Why are the creators of cryptocurrency anonymous?

Bitcoin creator Satoshi Nakamoto used a pseudonym when working with bitcoin. Now, he’s not the only one who remains anonymous in the cryptocurrency world. Why do some key figures in the crypto world keep their identities a secret and why do people prefer to transact on an anonymous crypto exchange?

One of the most well-known features of bitcoin is the ability to withhold personal information: as a rule, when transacting with bitcoin, information about the true identity is not displayed. Even the creator of bitcoin, Satoshi Nakamoto, worked under a pseudonym, like many other creators of cryptocurrency. As a result, many famous and important figures in the crypto world are only defined entirely by pseudonyms, “screen names”, but they are still fake personalities.

There are many assumptions that the leaders of the cryptocurrency world are keeping their identities a secret. Some keep their identities a secret, trying to stay away from political and regulatory issues. Others may just try to avoid unwanted recognition. Let’s take a look at a few people (and groups) who have chosen to remain anonymous in the cryptocurrency world.

Examples of anonymity in the cryptocurrency world

Sunny King: Creator of Proof of Ownership

Sunny King is the creator of Proof of Ownership, a solid cryptocurrency with a staking feature. Staking allows fund holders to obtain rewards, and this system has evolved considerably in recent years: high ranking coins such as Ethireum and Cosmos have the function of proof of ownership.

King explained why he decided to remain anonymous. In a 2013 interview, King said the political climate was unfavorable for cryptocurrency owners and that he wanted to protect his government funds. But, already in another interview, King played it down: in 2018, he explained that he remained anonymous “just for reasons of confidentiality”, and that is the wish of everyone.

Monero Developer Team

Monero is a completely privacy-oriented cryptocurrency. On the other hand, while bitcoin transactions are quite large, making it difficult to track on the site, Monero transactions are indeed closed and invisible to ordinary users. Monero is made by a group of little-known developers: 5 of the seven team members keep their identities a secret. The developers explain that they remain anonymous due to the negative attitude towards crypto projects at other companies. If they decide to change jobs and try to get a job at Google, chances are they won’t get an offer due to previous work on a crypto project.

Dash

Dash is a cryptocurrency created in 2014 that allows consumers to choose whether their transactions are anonymous and personal using the PrivateSend feature. This makes it possible to do this for customers who wish to continue to comply with the regulatory requirements of their country. This function acts in order to hide the origin of your funds. Choosing to use personal characteristics will hardly increase transaction costs.

Anonymous Exchanges and Cryptocurrency Creators: Is It Good or Bad?

Some critics claim that pseudonyms allow scam projects to raise money and then disappear without a trace. However, pseudonyms are not an obvious sign of fraud: there are many anonymous crypto projects that have proven to be legitimate and successful.

In many cases, users with pseudonyms may disappear. Projects such as Ethereum, Ripple and Cardano rely on reputable and transparent companies, whose information is accessible to the general public. It is possible that the anonymity of the creators of the cryptocurrency will not take place in the years to come. Another thing is the crypto – anonymous exchange. This is a trend that we do not expect to end. People care about privacy and seek the best combination of service and anonymity. Fortunately, some crypto exchanges such as Godex can provide the necessary level of security for the masses.