Now that it’s secretive origins are being uncovered, the world is paying more attention to Bitcoin than ever before. The epic yet disturbing manhunt sparked by Newsweeks’ claim of the identity of Bitcoin creator Satoshi Nakamoto is not over yet and brings with it the realization of the importance of cryptocurrencies in our society.
In a story by CNN Money the subject is addressed in a different way; it’s not Nakamoto who matters but the actual power behind this digital currency. Bitcoin matters to the world because it’s decentralized and no government or major bank can interfere with the way it runs its course, for now.
While we’re all blinded by the 'Hunt for Nakamoto' it’s important to realize how Bitcoin, and perhaps other cryptcurrencies, can change our lives. Our civilization went from trading live stock and goods to creating currencies made from metals and paper, and now the world is slowly opening up for the next step. Online-based cryptocurrencies are the future, but it remains to be seen how far we’re away from its materialization.
Like any new invention Bitcoin deals with its string of problems, but those can all be overcome. Even after the biggest Bitcoin trading website, Mt.Gox, filed for bankruptcy after losing an estimate $400 million worth of its customers’ Bitcoins, the coin remains strong and relatively stable.
For now using Bitcoin to purchase goods might not seem as the best idea due to its volatile value. Buying a something worth $700 with 1 BTC might feel like nice value right now, but imagine how that will feel when BTC soars and becomes worth thousands of dollars? Of course the opposite can happen too, but will it hurt more to lose $700 or a potential investment that could be worth thousands?
Bitcoin is an investment like no other, and it remains to be seen what its future holds, but one thing is for sure; knowing its creator will not be the deciding factor for its legitimacy.
Image credit: Telegraph