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bitcoin secret

Secrets always carry with them an aura of mysticism. A huge secret which concerns bitcoin is about to be revealed.

When it comes to cryptocurrencies and especially Bitcoin, the biggest mystery is without a doubt the identity of Satoshi Nakamoto. Many people will be disappointed, but the information about to revealed will concern the private key.

The private key was entrusted to the developers and it activates the protocol’s alert system. The alert system was used to flash a text warning to the developers in case something could threaten the security of their funds.

Many people are possibly unaware that such a system even existed. It was retired in 2016 because of security concerns. The community often discussed the possibility of the system being used to change the network rules.

This Bitcoin Secret is Better off Revealed

Developers also shared the worry that if the key were to fall in the wrong hands, it would cause mass panic due to the ability to broadcast false messages.

Many people agree that Bryan Bishop’s reveal is long overdue. His tweet about the event being an “interesting show”, was followed by a tweet-chain, which proved him to be in the possession of the secret key.

This could be the final step to destroying the system. The new code in 2016 was released without the alert system. This was followed by a final alert message in January 2017, which made the message unable to be overridden by any future messages.

The private key needs to be displayed publicly. This will eliminate all possibilities of reputation attacks against the developers. Additional pressure that can force the reveal is a common worry between the developers.

Many of them fear attacks on their reputation. In the event that the key is compromised and used to sign a malicious message, the blame will fall on one of the core developers, who’s believed to have possession of the key.

Further speculation ca be added because no one is sure of the exact number of people who possess access to the secret key. In this case the secrecy can be a liability because some of the people who have the key are known, but there are others who aren’t.

Bishop stated that “It would be better if the key is released”

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About Ian Karamanov

Based in Sofia, Bulgaria. Writing about cryptocurrency, politics, finance and esports. Keen interest in unedited history, spirituality and freedom.

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