Craig Wright: Why Bitcoin is ‘honest money’

The AI & Blockchain (AIBC) Summit held in Malta last November was one of the largest such conferences, showing how interest in the technology continues to gain traction on the global stage. It, along with all AIBC summits held around the world, was a massively important opportunity for players in the blockchain and AI spaces to come together and help better understand the direction in which the industries are headed. On hand was Dr. Craig Wright, the chief science officer of nChain and the man behind Bitcoin, who shared his thoughts on why Bitcoin is “honest money” with CoinGeek’s Stephanie Tower. 

There is virtually no currency in the world that could be considered honest money, except for Bitcoin. The term is used to describe a system that is not friendly for criminal activity and which allows for micropayments, a segment of currency that has never been explored on a global level. It also gives individuals the opportunity to save money according to their own criteria, instead of having to rely on third-party solutions such as banks and investment vehicles. 

Another aspect of honest money, one that is found with other forms of currency, is that it can legally be seized. BTC launched under the false belief that it was completely anonymous and beyond the reach of governments’ hands, but there have already been a number of examples of why this idea is a complete fallacy. Bitcoin is currency and, as such, is meant to work just like any other form of currency, including the ability to be used to make purchases, as well as to be seized in the event it is used for nefarious deeds. 

The idea of holding cryptocurrency in the hopes that it will one day reach a value of exaggerated proportions is one that can only be attributed to, as Wright puts it, the completely insane. It shows that those individuals don’t understand the true meaning of Bitcoin and digital currency, and what it is designed to accomplish. 

This is evident among laypeople and some that are expected to be leaders in big business. One example is David Marcus of Facebook, who has been involved in the catastrophe that is the Libra stablecoin. Wright refers to the digital currency as a “complete disaster,” and an indication that Marcus, who erroneously referred to Bitcoin as “digital gold,” doesn’t understand how Bitcoin is meant to function. 

Where Bitcoin excels, and where other forms of currency fail, is with the ability to protect users and offer a solution that allows for micropayments. Wright asserts, “Bitcoin is the first system anywhere in the world that can actually delivery micropayments.” This is creating an entirely new world of opportunities, where things like social media can be offered without concerns over data manipulation or theft. And only Bitcoin can make it possible. 

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.

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