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Bitcoin [BTC] eliminates the role of middleman and ensures diversity, says CoinCenter’s Director of Research

Ajay Narayan



Bitcoin [BTC] eliminates the role of middleman and ensures diversity, says CoinCenter's Director of Research
Source: Unsplash

Recently, the Senate Banking, Housing, and Urban Affairs Committee held a hearing on “Exploring the Cryptocurrency and Blockchain Ecosystem”. In the hearing, Peter Van Valkenburgh, the Director of Research at CoinCenter spoke about the regulatory issues which were affecting the cryptocurrency ecosystem and the public blockchain network.

Valkenburgh’s main aim was to help the committee understand the potential of blockchain technology and how it was an essential component of the internet in the near future.

The Director started by defining Bitcoin [BTC], its purpose and the reasons it was such a revolutionary concept. According to him, Bitcoin was the first cryptocurrency in the world and its functioning was possible because of the world’s first public blockchain network.

It was created to send and receive value to anybody in the world with the help of a computer and a basic internet connection. Furthermore, Bitcoin was revolutionary because it removed the role of a middleman.

Peter further stated that Bitcoin was the world’s first public digital payment infrastructure which was not owned by a single committee but was open to the general public and was not influenced by any corporation. He added:

“We have public information infrastructure to access websites and email, it’s called the Internet. However, the only public payments infrastructure that we have is cash, as in paper money, and it only works for face to face transactions”

According to him, prior to Bitcoins inception, individuals could not use the public infrastructure in order to make transactions over their phone or the internet. He added that individuals had to rely on private banks, who in turn had to add a ledger entry in their books to debit the sender and credit the receiver. Furthermore, if both the parties did not use the same bank then there would be multiple banks involved in multiple ledger entries.

On the other hand, Bitcoin was a digital asset and the ledger was the public blockchain where any individual could add an entry into the ledger by transferring their Bitcoin to another individual. Peter further stated:

“Anyone could use the public ledger, regardless of their nationality, race, religion, sex, or credit-worthiness can [for absolutely no cost] create a bitcoin address in order to receive payments digitally”

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Ajay Narayan is a full-time journalist at AMBCrypto. He has majored in Economics, Political Science and Sociology. His interests are inclined towards writing and investing in cryptocurrencies.


Peter McCormack gets an updated letter from Craig Wright’s solicitors




Peter McCormack gets an updated letter from Craig Wright's solicitors
Source: Unsplash

Peter McCormack, the host of What Bitcoin Did, was one among the people sued by Craig Wright for “harassment and libel”. Wright’s legal attack began with Hodlonaut, a prominent Twitter personality and moved on to others in the crypto community. However, McCormack has received an update of the legal notice for this.

McCormack tweeted:

“The following is the latest letter from his solicitors of Craig Wright. Based on the copyright news yesterday, it is very clear their game plan. I have until Friday to make a decision. Not contesting this is an option but in no way will I read a statement in court as they want.”

The letter received stated:

“You did not acknowledge service, or serve any defence or admission, by Thursday’s deadline (16 May 2019). Our client is therefore entitled to apply under Part 12 of the CPR to request that an order for judgment in default be entered against you. In the event that he obatins such an order, our client will be entitled to apply to the court for (a) an assessment of the damages that you must pay to him, (b) an injunction, (c) an order permitting a statement to be read in open court.”

In addition, the letter also outlined that libel litigation would not be straightforward since McCormack does not have lawyers acting for him. Moreover, the letter added that “our client does not want you to be put under unnecessary pressure”.

McCormack replied to one of the comments:

“I might not contest it. Not sure I want to give him the satisfaction.”

Ran NeuNer, the host of CNBC’s Crypto Trader, commented:

“Bro, you came out guns blazing saying you would fight this until the end! You rallied all of Crypto twitter to get behind you in this. Now you considering not contesting it? Is this what they teach you in Bedford.🤣”

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