The world is constantly evolving, even though there are some that would like for things to remain the same. Digital currency is, beyond any doubt, the next evolution in currency and continues to gain awareness and respect—this is why more countries are now looking to either introduce a digital currency or at least facilitate its use as a means of payment. Dr. Craig Wright offers an in-depth view of how Bitcoin has evolved and what’s coming in a new blog post, and explains how to avoid the wackos and anarchists.
Bitcoin began as an ideal solution to a global economic problem. However, early attempts to show its merits in a legitimate society, as is the case with virtually any new concept, were difficult. Explains Wright, “Under my pseudonym, Satoshi Nakamoto, I had started to lose faith in my own project” in 2010. “I had been pushing for commercial applications to be built on top of Bitcoin. I wanted systems involving micropayments. I wanted methods of utilising Bitcoin on websites and automated systems. And yet, the first thing people developed was a heroin store.”
Fortunately, as is the case with currency since it was first conceived, digital currency is maturing and making it difficult for the criminal element. Anyone who knows even a little about money’s history knows why there are ridges around the circumference of a U.S. quarter or why bills have been so intricately designed for centuries.
Just as fiat has had to evolve, so does crypto. Wright adds:
“We are approaching the time when government and regulators are beginning to understand Bitcoin and associated systems. It will be interesting when people such as Vitalik Buterin start to face perjury charges for their lies about the system. You see, when you falsely make claims to Congress and organisations such as the SEC in the U.S., your lies will eventually catch up to you… The same people all say that the blockchain can’t be captured and can’t be controlled because it’s decentralised. The reality is that pump-and-dump scammers have used the narrative to promote the illegal use of a system that leaves an evidence [trail].”
The crypto community is aware of Wright’s ongoing court saga and opinions are a dime a dozen. However, the truth always emerges in the end, and this will be seen by the time the case runs its course. As Wright explains, “As the court case moves forward, they are going to start finding out the reality of things. Not what the crypto media wants you to hear, but the truth. And they’re going to learn that Bitcoin is really a system that is utterly opposed to the widespread use for criminal exchanges.”
That revelation is going to help Bitcoin achieve even greater acceptance among regulators and the overall financial community, facilitating the next step in the progress of money. As Wright puts it, “And, the real story begins…”
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.