The cryptocurrency bitcoin has been getting a lot of buzz lately following the claims by an Australian entrepreneur, Craig Wright, that he is the currency’s mysterious creator Despite those claims and the doubts, the value of bitcoin has been on the rise

So what’s the future of the money that you can’t touch? Xu Xinchen takes a look The name Satoshi Nakamoto is famous on the internet as supposedly belonging to the man who created bitcoin Whoever that really is, however, there has never been any proof that the founder of the electronic currency is really Japanese Over the weekend, an Australian named Craig Wright said he is Nakamoto and managed to convince two major news organizations that he is telling the truth I didn’t decide

I had people decide this matter for me And they’re making life difficult, not for me, but for my friends, my family, my staff I don’t want money, I don’t want fame, I don’t want adoration I just want to be left alone ​ In December, the computer magazine Wired and the tech website Gizmodo did lengthy investigations, concluding that Nakamoto really could have been Wright

And his recent encounters with the media reassured some from the bitcoin community that he is indeed Nakamoto Others still have their doubts, however ​ My take is, as of right now, Craig Wright has not sufficiently proved to the community — to everyone — that he really is Satoshi Nakamoto If he’s trying to live his own life, then why did he come out and talk about this again? We’ve been successfully growing bitcoin, making it more popular, for worldwide use in the last seven to eight years, even without having Satoshi Nakamoto as a public figure Lee is far from alone in his doubts, but Wright has promised to provide stronger evidence to support his claim to be the creator of bitcoin or, at least, one of the creators

If Wright is Nakamoto, however, he is a rich man Nakamoto has some 1 million bitcoins, and, at the moment, a bitcoin can be traded for about US$446 Fifteen-and-a-half million bitcoins are in circulation now, and there are about the same number yet to be issued by the system in a process called mining Bitcoin enthusiasts argue that the finite number of potential bitcoins actually can make it a better substitute for today’s fiat currencies — currencies issued by national governments I think it’s one of the great aspects of bitcoin that the amount of bitcoins is limited to 21 million

For any other fiat currency — those are all controlled by central governments — they can print as much money as they want That’s why different countries have inflation and loss of purchasing power for the same fiat currencies With bitcoin, in 20 years, if you have one bitcoin today, you will have one bitcoin in 20 years, which would still be same fractional amount of the 21 million There are experts in Shanghai, however, who argue strongly that bitcoin doesn't have much of a future at all ​There are many people who are crazy about bitcoin

They hope that someday, bitcoin can replace the fiat currency that we use today But we haven’t seen any government that is ready to to give up its sovereignty, that can accept bitcoin as a currency to replace fiat currency Liu points out that there are plenty of other cryptocurrencies available to anyone who is interested Money Talks just had a look and found over 700 No matter who invented bitcoin, it’s going to have plenty of competition in any bid to replace currencies issued by governments

Xu Xinchen — Money Talks