Bitcoin allows for peer-to-peer financial transactions secured through a blockchain. Machines would solve complex algorithms to validate a transaction. This transaction, a single block of information, would then be added to the blockchain.
During the financial crisis, it emerged as a fraud and inflation-resistant solution. The White Paper allowed for anyone to read, learn and understand the system. Bitcoin would be a decentralized currency that didn’t belong to a bank or government.
Why does this ruling rub people the wrong way then? Well, there isn’t any undeniable evidence that Wright is Satoshi Nakamoto. Removing the White Paper from the U.K. website doesn’t prevent the website from mentioning or linking to another site that hosts it. But the case does legally establish Wright as the inventor of Bitcoin.
Craig Wright also advocates for reversible transactions and freezing criminal accounts. It seems counterintuitive to the goals of Bitcoin and fuels concerns about anonymity. The amount of fraudulent or criminal transactions on the blockchain was 0.34% in 2020, a drop from 2.1% in 2019.
Bitcoin.org will need to take down the White Paper off the site in the U.K. and pay around 48 000 USD in legal fees. Will this case lay the map for further legislating and deanonymizing Bitcoin transactions? Will there be more debate and speculation around the identity of Satoshi Nakamoto? We’ll have to wait and see.
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