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Aussies Confusion on Elon Musk & Bitcoin

According to a survey that was started by comparison website finder, Elon Musk was believed by almost half of the Aussies to be the one who invented bitcoin.

Aussies Confusion on Elon Musk & Bitcoin iBase Trading.
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According to a survey that comparison website finder started, almost half of the Aussies believe Elon Msk to be the one who invented bitcoin.

After this weight at him, the billionaire electric carmaker has nothing to do with it and shouldn’t have involvement in this issue.


An anonymous developer with the pseudonym Satoshi Nakamoto should take the limelight. He was famous to be the inventor of bitcoin.

Nakamoto’s main reason for its decentralized digital currency’s development was that own his opinion, money shouldn’t go through a centralized government or bank.

Who is Satoshi Nakamoto?

2008s global controversy heated because of the action of an unknown identity publishing the white paper on P2P Foundation, which indicates a revolutionary technology – Bitcoin. Many then asked his identification.

The only information found regarding his specification was that Nakamoto was born in 1975 and originated from Japan.

A computer engineer based on Temple City found in Los Angeles County has no idea what is coming.

In March 2014, a Japanese-American man named Dorian Satoshi Nakamoto matched the controversial developer. The global media thought they had already identified the elusive man. However, the mistaken identity had firmly denied the accusations of him inventing the bitcoin. The countless photographers and journalists that had set camp outside his residential area packed up still lacking information.

Numerous individuals were under speculation for being a prospect behind bitcoin. Some involved candidates are Irish cryptography student Michael Clear Finnish game maker Vili Lehdonvirta. The US business magazine called Fast Company pointed out a firm, a trio of developers also shows possibility.

In addition to that, a Sydney man named Craig Wright identified himself as the developer of bitcoin in the middle of the heated controversy. This declaration has then revealed its own falseness.

As of this writing, the difficulty of catching Satoshi Nakamoto is still a mystery.

Why did he create bitcoin?

Nakamoto stated that the bank’s main focus should be gaining the trust of its customers when it comes to keeping and transferring money electronically. However, banks have been holding a portion of their customer’s deposits and lending it out to another consumer creating credit bubbles.

Central banking and Money printing have issues that he wanted to give a solution to. Ironically, he viewed its existence as a scientific breakthrough.

Records claimed that he wrote the official code that many then tested.

When was he last heard?

In a report made by Forbes, Nakamoto sent his farewell email to his developer associates. He passed over a cryptographic key that he had been using to transfer network-wide alerts. The email includes a statement saying his interest in moving into another project. After the letter, he departed by removing his identity from bitcoin’s copyright claim.

Other bitcoin beliefs

A statistic surveyed by Finder shows that two out of five Aussies think that bitcoin has an unlimited supply.

In fact, the code’s design only limits to a maximum supply of 21 million coins.

As of this writing, the existing bitcoin consumption are around 18.6 million. With this amount, bitcoins are believed to be reaching their end. However, the number of bitcoins in a block is divided into two with a span of four years or more. For that reason, experts conclude that crypto can be mined until 2100.

The survey includes 25% who already have or is planning to own cryptocurrency before this year ends. On the other hand, one out of five people doesn’t know how to acquire one.

Another survey stated that 39 percent of people believe that less than 100 cryptocurrencies are in circulation. Be that as it may, there are more than 4000 cryptocurrencies in the market that have seen to be growing.

Some of the most well-known cryptocurrencies are Litecoin, Ethereum, and Ripple. On the other hand, Dogecoin recently paved its name up to popularity for having the term the “first meme-base cryptocurrency.”

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Nicholas Martinez is passionate about making the crypto world more accessible by bringing the latest news to the space. He has a MBA in Business Analytics and has shown an interest in cryptocurrency from as far back as he can remember.