Unfiltered

What’s a Bitcoin Kill Switch?

After the financial crash in 2008, Bitcoin rose as a ray of hope for the financial market. This turned out to be the closest thing we have to a perfect currency that the world has ever seen. It is deflationary and decentralized currency, protected by cryptography and consensus. No state can have control over the individual’s funds.

There is very little that we know about Satoshi Nakomoto. Is he a person or a group, no one has gotten the chance to unravel this mystery. However, his innovation was very clear to him. He knew what he wanted to build.

He created certain fail-safes in the blueprint such as cryptography, decentralization, proof of work consensus, a hard capped supply and more.

But more recently a tweet has been going around social media that suggests that Nakamoto was considering to make Bitcoin useless in case of theft.

A Kill Switch

So we are all familiar with the basics of cryptocurrency. We know that you are in control of your currency 100 percent as long as you retain your private keys. But what happens in case of theft?

So a tweet from a Twitter account dedicated to Satoshi Nakamoto has crypto community stirring.

Many are interpreting it as that Satoshi is working on a way to render Bitcoin useless in case of theft but when the rightful owners get hold of it again, it becomes valuable once again.

As top crypto speculators speculate what this tweet meant when this thought was shared, here’s a thread of what people are assuming this to be.

A lot of people think that he has gold in mind as an example.

The quote was taken from the 2010 BitcoinTalk forum post. The talk was regarding moving funds into escrow in order to complete transactions where both the parties are satisfied.

“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 re-activate it,” Satoshi said.

However, the unfortunate happened months after following this comment. Satoshi disappeared and seized to have any conversation with the public or anyone involved with the Bitcoin. Satoshi has undoubtedly created a world-changing technology. And, this technology would have further progressed under the leadership and support of Satoshi. Although, despite not having him around, Bitcoin has truly come far in a short span of time.

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Soha Ali

As vanilla as it sounds, a filmmaker in the making. Soha brings the irony out of the crypto world by contributing to the Unfiltered section of BlockPublisher. Contact the editor at editor.unfiltered@blockpublisher.com

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