Coingeek Backstage Episode with Dr. Craig Wright

Dr. Craig Wright: I see a world where Bitcoin processes 10B transactions per second

When Satoshi created Bitcoin, he had a grand vision of a world that runs on-chain, real-time peer-to-peer payments, and the liberation of billions of people. He still holds this dream today, and as he told CoinGeek Backstage, he believes that Bitcoin will scale to become the global data ledger upon which the world runs.

CoinGeek Backstage host Becky Liggero caught up with Dr. Craig Wright at the Global IEEE 5G-IoT Blockchain Summit, which was held at the University of Rabat in Morocco. He had taken the stage alongside Founding President of the BSV Blockchain Association Jimmy Nguyen and Prof. Latif Ladid, Founder and President of the IPv6 Forum.

In his presentation, Dr. Wright talked about the marriage of IPv6 and the BSV blockchain and how, together, they can change the future of the Internet.

As he told CoinGeek Backstage, one of the first things stripped from Bitcoin when he left other developers in charge in 2011 was IP to IP. Most of the devs back then didn’t understand what IPv6 was and why it had been included in Bitcoin. Rather than taking their time to learn about it, they chose to strip it out of Bitcoin.

“[IPv6] was a key fundamental aspect of Bitcoin. I put IPv6 in there so people could have direct communication with others without all the challenges existing on the current IPv4 network…it’s how you do peer-to-peer and exchange directly with other people,” Dr. Wright explained.

Dr. Wright reiterated his fight against Silicon Valley and the gatekeepers of technological progress. He noted that in today’s world, there are billions of people living outside the Valley in places like India and Africa. These people have a lot to offer, and with a decentralized global economy, they can do so without leaving their countries. 

“That’s how you lift people. You don’t suck the brains out of the country. You allow people in that country to trade globally,” he said.

10 billion transactions per second

Dr. Wright is passionate about scaling Bitcoin and has been talking about it and working on it for years now. He believes that while Bitcoin SV currently does tens of millions of transactions a day, it still has a long way to go before becoming the global data ledger of choice.

“I see a world where we get to around ten billion transactions a second,” Dr. Wright remarked.

Bitcoin simply has to scale. Today, the demand for a massively scaling blockchain is high, but this demand will be much bigger in the next few years. Interconnected Internet of Things (IoT) devices are expected to hit 30 billion by the end of the decade, and they’ll all need to interact. Bitcoin has to scale to meet this demand, Dr. Wright pointed out.

Scaling has always been grouped with a rise in costs, a misconception that Satoshi sought to debunk. 

“What we’re doing is a thousandth of a cent but we’ll be doing it ten billion times a second,” he noted. 

With such low costs and infinite scaling, Bitcoin SV will open up several new business models, many of which will make life easier and more convenient. 

As he has always insisted, Satoshi reiterated that his grand vision of a world that runs on the blockchain could only be achieved on one chain, and that’s Bitcoin SV which has restored his original vision

Over the years, there have been several offshoots that claim to solve niche problems, while others even claim to be doing what Bitcoin is incapable of, such as smart contracts. Although this was debunked years ago, today, BSV is the premier network for smart contracts.

Having many copies of the same thing isn’t a strength. Instead, it waters down the impact that the legitimate invention can have in the world and opens it up to fraud and deception (remember Bernie Madoff had over half a dozen different copies of books before he was busted).

Watch: Global IEEE 5G-IoT Blockchain Summit Rabat: Craig Wright paints picture of true peer-to-peer world

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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