Newsweek Magazine Reveals Creator of Bitcoin

March 29, 2014

Unlocking Word Meanings

Read the following words/expressions found in today’s article. 

1. brainchild /ˈbreɪnˌtʃaɪld/ (n.) – result or product of someone’s idea
Example: The new computer program is the brainchild of the company’s best developers.

2. rebut /rɪˈbʌt/ (v.) – to contradict or to prove that something is not true
Example: The CEO rebutted the newspaper’s false claims about his company.

3. stand firm /stænd fɜrm/ (v.) – to remain with one’s statement despite others’ arguments
Example: The newspaper stands firm with the story despite accusations.

4. manifesto /ˌmænəˈfɛstoʊ/ (n.) – a formal document showing the opinion of a person or a group
Example: The founder’s manifesto cited the group’s goals for the project.

5. discreet /dɪˈskrit/ (adj.) – done in a careful and private manner
Example: The boss talks to his employees in a discreet way.


Read the text below.
American magazine Newsweek recently revealed the identity of the mysterious man behind Bitcoin’s creation.

Bitcoin has long been thought as the brainchild of a certain Satoshi Nakamoto. The developer’s true identity was unknown until Newsweek published a feature story about a Japanese-American engineer with the same name. According to journalist Leah McGrath Goodman, Dorian Satoshi Nakamoto created the popular digital currency that began in 2009.

Nakamoto, a 64-year-old Physics graduate, worked as a systems engineer for the U.S. government and some private companies. The Newsweek article quoted Dorian saying that he is no longer involved in Bitcoin and cannot discuss anything about it. However, Dorian rebuts the story’s claims after its publication. Despite this denial and the distrust of some Bitcoin users, Goodman and Newsweek stood firm with the article’s credibility.

In 2008, a manifesto for Bitcoin was published under the name of Satoshi Nakamoto. The document emphasized that the Bitcoin system does not require financial institutions like banks to serve as a link between transactions. Bitcoin uses complex computer codes that enable two persons to transact directly with each other.

Bitcoin chief scientist Gavin Andresen [GAV-in ahn-DREY-suh n] recalled that his conversations with Nakamoto were all about improving the codes. Andresen added that Nakamoto was a discreet man and that he never heard anything about the founder’s personal life.

On another note, many analysts have praised how Bitcoin successfully performed without the central bank’s involvement. Bitcoin users can view their own record of transactions and maintain a protected identity.

In the currency’s early years, a Bitcoin is worth only a few cents. As online users increased, Bitcoin’s value rose up to $1,100 last year but has fallen down to $650.

Viewpoint Discussion

Enjoy a discussion with your tutor.  

Discussion A

·         What do you think about the use of Bitcoin?
·         Do you think the use of Bitcoin is safe? Why or why not?

Discussion B

·         In your country, what is the most common mode of payment?
·         How do you think this will change in the future?


March 29, 2014