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Bitcoin [BTC] is not actually a cryptocurrency, claims Bitcoin SV’s Craig Wright

Biraajmaan Tamuly



Bitcoin [BTC] is not actually a cryptocurrency, claims Bitcoin SV's Craig Wright
Source: Pixabay

Bitcoin SV proponent, Dr. Craig Wright, has never been shy about making headlines in the cryptosphere. In a recent interview with CoinGeek, the self-proclaimed creator of Bitcoin, re-ignited the feud, claiming that Bitcoin was not actually a cryptocurrency.

Wright stated that he did not consider Bitcoin as a currency since the token did not have any legal validity. He stated that before the token got any official acceptance, financial institutions of the state will release their own “tokenized fiat.” He predicted that the centralized fiat currency would “use the capabilities of Bitcoin and print its own money on top of it.”

There is a difference between Bitcoin and other e-cash systems that use cryptography, he said. He added,

“Cryptography is secret writing. Bitcoin is the exact opposite of that. Bitcoin is basically a public ledger. Instead, Bitcoin is a chain of evidence that is pretty much everything that those other systems that aim for anonymous transfer are not.”

Additionally, Wright also commented on Bitcoin’s financial credibility. He said that Bitcoin was not about “democratizing finance,” and that it was impossible to achieve with Bitcoin. It was necessary for the protocol to remain stable and restrict developers from making fundamental changes.

Finally, Wright remained skeptical about the potential collapse of cryptosystems from quantum computing. He stated,

“To create something that could attack Bitcoin in the mythical quantum computer world would require an unrealistic area of quantum computer space: it’s FUD, it’s snake oil …none of it will ever affect Bitcoin.”

Craig Wright was recently in the news after it was speculated that he was posting anonymously to buy old Bitcoin Wallets, for a payment of $5000.

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Biraajmaan is an engineering graduate who is exploring the ever-changing crypto verse while traversing his passion for cryptocurrency news writing. He is a Chelsea fan and a part-time poet and does not hold any value in cryptocurrencies yet.


Bitcoin continues to scale new heights after Wasabi Wallet records first ever 100-person CoinJoin





Bitcoin [BTC] rises in the market as cryptocurrency continues to mark new milestones
Source: Unsplash

Bitcoin [BTC], the largest cryptocurrency in the market, has successfully breached the $9000 mark, boosting the market sentiment. Notably, the digital currency was not the only coin to rise in the market as other coins such as Ethereum [ETH] also registered a significant rise in the market.

According to CoinMarketCap, at press time, Bitcoin was trading at $9181, with a market cap of $163.101 billion. The 24 hour trading volume of the cryptocurrency was recorded to be nearly $22.778 billion, with the coin recording a significant rise of over 17 percent in the past week.

Keeping the price surge aside, the coin has constantly been in the headlines with news pertaining to its development and new milestones. The coin was placed in the limelight of the cryptocurrency space after report by researchers at the Technical University of Munich [TUM]  claimed that Bitcoin’s carbon footprint was between 22 and 22.9 megatonnes/year, almost the same as that of Vienna or Las Vegas.

Further, the coin recently marked a new milestone after Bitcoin surpassed a million daily active addresses, with the last record on the same dating back to November 2017. Weiss Ratings heralded the same, tweeting,

“Bitcoin passed an interesting milestone – there are now over a million daily active addresses – an important metric that shows actual, unique transfers separate from the various direct transfers to and from bigger exchanges.”

Additionally, the coin was in the news again after Wasabi Wallet, an open-source non-custodial Bitcoin wallet, completed the first ever 100 participants CoinJoin, the largest CoinJoin transaction in terms of participants. Aviv Milner reported the same on Twitter,

“Huge Congratulations – @wasabiwallet just did the first ever 100 person CoinJoin, likely the largest in Bitcoin History. (link) A monumental achievement in Bitcoin privacy. Credit to the team @lontivero @molnardavid84 @nopara73 @dwuk86 @NicolasDorier and others!”

Days after this achievement, a Redditor highlighted that the largest CoinJoin transactions, in terms of inputs, was completed on June 17, 2019, with a total of 125 inputs. Golden Wiki describes CoinJoin as,

“A digital currency platform that enables multiple users to combine all inputs and outputs from different transactions into a single transaction. Privacy is achieved in a way that when a transaction is broadcast, it will not be possible to determine which Bitcoins went where.”

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