Bitcoin at scale is all about micropayments: London Blockchain Conference 2023 AMA with Dr. Craig Wright

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To wrap up Day 2 of the London Blockchain Conference, Dr. Craig Wright participated in a technical Ask Me Anything (AMA) hosted by the Director of Engineering at the BSV Blockchain Association, Jad Wahab. Dr. Wright answered both technical questions related to Bitcoin and some personal ones.

How does Bitcoin work at scale with large volumes of data propagated across the globe?

Dr. Wright begins by saying that, at scale, Bitcoin is private. It’s all about micropayments. He envisions that someday, Bitcoin will be able to do nano transactions worth a millionth of a cent and will do billions of them per second. He acknowledges that it’s not ready for this yet, but he is determined that it will get there.

At this sort of scale, new business models can be created, and a true social impact can be made. Bitcoin will literally change the world, acting as global plumbing for all sorts of new use cases.

How will Bitcoin be able to scale to these levels? Dr. Wright explains that the Merkle Tree structure allows for sharding across multiple nodes, and this allows for horizontal scaling. Many dedicated Bitcoiners are still working on this, and it will take a while before it’s a reality. He also says that, as part of his geography degree, he’s been thinking about where to place machines to reduce latency.

How important are strong legal foundations for Bitcoin?

Dr. Wright has often spoken passionately about the law and how it applies to Bitcoin. He elaborates further here, saying that the law protects us and holds us all accountable. He says that even good people do not remain good without accountability of some sort. In the global village, the law is needed because “tribes don’t scale.”

What is the role of the BSV Blockchain Association in providing stability?

Dr. Wright says it is there to see and implement the grander vision for Bitcoin, keep the protocol stable, and prevent the protocol from being changed the way it has been. The intention is that if someone builds an app today, it will still work decades from now.

How vital is language and getting definitions such as nodes and decentralization right?

Dr. Wright answers that it’s very important. He studied philosophy, and part of that involves debating at length about the meaning of things. He notes that terms like decentralization have been twisted and changed and are used differently than when he released Bitcoin.

What does the world look like when hyperbitcoinization occurs?

Dr. Wright reemphasizes his view that Bitcoin can be plumbing. It could be everywhere, and he would love to see that. It could be involved in payments, remittances, and all kinds of other things. However, it won’t ‘dominate’ as some people say; it’s a technology, and only people can dominate others.

Where did Dr. Wright pick up his love of learning, and what qualities does he look for in people he works with?

Dr. Wright says he doesn’t know where he got his love of learning, but he remembers his mother forcing him to go and play outside when he was young. He’d study too much, and she would encourage him to go out and play with other children.

As for the qualities he looks for in people he works with, drive, determination, initiative, and the desire to create change are some of them. He says he prefers to tinker with technology and invent things, but he has realized that he was to lead as well, and he wishes he’d realized this earlier.

Does speculation have any value?

Dr. Wright says it depends on the type of speculation. Buying a tanker of oil from someone who no longer wants it is useful, but the type of speculation we have in the industry is not.

Watch: The Bitcoin Masterclasses provides deeper understanding of the tech