Key Points
A series of emails between Bitcoin’s anonymous creator, Satoshi Nakamoto, and Finnish computer scientist Martti Malmi, show Nakamoto rejecting the idea of Bitcoin as an investment.
Debunking Bitcoin as an Investment
Malmi published 120 pages of email correspondence with Nakamoto from 2009 to 2011 on February 23.
The emails contain detailed information about the early development of Bitcoin.
Malmi offered his technical expertise to support Bitcoin’s growth in their email exchange.
Nakamoto asked Malmi to provide detailed FAQs about Bitcoin’s functionality and potential use cases.
Malmi emphasized Bitcoin’s profitability in the FAQ, suggesting people consider it as an investment.
Nakamoto expressed discomfort with the idea of Bitcoin being categorized as an investment, but acknowledged people could draw their own conclusions.
Bitcoin’s True Nature
In their emails, Nakamoto endorsed Malmi’s definition of Bitcoin as a P2P network for money transfers over the internet, free from central authority.
Nakamoto coined the term “The P2P cryptocurrency” to describe Bitcoin.
He also approved other FAQs crafted by Malmi which provided concise descriptions of Bitcoin.
Malmi explained the creation process of new Bitcoins and highlighted the cryptocurrency’s foundational value.
According to Malmi, Bitcoin’s value is based on its capabilities for facilitating exchanges similar to traditional currencies.
He revealed that new Bitcoins are generated when a network node solves a mathematical problem on the blockchain.
Malmi also addressed Bitcoin’s security, emphasizing the importance of users creating backups of their coin keys and using strong passwords.
