After a Twitter account suggested the creator of Bitcoin, Satoshi Nakamoto, had transferred bitcoins, the value of the market decreased.

Members of the cryptocurrency community noticed activity that they suspected belonged to the founder of Bitcoin, and as a result, the value of the cryptocurrency began to decrease.Cryptocurrencylike Bitcoin, allows people to exchange tangible money digitally. The price can fluctuate, and the value of a coin depends on what the exchange rate is at the time. As a result, people can invest in bitcoins and see a profit based on the current exchange rate.

Satoshi Nakamoto is the name commonly used to refer to the founderof thedecentralized digital currency, Bitcoin. Typically anonymous,trading occurs at thepeer-to-peer level, leading to the suggestion it couldmake third-party groups, such as banks, obsolete. However, as an effect of the anonymity, the solution has sometimes been used forcriminal purposes, including money laundering andponzi schemes. Despite the anonymity, bitcoin mining exists to prevent anonymous individuals from double-spending the cryptocurrencythrough the use ofblockchain technologywhere blocks store unique information in a public database.

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The WhaleAlertTwitteraccount tracks large crypto transactions and recently Tweeted that someone had transferred 40 bitcoins from a dormant account to an unknown wallet. Someone mined these coins during the first month of Bitcoins existence. For reference, the 40 bitcoins were worth around $400,000 USD when transferred, and it is rumored the owner of the bitcoins transferred another 10 coins soon after the initial Tweet. What made this particular transaction all the more interesting is the age of the coins which led some to believe Nakamoto owned them, and that caused the value of Bitcoin to drop.

While blocks are anonymous, the coins involved in this transfer were identified as coming from one of the first accounts. Considering how few people mined bitcoins in the beginning,some inferred that Nakamotomust have been involved, especially as old coins do not often appear. With some confused and spooked at Nakamotos rumored appearance, panic set inand the value of the coin went down. The worry was that the value of Bitcoin would plummet if Nakamoto sold large amounts of coins. However, and as pointed out by MarketWatch,there were those whosuggested thecoins were mined by an unknown person, rather than the mysterious creator. In fact, arguments over the identity of the owner eventually helped to slow down the panic but not before "satoshi"went went viral on Twitter. Especially as there was no way of actually knowing. For example, even thoughsome realized that these blocks did not follow the Patoshi pattern - a unique way to identify Nakamotos blocks- the anonymous nature of these transaction still meant it was possible the coins belonged to Nakamoto.

The coronavirus pandemic is changing the way the world works. With people struggling with financesand higher levels ofunemployment, and consideringthese coins were mined in 2009, it might be the case the ownersimplyfelt that it wastime to move funds. However,if it wasNakamoto, then it is rather strange thatthe transfer was only a few bitcoins, since many suspectNakamotohas at least one million of them. While there's no way to know for sure that Nakamoto has returned, the one thing that is clear is that one of the first people to mine bitcoins briefly made an appearance recently.

More: The Best Way To Buy Bitcoin For A Casual Investor

Source:Whale Alert/Twitter

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Josh Goodrich's journey began when he started posting content for the BuzzFeed Community page. He would often write about popular shows, pop culture and technology. After completing a series of internships, Goodrich wrote topics ranging from people fighting food insecurity to a review for an Elvis impersonator's burlesque show. Goodrich, a graduate from the University of Pittsburgh, is currently based in the DC-area. You can probably find him where Bjrk music is playing.

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Why Twitter Rumor Bitcoin Founder Satoshi Nakamoto Cashed Out Lowered Cryptocurrency Value - Screen Rant