A cryptocurrency writer on News BTC, Tony Spilotro has suggested that the anonymous creator of Bitcoin, Satoshi Nakamoto may have been working on a Bitcoin kill switch that can be activated remotely and used to destroy Bitcoins in the event that the tokens are stolen. According to the writer, Satoshi’s ultimate goal for creating a decentralized peer-to-peer network was to reduce the control that governments and central authorities have over currency. This was why he created the Bitcoin blockchain with many fail-safes that would make centralization difficult. The latest rumor on social media is that the anonymous creator of Bitcoin might also have been considering ways to make Bitcoins useless in the event of theft.
Bitcoin Creator, Satoshi Nakamoto May Have Been Considering A Bitcoin Kill Switch
Satoshi built the Bitcoin blockchain to be unhackable. This is why each cryptocurrency holder has a private key that is used to access cryptocurrency wallets. However, hackers eventually started exploring vulnerabilities in cryptocurrency exchanges that allow them to steal tokens by copying private keys or mirroring transactions. With a kill switch in place, cryptocurrency holders will be able to remotely render stolen Bitcoins useless. The kill switch would not destroy the Bitcoins permanently as the owner would be able to restore it if he or she ever got it back.
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Tony Spilotro wrote the article about the possible Bitcoin kill switch following a suggestion on Twitter. A Twitter account, which is dedicated to Satoshi Nakamoto, posted a statement of the anonymous Bitcoin creator. Satoshi made the statement in 2010 in the BitcoinTalk forum on a discussion thread about moving funds from escrow. The post was as follows:
“Imagine if gold turned to lead when stolen. If the thief gives it back, it turns to gold again. Imagine someone stole something from you. You can’t get it back, but if you could, if it had a kill switch that could be remote triggered, would you do it? Would it be a good thing for thieves to know that everything you own has a kill switch and if they steal it, it’ll be useless to them, although you still lose it too? If they give it back, you can reactivate it.”
After posting it, the handle asked members of the cryptocurrency community to state their opinions on what the possible interpretation of the post could be.
Months after the creator of Bitcoin made this comment, he suddenly stopped communicating and literally vanished from the Internet without a trace. Perhaps if he has remained in the Bitcoin development team, he would have eventually activated this Bitcoin kill switch and even suggested other significant developments on the Bitcoin blockchain.
Until today, no one knows who Satoshi is. Craig Wright, the Bitcoin SV developer, claims that he is Satoshi but has been unable to provide any significant evidence to support his claims. There have been speculations that Dave Kleiman is Satoshi. This may be possible but there still isn’t significant evidence to prove that the late Dave Kleiman is the creator of Bitcoin, Satoshi Nakamoto. It’s also not clear why Satoshi stopped communicating with the cryptocurrency world. No one knows if he died or simply decided to move on with his life without ever getting credit for Bitcoin, one of the best technological innovations in the past ten years.
What do you think about the Bitcoin kill switch? Would such a thing curb the cases of theft in the cryptocurrency space? Feel dress to leave a comment.