BSV founder Craig Wright Clarifies Bitcoin’s Original Intent and Critiques Misuse

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Dr. Craig C. Wright, the founder of Bitcoin Vision (BSV), who claims to be Satoshi Nakamotothe pseudonymous creator of Bitcoin, is active on social media, particularly on Twitter under the alias @Dr_CSWright, where he expresses his views and clarifications on Bitcoin and its founding document, the Bitcoin White Paper. Here is a summary of his key points from his last tweets on January 6, 2024:

Access the Bitcoin White Paper

Dr. Wright emphasizes that he has never obstructed public access to the Bitcoin White Paper since its publication in 2008. He refutes claims made by members of the BTC Core community on this matter.

Abuse of the White Paper

He takes offense at the misuse of his post, especially by those who use it to boost search engine optimization (SEO) for their sites, promote pump-and-dump schemes, or misrepresent Bitcoin, especially BTC.

The role of fair nodes

Dr. Wright clears up a common misconception about how Bitcoin works. He argues that it’s not just about the longest chain; rather, it is about “honest nodes” that adhere to the original protocol. This aspect, he argues, is often overlooked in current discussions of Bitcoin.

Basic function of Bitcoin

Contrary to popular belief, Dr. Wright states that Bitcoin was designed primarily as a micropayment system, not as digital gold or to facilitate large transactions. This clarification points to the intended use of Bitcoin for small day-to-day transactions.

Bitcoin as a timestamp server

He also mentions another purpose of Bitcoin that is often not emphasized: to serve as a timestamp server.

Concerns about transaction costs

Dr. Wright discusses the impact of transaction costs on Bitcoin’s utility. He notes that high transaction brokerage costs limit the feasibility of small, random transactions, especially those with fees below $0.001.

In response to a query about Dr. Hash’s “Wesley” caption, Dr. Wright did not provide a specific response in those tweets, leaving some ambiguity as to his views on the subject.

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These statements reflect Dr. Wright’s perspective on the state and interpretation of Bitcoin, emphasizing a return to its original principles as he sees them. His claim to be Satoshi Nakamoto, while controversial and debated in the cryptocurrency community, adds a layer of intrigue to his commentary on these matters.

Image source: Shutterstock

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