Hidden Bitcoin Revolution

A dangerous instrument of speculation and money laundering for some, a major technological innovation for others, electronic money could disrupt payment methods.

This episode deserves a Hollywood script. On March 6, Newsweek announced to great fanfare that he had found Satoshi Nakamoto. Satoshi Nakamoto? Bitcoin is a mysterious electronic currency that appeared in 2009 and is said to be the inventor of Bitcoin. Before that, Mr. Nakamoto was a real myth in the geek, computer enthusiast community. Crazy rumors are circulating about him: Behind the pseudonym lies a cyber Robin Hood, a man repented from the Secret Service, and even a group of cryptography experts.

What was the disappointment of the Bitcoin community when Newsweek revealed that Satoshi Nakamoto was an ordinary retiree living peacefully in the suburbs of Los Angeles! Despite being attacked by the paparazzi, he was quick to admit his lies: No, he wasn’t the inventor of Bitcoin, it still works. Myths are in addition to…

There hasn’t been a week in the past few months without a sulfur-based virtual currency making headlines. But not all episodes are as incredible as Satoshi Nakamoto. On February 28, the leading Bitcoin exchange MtGox declared bankruptcy, with thousands of users depositing money into it. A few months ago, the FBI arrested the boss of Silkroad, a site where you can buy weapons, drugs, and fake documents with two clicks of electronic money.

‘It will change our lives’

No wonder the latter has sparked so much debate! For some, Bitcoin is a dangerous object of speculation and should be banned immediately. “It’s like a Ponzi pyramid that, if nothing is done, will destroy thousands of unwary people,” said Georges Ugeux, head of investment bank Galileo Global Advisors in New York, in shock. For others, it’s a technological revolution whose scope has yet to be measured. “It will change our lives as profoundly as the internet,” said Pierre Noizat, co-founder of the French niche startup Paymium. What if the truth is somewhere in between?

A dangerous instrument of speculation and money laundering for some, a major technological innovation for others, electronic money could disrupt payment methods.