitcoin for various reasons. Just in the last few days, the US government has begun to seize some accounts from the largest bitcoin exchange. There may be more in the future.

No Monetary Sovereignty

< p>Perhaps Bitcoin's greatest weakness is that it is not a "recognized" sovereign currency, that is, it does not have the full backing of any governing body. While this can be seen as an advantage, in fact, Bitcoin is notlegal tender  , are only accepted based on perceived value by other Bitcoin users, making them highly vulnerable to instability. In short, if one day the large number of merchants who accept Bitcoin as payment stop doing so, the value of Bitcoin will drop dramatically.

The current high value of Bitcoin depends both on the relative scarcity of Bitcoin itself and on due to its popularity as an investment and wealth generation vehicle. If confidence in the bitcoin market drops suddenly and sharply, for example, if a major government declares the use of bitcoin illegal, or if one of the largest bitcoin exchanges gets hacked and loses all Stored value, then the value of the currency will collapse and investors will lose a lot of money.

The U.S. Treasury Department does not recognize Bitcoin as a regular currency, but recognizes it as stocks and bonds, etc. Commodity. Similarly, the US Internal Revenue Service (US Internal Revenue Service) considers bitcoin properties and taxes them when declaring bitcoins. No other country has declared bitcoin a recognized currency, but interactions with bitcoin and other cryptocurrencies vary from place to place. A number of countries are investigating Bitcoin as a growing commodity market, some have taken the same position as the United States declared its asset, and some have explicitly banned its use for the transfer of goods or services.

Lack of Protection

The Bitcoin network has no built-in protection mechanisms when it comes to accidental loss or theft. For example, if you lose the hard drive on which your bitcoin wallet files are stored (think corrupted or drive failure without a backup), the bitcoins held in that wallet will be permanently lost to the entire economy. Interestingly, this aspect further exacerbates Bitcoin's limited supply.

Also, if your wallet file is stolen or stolen and the bitcoins in it are Used by thieves before the rightful owner, the double-spend protection mechanism built into the network means there is no recourse for the rightful owner. For example, unlike your credit card being stolen, you can call the bank and cancel the card, Bitcoin does not have this authority. The bitcoin network just knows that the bitcoins in the infected wallet file are valid and handles them accordingly. In fact, there is alreadymalware specifically designed to steal bitcoin  .

The bitcoin market is vulnerable to attack or fraud. Major exchanges like GBH and Cryptsy have been shut down and all bitcoins entrusted to them may have been stolen by their operators. The aforementioned Mt. Gox exchange, which at the time handled more than half of all bitcoin transactions, was shut down after the theft of tens of thousands of bitcoins. The events of 2014 resulted in a significant (but temporary) drop in the value of Bitcoin globally.

Limited concurrent transactions

The Bitcoin block system requires peer-to-peer connections and confirmations for verification. Because each block contains a finite record of transactions and an upper limit on the number of new transactions that can be written, there is a limit to how many people can buy and sell using the system at any given time. As more vendors and individuals conduct business using Bitcoin, the number of transactions per second increases and the peer-to-peer network becomes congested, with some operations without transaction fees taking hours to clear. While traditional payment systems such as credit cards can simply scale their connectivity and processing capacity to speed up processing, Bitcoin's peer-to-peer isolation prevents it from scaling with the global financial system.

Black Market Appeal

A central tenet of the Bitcoin system design is that there is no single transaction processor. As a result, individual users cannot be locked out of the system. Combined with the inherent anonymity of transactions, this can serve as an ideal medium of exchange for nefarious purposes.

Bitcoin has become an ideal means of illicit trade in goods and services. The most typical case is "Silk Road", which is a dark A website that allows users to anonymously trade items such as drugs and fake identities, all purchased with Bitcoin due to their untraceable nature. The story of Silk Road’s illicit trade didn’t even stop after the U.S. Drug Enforcement Agency and the Department of Justice shut down the site and seized its digital assets in 2013. A Secret Service Agent Is Accused of Stealing Over $800,000 in Bitcoin< span>, holders of seized digital currency are auctioned off for the benefit of law enforcement agencies.

Although this is not a weakness of Bitcoin (after all, drug dealers using cash will not destroy the value of the currency itself) , but the unintended consequences of using it for dubious purposes can be considered one of them. In fact, the U.S. Treasury recently  applied money laundering rules to bitcoin exchanges .

Topics of debate and controversy

Finally, let's indulge some controversies surrounding Bitcoin. While these conversation threads are interesting, most of what's in this section is speculation and should be taken with a grain of salt - we think they're worth mentioning to get the full story of Bitcoin.

MysteriousDeveloper< /span>

The main designer of the Bitcoin specification is a "Satoshi. As Nakamoto does not associate "his" identity with publicly known individuals, the personal is put in quotes here. Satoshi Nakamoto could be an individual, or an Internet user, or a group of people, but no one actually knows. Once the work of designing the Bitcoin network is done, the person or team basically disappears.

In theory, multiple individuals and teams of developers are the "real" Satoshi Nakamoto, As of this writing, neither of them is conclusive. Whether he, she, or they, Satoshi Nakamoto is estimated to own billions of dollars worth of Bitcoin at current market exchange rates.

Resistance from traditional investors

Many experts in the standard money market and investment world believe that Bitcoin is a poor choice of investment currency. Bitcoin’s extreme volatility makes larger institutions more wary relative to investments such as stocks, bonds and standard commodities. Furthermore, some investors and investigators believe that Bitcoin and other cryptocurrencies are either a passing fad (an economic bubble) and therefore an extremely risky investment vehicle, or an investment in itself. Fraud, good for Satoshi. Satoshi Nakamoto and other early investors.

On the other hand, some of these statements are made specifically to manipulate the value of Bitcoin: JP Morgan Chase Accused of Concurrent Investing WhilstPublicly Questioning Bitcoin’s Value Through CEO Statement. As mentioned above, when purchasing goods or services or investing in transactions, it is still necessary to use them carefully, invest prudently, and do a good job in risk management.

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