BSV founder Craig Wright Clarifies Bitcoin's Original Intent and Critiques Misuse - Blockchain.News

BSV founder Craig Wright Clarifies Bitcoin's Original Intent and Critiques Misuse

Dr. Craig S. Wright criticizes misconceptions about Bitcoin's White Paper and its purpose, asserting it's a micropayment system, not digital gold, and highlights transaction costs impacting its utility.

  • Jan 09, 2024 01:50
BSV founder Craig Wright Clarifies Bitcoin's Original Intent and Critiques Misuse

Dr. Craig S. Wright, the founder of Bitcoin Vision (BSV), who claims to be Satoshi Nakamoto, the pseudonymous creator of Bitcoin, has been active on social media, specifically on Twitter under the handle @Dr_CSWright, where he expresses his views and clarifications about Bitcoin and its foundational document, the Bitcoin White Paper. Here's a summary of his key points from his recent tweets on January 6, 2024:

Access to the Bitcoin White Paper

Dr. Wright emphasizes that he has never prevented public access to the Bitcoin White Paper since its release in 2008. He refutes claims made by members of the BTC Core community regarding this.

Misuse of the White Paper

He takes offense to the misuse of his publication, particularly by those who use it to drive search engine optimization (SEO) for their sites, promote pump and dump schemes, or misrepresent Bitcoin, especially as BTC.

The Role of Honest Nodes

Dr. Wright clarifies a common misconception about Bitcoin's operation. He asserts that it's not merely about having the longest chain; rather, it’s about 'honest nodes' which adhere to the original protocol. This aspect, he argues, is often overlooked in current discussions about Bitcoin.

Primary Function of Bitcoin

Contrary to popular belief, Dr. Wright states that Bitcoin was primarily designed as a micropayment transaction system, not as digital gold or for facilitating large transactions. This clarification points to the intended use of Bitcoin for small, everyday transactions.

Bitcoin as a Timestamp Server

He also mentions another purpose of Bitcoin, often not highlighted: serving as a timestamp server.

Concerns About Transaction Costs

Dr. Wright discusses the impact of transaction costs on Bitcoin's utility. He notes that high costs of mediation in transactions limit the feasibility of small, casual transactions, especially those with fees below $0.001.

In response to a query about inscription from Dr. Hash “Wesley”, Dr. Wright doesn’t provide a specific answer in these tweets, leaving some ambiguity about his views on this topic.

These statements reflect Dr. Wright's perspective on the state and interpretation of Bitcoin, emphasizing a return to its original principles as he sees them. His claim to be Satoshi Nakamoto, while controversial and debated within the cryptocurrency community, adds a layer of intrigue to his commentary on these matters.

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