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Category: Currency / Business, Economics and Finance / Internet Technology

Australian Craig Wright confirms he is Bitcoin creator

Monday, 2 May 2016 15:46:20

Entrepreneur Craig Wright confessed to being alias Satoshi Nakamoto, creator of Bitcoin. (Supplied: BBC)

Australian tech entrepreneur Craig Wright, long-suspected of having created cryptocurrency Bitcoin, has confirmed his identity to three publications, ending years of speculation.

In an interview with the BBC, Dr Wright provided proof to back up his claim using digitally signed messages and cryptographic keys known to be owned by Bitcoin's creator.

"These are the blocks used to send 10 bitcoins to Hal Finney in January [2009] as the first Bitcoin transaction," he said during a demonstration.

Australian Federal Police raided the Sydney home of Dr Craig Steven Wright, suspected inventor of digital currency Bitcoin Photo: The AFP raided the Sydney home of Dr Craig Wright in December 2015. (ABC News: Simon Santow)

Bitcoin is a digital cryptocurrency that is decentralised and operates using a peer-to-peer network.

Unlike other currencies, it has no central authority or government-based backing.

Bitcoin is essentially a code that is traded between two people, with the transaction confirmed by other users on the peer-to-peer network and added to the continuous "blockchain" — a public ledger of all Bitcoin transactions.

It was created by someone under the pseudonym of Satoshi Nakamoto, an alias now claimed by Dr Wright.

"I was the main part of it, but other people helped me," he said.

External Link: Bitcoin confession BBC on Facebook

Dr Wright revealed his identity to three media organisations: the BBC, the Economist and GQ.

The Economist said it was not entirely convinced.

"Our conclusion is that Mr Wright could well be Mr Nakamoto, but that important questions remain," it said.

"Indeed, it may never be possible to establish beyond reasonable doubt who really created Bitcoin."

What is bitcoin?


Can't tell a bitcoin from a blockchain? Read our explainer to see how the cryptocurrency works.

Prominent members of the Bitcoin community and its core development team also confirmed his claim.

Australian Federal Police raided the home of the Sydney-based technology entrepreneur in December last year on a warrant issued by the Australian Taxation Office (ATO).

He said that it led to many more journalists and others pursuing him and the people he knows, to their detriment.

"I don't like it hurting those people I care about," he told the BBC.

"I don't want any of them to be impacted by this.

"I have not done this because it is what I wanted. It's not because of my choice."

Bitcoin key points

  • A decentralised cryptocurrency
  • Released as a working beta in 2009
  • The digital currency can be traded for other currencies or real world goods
  • It can be created (mined) by computers set to the task of solving mathematical 'blocks'
  • There is a cap of just under 21 million bitcoins
  • Coin transactions and ownership recorded in a public ledger called the blockchain
  • Bitcoins are secured in your digital wallet

He added that he had no plans to become a figurehead.

Dr Wright told a Bitcoin Investor Conference last year that he was "a former academic who these days does research commercially, which no-one ever hears about".

He said he had "a couple of doctorates" and a masters in law and statistics.

He currently heads up Bitcoin-related businesses, one of which he boasted in May last year controlled one of the fastest super-computers in the world.

The ATO and police were not immediately available for comment.

ABC/Reuters

AustraliaPlus


 

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