Business

Erik Gibbs

Dr. Craig Wright: Bitcoin isn’t meant to stop banks

Dr. Craig Wright is working to set the record straight on what Bitcoin is all about. He has been involved in a number of interviews lately to try and change the public’s perception of cryptocurrency and what he had in mind when he created it. In a recent appearance on Sal Mayweather’s podcast, The Agora, the Bitcoin founder and chief scientist at nChain dove in and asserted that digital currency was never designed to challenge the financial institutions or to take out the banks.

Wright asserts that Bitcoin will not stop banks anytime soon, adding that it isn’t possible for digital currency to do so. However, it has the ability to provide a service that conventional financial institutions can’t, which is the ability to stop corruption. This is due to the fact that digital currency is easier to track than current fiat systems, an assertion that is easily proven by looking at some of the scandals rocking the banking world.

Wright also asserts that Bitcoin SV, the original Bitcoin, can be better than Bitcoin because “different people can have different opinions on it.” He emphasizes that Bitcoin Core (BTC) has become extremely removed from the original idea of Bitcoin and that the community is not accepting of different opinions.

He adds, “Bitcoin doesn’t stop banks or even banking. What it does is create an immutable evidence trail that will enable us in stopping corruption. It also forces people to have a single set of books and in turn reduce the fraudulent activities in the ecosystem.”

Despite attempts by anti-cryptocurrency individuals to show crypto as only beneficial for criminals, there have been scams and fraud in money since money was invented and this won’t stop with crypto. Wright shows, however, that the risk of fraud can be reduced, but emphasizes, “The idea is to make a single ledger but let’s be honest, there will still be Nigerian prince scams.”

Wright indicates that he began working on what ultimately become Bitcoin in the 1990s, adding that it “was nothing like the sh*tshow that Bitcoin is right now.” The frustration regarding how bastardized the cryptocurrency space has become is what has propelled Wright to forward to clear the air and provide the background behind Bitcoin so that it can evolve as it was initially intended.

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