No one knows exactly who Satoshi Nakamoto is. And he isn’t the only one. Many other cryptocurrency creators are or want to remain anonymous. Here are some reasons why.
To avoid government regulations
Cryptocurrencies are often seen as a way to skirt traditional financial regulations, so their creators may wish to remain anonymous to avoid any potential problems with authorities. Since it is new and largely unregulated, there are a lot of risks involved. If you are a creator, you don’t want to be held responsible if anything goes wrong. So, it would be in your best interest to give your users a way to be accountable for their safety and actions. For example, if someone were to buy something illegal using your cryptocurrency, the government would try to crack down on you – the creator, tying you to the crime and arresting you when you might not know or have anything to do with it.
To avoid the risk of robbery or kidnapping
Cryptocurrencies are always on the rise – they might experience some slow days or weeks, but they eventually go up. And many people have become millionaires or even billionaires by investing in them. So, if a criminal were to find out you created a particular cryptocurrency, they will target you in an attempt to steal some coins because they believe you have money and lots of it. They could even kidnap you or your loved one and ask for ransom in the form of the cryptocurrency you created.
To preserve the integrity of their projects
A creator could put their cryptocurrencies at risk if people were to know them. For example, if your identity is closely tied to what you created, any scandal could damage the coin’s reputation. In today’s market, buyers or sellers associate a product with their creator or manager. Saying or doing something controversial will have a negative impact on users even if the product is perfect.
To avoid getting hacked
Cryptocurrency creators are prime targets for hackers. If a hacker were to find out that you created a valuable coin, they would do anything within their means to attempt to steal your personal information, the crypto itself, or data that they can use to generate more of it. Hackers can even blackmail creators and force them to give up their control over their assets. So to avoid this, anonymity seems like the best option.
Anonymity makes it easier to test new ideas
If you want to create something good and confirm that users will actually like it, you must eliminate bias in the ideation process. This means creating what you like, testing it anonymously, correcting any issues that may arise, and if it fits the bill, you can then release it into the market. Testing ideas anonymously is important because it takes a lot of time and resources to create a digital product. Therefore, putting it out while still defective can ruin its reputation for a very long time. Besides, you don’t want people to judge your asset based on who you are, but rather on the value that it brings to them. For example, people might doubt your creation because you dropped out of college or have a criminal history.
Cryptocurrency creators have a tough job; they are trying to revolutionize the market and the world as a whole while protecting themselves and their products at the same time. This can leave them with the option to stay anonymous to ensure they succeed at their projects.