Connect with us

Bitcoin

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

Biraajmaan Tamuly

Published

on

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.





Subscribe to AMBCrypto’s Newsletter




Follow us on Telegram | Twitter | Facebook



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

Bitcoin [BTC]: Andreas Antonopoulos breaks down life cycle of a transaction on the BTC blockchain

Akash Anand

Published

on

Bitcoin [BTC]: Andreas Antonopoulos breaks down the life cycle of a transaction on the BTC blockchain
Source: Pixabay

Bitcoin [BTC] and its intricacies have been a concept that many users in the cryptoverse have been trying to understand since its inception. In his latest video, Andreas Antonopoulos, a major Bitcoin bull and the author of Mastering Bitcoin, elucidated on the life cycle of a wallet transaction from start to finish.

Antonopoulos stated that from the point someone sends a transaction from a wallet to its confirmation on the Bitcoin blockchain, the wallet constructs a transaction by accumulating the BTC in the user’s wallet and assigning the addresses. The user’s wallet then transmits the transaction’s information to one of the many nodes it is connected to, from where it can be sent to ‘1, 2 or even 8 other nodes’. He added:

“The transaction is then transmitted to other nodes, which can be mining nodes, e-commerce payment gateways, and many such options. Each of those nodes will receive the transaction from your node and each of those, in turn, will validate every single transaction. When the nodes receive the transactions, they don’t’ know whether it was created by you or was forwarded and hence each of these transactions need to be validated individually.”

Antonopoulos went on to state that if all the nodes are validated, ie. if the payment details are correct and if it is confirmed that no double spend has occurred on the blockchain, then eventually through the process of ‘flood propagation’, the transaction information will be sent to every other node, out of which some may be mining nodes. In his words:



“Once the transaction reaches the mining pool, it maintains a pool of unconfirmed transactions, like a bucket where all this unconfirmed data is stored. This is the pool known as the mempool. Also, know that there isn’t THE mempool rather there is ‘A’ mempool. Information in separate mempools can be in a 99 percent overlap but there will never be a case where it will completely similar.”

According to the author, the mempool also serves the purpose of providing transaction for a miner to add a new block after which ‘the race is on’ for the next block. Miners usually have to construct a block and then solve the Proof of Work on it to eventually make it a confirmed block. Antonopoulos claimed that once the block is made, the information will be sent to the mining equipment to solve the PoW on that particular block and probably after a “billion hashes” the miners will find the block. The Bitcoin bull elucidated on the information transfer back by saying:

“Once the PoW is solved, the mining node will propagate the node back the same way as it received. The nodes validate the block on the way back and once all the nodes confirm its validity, then the user’s wallet will know that there is a confirmation on the transaction. That is the entire life cycle of a transaction.”





Subscribe to AMBCrypto’s Newsletter


Continue Reading

Trending