When Bitcoin was first conceptualized, it had a very clear and transparent framework. However, that clarity was clouded by certain individuals who thought they knew better than Satoshi Nakamoto. Bitcoin Core (BTC) completely went off track in its development, but, fortunately, Bitcoin SV (BSV) has stayed the course while everyone else continues to play in their cryptocurrency sandboxes. In a recent Medium post by Dr. Craig Wright, the architect of Bitcoin and the man behind Satoshi Nakamoto, digs into one of the most controversial subjects in the crypto ecosystem, that of anonymity.
Digital currency was never meant to be anonymous. Nowhere in any Bitcoin documentation, including the white paper, is there mention of creating an anonymous solution that would work outside the constraints of government regulations. Wright explains, “There was never a point in the history of Bitcoin, nor was there any technical advancement that ever took Bitcoin outside the grasp of government and regulation. To think so is simply asinine. Bitcoin was designed to work on the fine edge of law. It was designed to allow a new system of global money while not poking one’s finger at government.”
There are entities operating today that call themselves Bitcoin exchanges. These will soon be held to regulatory standards that will cause the majority of them to fail. The exchanges should have always been regulated in accordance with existing guidelines, but regulators have had a difficult time understanding how to manage and control the space. That is changing and more control is coming.
Wright emphasizes that there was never any intention to have Bitcoin operate without government oversight. He states, “Please tell me, how do you convince the majority of people in the world to use a new system when you make it opposed to the government system that they live within? Most people vote in democracies and choose. For every anarchist there are at least 100 others who do not want anarchy. Such is the simple situation.”
Wright concludes, “If you ever wonder why I became angry, it’s because I saw my life’s work taken and beaten into something it was designed not to be. And the thing they try to create can never be. There will never be a system that manages to get around anti-money laundering (AML) laws based on Bitcoin.”
New to Bitcoin? Check out CoinGeek’s Bitcoin for Beginners section, the ultimate resource guide to learn more about Bitcoin—as originally envisioned by Satoshi Nakamoto—and blockchain.