Events 19 October 2018Erik Gibbs
Dr. Craig Wright leads seminar on where cryptocurrency is heading
On a recent trip to Wales with nChain’s CEO, Jimmy Nguyen, Dr. Craig Wright took the stage to provide the audience with the science behind the importance of blockchains and, in particular, how Bitcoin BCH is positioned to be a leader in the adaptive world of global economics. His presentation delivers an invaluable lesson on why now, not three years into the future, is the time to push the industry forward.
As the cryptocurrency expert and chief scientist for nChain explained, “[Bitcoin BCH] is not just money…it is the foundation for everything that we see. [Bitcoin BCH] was always the future—some want to stop this; it cannot be stopped. It’s a better technology—we’re going to stop it where it is and let businesses grow.”
He pointed out what Bitcoin BCH enthusiasts, and a growing number of merchants, have already come to realize. Bitcoin BCH is the leading blockchain for new commerce and technology. It is the only blockchain that continues development following the original design of cryptocurrency and this has facilitated greater acceptance of the Bitcoin BCH cryptocurrency as a legitimate alternative to fiat by merchants.
Of course, as Wright mentions in the seminar, cryptocurrency isn’t the solution to all of the world’s problems. However, it can certainly solve a big one—the need to rely on intermediaries to manage and administer monetary transactions, giving control back to the currency holder to manage their funds. Ultimately, Bitcoin BCH is a viable and convertible virtual currency.
Wright indicates the importance of commercialization to see blockchains succeed. Just like with the Internet, blockchains can only thrive if they’re commercialized. To accomplish this, they must provide something businesses and entrepreneurs can use. They must be stable so that business owners can have the confidence to know that any product or service they implement on the blockchain will still be valid five or ten years into the future.
This stability won’t come automatically. It has to be forced by the blockchain. This means that the changing policies and protocols every few months, as attempted by some developers, only leads to degradation of confidence and doesn’t serve the ultimate goal of Bitcoin BCH. Only through stability will greater acceptance be achieved, which will lead to even more security and adoption.
Some blockchain developers only want to develop—it’s in their nature to want to tweak and change. However, this approach is counterproductive to the future of the blockchain. This is one of the main reasons that nChain has worked to help produce the Bitcoin SV full-node implementation of Bitcoin BCH. It will help to ensure that change can’t occur “for change’s sake” and lead to better stability and reliability.
Bitcoin SV will also ensure that there is more of a focus on consensus approval for innovation of the blockchain, and less control by those that would have the network developed based on their whims. As Wright aptly puts it, “[Bitcoin BCH] is not a social network.”
Note: Tokens on the Bitcoin Core (SegWit) chain are referenced as BTC coins; tokens on the Bitcoin Cash ABC chain are referenced as BCH, BCH-ABC or BAB coins.
Bitcoin Satoshi Vision (BSV) is today the only Bitcoin project that follows the original Satoshi Nakamoto whitepaper, and that follows the original Satoshi protocol and design. BSV is the only public blockchain that maintains the original vision for Bitcoin and will massively scale to become the world’s new money and enterprise blockchain.
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