Online money Australian entrepreneur claims to be behind bitcoins

Australian tech entrepreneur Craig Wright has revealed he created the controversial digital currency bitcoin.

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play Australian tech entrepreneur Craig Wright has revealed he created the controversial digital currency bitcoin. (coindesk.com)
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Australian tech entrepreneur Craig Wright has revealed he created the controversial digital currency bitcoin.

The BBC reported on Monday that Wright gave some technical proof that showed he had access to blocks of bitcoins known to have been created by bitcoin's creator, however some scepticism remained about this revelation as the identity of a person until now has gone by the name of Satoshi Nakamoto.

Bitcoin currency is a computer-generated, digital alternative to other currencies,  it  can be traded for other currencies or real world goods.

Unlike traditional currency, bitcoins are not distributed by a central bank or backed by physical assets like gold, but are "mined" by users who use computers to calculate increasingly complex algorithmic formulas, Reuters reports.

International media reports Wright had also told the The Economist and GQ he was behind the currency's invention, but The Economist could not get enough proof to be convinced entirely.

However, it has been reported prominent members of the bitcoin community confirmed Wright's claim.

Researchers believe Nakamoto may be holding up to 1 million bitcoins, which is worth about $440 million, and the price of the cryptocurrency could plunge if that was to be unloaded.

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