Bitcoins have been cloaked in riddle since their birth and became the subject of several conspiracies. The cryptocurrency's creators remain unknown, and the currency is virtual, rendering it fundamentally distinct from all previous forms of trade spanning the history of mankind. There is indeed a lot of opportunity for speculation on whether the real goal of Bitcoin is the sole purpose, as indicated in the whitepaper that initially presented Bitcoin.
Investing with the bitcoin market was created with simplicity in mind. It provides one a broad sense of investing. In addition to the beliefs about Bitcoin becoming an escape to traditional financial ventures, others see bitcoin as a weapon for further enslavement of ordinary people.
- The Strategy of Uncle Sam: People may use Bitcoins to transfer money discreetly, which sparked speculation that the USA's National Security Agency developed Bitcoin to support its covert operations. The NSA created the SHA-256 algorithm, which is used in Proof-of-Work. Though these SHA-256 algorithms are accessible and have been studied by cryptologists for more than fifteen years without discovering anything odd, supporters of Uncle Sam's notion argue that the NSA might easily construct a trojan in SHA-256 to monitor all online traffic.
When one contemplates the background of the Swiss encrypting business Crypto AG, it's easy to see why this notion has got momentum. After World War II, the firm has profitably sold encryption equipment to authorities across over 120 nations, earning millions. The Washington Post and the German Public Broadcasting Corporation found that the CIA covertly possessed crypto AG. The business built the gadgets it marketed in such a manner that the CIA can readily decrypt any encoded data sent out by foreign nations.
- Chinese intervention: This idea holds that the Chinese government is complicit in the establishment of Bitcoin. However, the proof for the idea is extremely conflicting. On one end, China is the largest global cryptocurrency mining nation; but on the other hand, China planned to outlaw the mining process. In addition, China is developing electronic yuan as a potential cryptocurrency in four locations, with the ability to contend with bitcoins and US dollars.
For starters, the nation has vast monetary resources, political control, and has seen significant progress in technology and artificial intelligence. The fact that it watches its residents using face recognition software and utilizes social credentials to award or penalize them perpetuates the problem.
- The Devil's Creation: This conspiracy centers around the incidents portrayed in the New Testament in the Bible, in the book of Revelation. The Revelation appears to speak of a unified medium of exchange, a mark, which can alternatively be understood as man-made objects such as an imprint, etching, or implantation.
“A mark” is inextricably linked to the identification of every person, irrespective of their socioeconomic or cultural origins. Though some characteristics of Bitcoin appear to fit this plot, numerous other virtual possibilities may play the function of "the mark." And, with the drive for mandatory immunizations, tracking, and other concerning trends such as individual microchipping, Bitcoins may not have credibility on this.
- The pseudonym of Satoshi Nakamoto: The identity of Satoshi Nakamoto got linked with Bitcoin because it was named as the creator of a prospectus circulated to the bitcoin transaction. Several bitcoiners believe Satoshi Nakamoto is a consortium of four Asian tech firms: Samsung, Toshiba, Nakamichi, and Motorola. The name is made up of the letters "sa" in Samsung, "toshi" from Toshiba, "naka" from Nakamichi, and "moto" from Motorola.
- AI aspect of Bitcoin: Another widely held belief is that Bitcoins are the offspring of aberrant artificial intelligence or aliens who are exploiting the cryptocurrency's system to wipe over the planet. A video posted to the UFO Today YouTube account in August of last year sparked this odd hypothesis.
Unsurprisingly, the absence of hard evidence about Bitcoin‘s emergence has generated concern about its roots, and one can't help but wonder if the ridiculous conspiracy theories have any influence on Bitcoin‘s possibilities of widespread adoption.