Many cryptocurrency proponents envision a world without the traditional banking system. Not Craig Wright though. nChain’s Chief Scientist is of the opinion that Bitcoin “doesn’t stop banking.”
Taking time off from issuing a host of legal notices to those who claim he is a “fraud,” Wright published a blog post titled “Bitcoin is not against banks.” Here, it should be noted that when Wright refers to Bitcoin, he means Bitcoin SV [BSV].
Wright began the post with a comparison,
“The fact of the matter is: there is little difference between bitcoin held with Coinbase and the modern banking system.”
The goal behind an “invincible bank” is to create a system via the “Bitcoin blockchain” that runs on a “single ledger,” preventing any malfeasance by banks, governments or corporations. Wright’s vision will do away with “full private keys” and curate a “partial seed system,” preventing funds transfer during a hack due to an insufficiency of “seed parts.”
Unlike bank accounts to store funds, the Bitcoin project will be based on e-wallets which outrank its traditional counterparts on the “usability” and “code efficiency” front, according to Wright.
He continued by stating that the banking system uses “obscurity of information and hide” to keep a check on the security of funds. Such a system also focuses on the core structure of the operations, and not on mere “assurances”.
The post continued,
“Every fee is calculated dynamically per transaction with the specific instance’s variables and bit-count so that every fee is exact, instead of relying on categories and tiers for fees.”
Additional fees will also be introduced on a volunteer “tip” basis, to allow for faster transactions. BSV’s big brothers, Bitcoin [BTC] and Bitcoin Cash [BCH], have already disapproved of any charging any over-and-above fees.
User authentication is also pegged as an important factor, with one key finding. The post stated that “every transaction needs to be signed by the user.” However, it goes on to state that the “signature” will be divided between the operator and the user.
Revealing the dilution of decentralized control, the post read,
“Just like credit or debit cards, every transaction needs to be signed by the user. The signature we have a part of, and the user has the other part. Together, the funds are accessed. Separately, they’re useless mnemonic seeds.”
The post concluded by exalting the future of a “regulated economy,” where regulators “compete” and will be held “accountable”.
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Bitcoin SV surges by 6.84% in an hour; community speculates massive behind-the-scenes pump
The cryptocurrency market has witnessed major price hikes over the past few weeks, with Craig Wright’s Bitcoin SV emerging as the market’s unlikely performer. The Craig Wright-backed virtual asset, which is supposed to follow Satoshi Nakamoto’s original idea, outperformed every top 10 cryptocurrency over the past week, recording a growth rate of 22.86%.
At press time, the coin had recorded a price hike of 6.84% over the hour, with the coin valued at $228. The coin was traded the highest on CoinBene exchange, where the trading pair of BCHSV/USDT gathered a volume of $96 million. The exchange was closely followed by ZBG exchange, where the trade accounted for 13.62% of the entire trading volume.
According to the chart released by Trading View, a massive green candlestick can be observed. The chart also indicated that at press time, the candles were charting over the Moving Average [MA]. This suggested that extremely high trading volumes were pegged with Bitcoin SV.
Many in the community have speculated that the surge might be due to a massive dump of the coin in the market, after the token hit stagnation since pumping by more than 247 percent recently. The aforementioned price pump pushed the price of the coin from $53.22 to $250.
Previously, it has been suggested that the major pump witnessed within the Bitcoin SV ecosystem might be laden with market manipulation, implying the participation of illicit entities in the conduct of a “pseudo-pump” of BSV’s market. Further, the de-listing of BSV by major exchanges such as Binance may have made it more susceptible to sudden price movements, according to some.
At press time, Bitcoin SV was positioned 8th on the cryptocurrency charts. Despite the pump however, historical trends suggest a major price correction may be in the offing too.
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