Since 2008, Bitcoin experienced a bumpy ride to reach its current status. Some of these challenges include price appreciations, government regulations and massive price drops. However, the biggest debate raging around this digital coin is the currency’s anonymous nature which leads to several conspiracy theories.
Due to the unregulated nature of cryptocurrencies, crypto-markets are akin to market manipulations. Many argue that powerful forces are controlling the performance and development of Bitcoin and other cryptos on a global scale. Owing to this, some conspiracy theorists present elaborate and well-researched claims.
Here are the top five conspiracy theories:
Sign of the End Times
Revelations 13 speaks to Christians of the end times. It talks of a time when everyone carries the ‘mark of the beast’. The mark will apparently be essential for people to buy food and live in a cashless dystopian society.
Therefore, naysayers and conspiracy enthusiasts have likened a ‘cashless system’ to an all e-cash system where people will make purchases in code.
Satoshi is an AI Time Traveling Machine
A futurist magazine recently stated that a block on the bitcoin network generated on June 2018, carried an improbable number of zeroes. These numbers were impossible to define. Therefore, this led some to believe that it could only come from the future.
Bitcoin is a U.S Government Creation
The U.S. National Security Agency (NSA) is credited for its over-the-top expertise in all matters security. A 2013 report emerged that accused the NSA of spying on all web activity via a backdoor protocol within the SHA-256 algorithm.
Similar to the process of creating (mining) bitcoin, the NSA algorithm runs on the proof-of-work function that requires users to verify a mathematical code. However, the state denied this accusation, alleging that the said protocol is open and was certified by state-cryptographers as secure.
16th Century Mystic Prophesy
In the 1500s, French prophet Nostradamus, in his Magnum opus: 1955 prophesies dropped clues and hints about the mysterious creation of Bitcoin.
In a cryptic passage, he says that gold and silver will melt into a new form of power that will be worshiped as an idol. Some conspiracy theorists interpret this to mean Bitcoin.
A Creation of the Chinese
Some believe that China is the original developer of BTC. Indeed, it is home to the world’s biggest BTC mining infrastructure firm, Bitman. Similarly, it also has the largest number of miners in the world.
In fact, the world’s biggest nation is also credited for dominating the crypto markets and recently declaring holdings in Bitcoin legal.
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