A Bitcoin is worth Rs 1.5 million and the founder is Pakistani

Shrouded in mystery, controversy and the question of legitimacy, Bitcoin is a currency that is gaining popularity among netizens nevertheless. How many of us really know what this digital currency is all about. The worldwide web is taken by storm by the news that UK based Pakistani James Bilal Khalid Caan is the founder of Bitcoin.

Devised in 2008 with a domain registered by the name of ‘bitcoin.org’, a single Bitcoin is now worth more than 1.5 million rupees. Satoshi Nakamoto was considered to be the founder. Nakamoto is a made up name for someone who authored a link to paper titled Bitcoin: A Peer-to-Peer Electronic Cash System. It was successfully posted to the mailing list of Cryptography. This is how Nakamoto was believed to be the man behind the currency. But no one knew the actual identity of the person up till now.

Talking about his true identity on satoshinrh.com he writes “My birth name is Bilal Khalid. I used that name to register the domain name theBCCI.net on the 18th of November 2008.  I’ve since changed my legal forename and surname to James Caan. I updated my name on the domain registration of theBCCI.net since only the owner of the domain can make such a change.”

Bilal used to live in Rawalpindi. A student of Al-Khair University, and also studied at internationally reputed institutions like Duke, Yale and California-Irvine. He has given a complete story as to how he became Nakamoto from an ordinary Bilal Khalid.

Is the claim of James Bilal Khalid Caan substantiated? How authentic are the testimonials at ‘Satoshi Reveal’ website? Could it be the biggest online hoax of all time? If he is really the founder than he must be Satoshi Nakamoto who had coins worth $10 billion.

Cryptocurrency experts are circumspect about the whole event. The authentic way to reveal the truth about Nakamoto’s identity would have been to use his own genesis key rather than breaking down the facts in 4 parts.

Initially Bitcoin was being used by black marketers around the world. Though there are severe security issues like hacking and online theft yet people in the past few years bought bitcoin obsessively that raised its value to unimaginable heights. But the pundits of the digital world predict that the future of digital business and marketing may depend on cryptocurrency like Bitcoin.