Bitcoin’s elusive founder Satoshi Nakamoto is still receiving transactions on the first ever Bitcoin address which was used for the creation of the first block aka Genesis block in the history of Bitcoin network. This is particularly interesting to witness and observe because Satoshi Nakamoto has almost 1 million Bitcoin to his name and but doesn’t need any money but nor is it being spent. This peculiar behaviour is being recorded and observed by the ever-attentive Bitcoin community and different predictions regarding the reason behind these transfers.
Satoshi Nakamoto remains one of the most reclusive personalities around the world. The pseudonym used by the founder of the Bitcoin network hasn’t been active within the network for a long time and according to early adapters who were in contact with him, he has moved on to other things. Despite these claims, it seems that his first Bitcoin address that was used to launch the network has lately been receiving transactions and thus might imply some kind of participation from Satoshi’s end.
According to the latest transaction, the genesis address received over 68.33 Bitcoin which is around $60,000 in Bitcoin and no small amount at all. However, the reason is not known by anyone and most anyone can do is offer guesses. Now some people were quick enough to point out that the genesis block cannot be used and is forever “locked” in place but this is not so as we look at the main Reddit thread. The first block is indeed locked in place but these transactions aren’t part of the first block, however, they are directed towards the first Bitcoin address used by Satoshi Nakamoto to get the first block and thus they are potentially spendable if Satoshi still has access to his private codes these days. However, that is unlikely to happen anytime soon and only a few people have ever really known the true identity of the cryptocurrency’s founding father, or rather founding group according to John McAfee.
However, to try and make sense of this, here are some of the more logical explanations:
Some of the bigger Bitcoin whales are sending coins to Satoshi’s address to remove them from circulation altogether. They know that Satoshi’s addresses are lying dormant and may remain so for a long time and thus any funds sent there will be locked forever in place and come as close to being “burned” as possible. This would reduce the overall available supply of the cryptocurency and thus appreciate the existing coins for the future.
This is the most logical-sounding explanation for the bizarre turn of events.
Satoshi Nakamoto is worth $10 billion on paper right now. There is this theory prevalent that once Satoshi will be back, he will reward people who stuck with him over the time and burned coins for the time being for the overall long-term future of the cryptocurrency network.
But, this theory is a little far fetched and may or may not hold true.
The news and transaction itself is quite new and some time needs to pass before it can be truly understood. Bitcoin remains one of the most interesting inventions of mankind and continues to amaze us all.
Image source: pixabay.com
Don’t worry, we hate spam too
one weekly digest, just the important stuff.
How about some social? Follow us on Twitter!