World’s Largest Cryptocurrency, Bitcoin: Recently the price of Bitcoin reached a record high of $69,000. The reason for this is that the US Securities and Exchange Commission (SEC) approved the Bitcoin ETF. After this, people’s confidence in investing in Bitcoin has increased. According to the report of AFP, regarding the world’s largest cryptocurrency There are many mysteries and it has also been involved in a lot of controversies. Here we are going to tell you about this in detail.
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Who started Bitcoin?
The most mysterious thing about Bitcoin is that even after more than 15 years, no one could tell the name of its founder. The whitepaper of this cryptocurrency was introduced on October 31, 2008, which was released by Satoshi Nakamoto. It is said that Satoshi Nakamoto had laid the foundation of this virtual money. The concept is “a pure peer-to-peer version of electronic cash (that) would allow online payments to be sent directly from one party to another without going through a financial institution.” And it will be free from the control of central banks, which have traditionally been the only institutions that can create money.
But is Satoshi the real name of one person or a team of people? In the last few years, many claims have come forward regarding this but the mystery still remains.
Accused of being a favorite currency on the dark web
Australian entrepreneur and computer technician Craig Wright claims to have been writing the whitepaper since 2016. A trial is going on in London to clarify whether he is telling the truth. Since its release, Bitcoin has been accused of being the currency of choice on the dark web for illicit payments, which are untraceable. This is specifically the currency that hackers typically demand payment for during ransomware attacks.
Reason for big fall in Bitcoin
The world of cryptocurrency has also been shaken in recent years by high-profile bankruptcies and the sudden emergence of many star entrepreneurs. Changpeng Zhao, the former head of Binance, the world’s largest cryptocurrency platform, has pleaded guilty to violating anti-money laundering laws in the US. At the same time, its main rival FTX went bankrupt in late 2023 and its founder Sam Bankman Fried was found guilty on several counts including fraud, conspiracy and money laundering.
Bitcoin’s fair value still zero: UCB
Two experts at the European Central Bank claimed in a blog last month that “Bitcoin has failed to live up to its promise of being a global centralized digital currency and is still rarely used for legal transfers.” “The new approval of the ETF does not change the fact that Bitcoin is not suitable as a means of payment or investment. The fair value of Bitcoin is still zero.”
Bitcoin is trying to win the trust of investors and regulators
Bitcoin has gained some trust in recent years. US financial regulators approved a Bitcoin “ETF” or exchange traded fund in early January, which allows a Bitcoin investor to indirectly invest in the cryptocurrency without having to hold it. This decision was the main reason for the price increase of Bitcoin due to which Bitcoin made a new record on Tuesday. Listen to the
In September 2021, El Salvador became the first country to accept Bitcoin as legal tender. But crypto money has not won over the country’s population. According to a study by the University of Central America (UCA), in 2023, 88 percent of Salvadorans have never used it. Some merchants have said they will accept it as a means of payment, including billionaire Elon Musk, who announced in 2021 that he would sell Tesla cars using bitcoin. However. Before changing his mind, he argued that its production was too polluting and he only accepted it if it was less polluting.
