Bitcoin [BTC] Is Not Peer-to-Peer At All Says Craig Wright

craig wright

Bitcoin [BTC] Is Not Peer-to-Peer At All Says Craig Wright

Self-acclaimed bitcoin creator, Craig Wright has made the headlines again. This time, he digs into the supposed original bitcoin whitepaper in order to point out critical points of deviation between BTC and the underlying technological propositions. According to Craig, BTC does not exist totally as a P2P microtransactions system.

BTC Does Not Follow The Original Bitcoin Whitepaper

Craig Wright, in a document published recently, explained how BTC makes a point of deviation from the initial bitcoin whitepaper in terms of payment validation and how he had used BitcoinSV (BSV) to actualize the real technological propositions of the bitcoin whitepaper. The self-acclaimed Satoshi Nakamoto maintained that BTC, alongside other derivative systems that forked out of Bitcoin are not peer-to-peer at all.

The truth of the matter is, nobody realised how simple SPV could be. It is critical because you cannot scale the blockchain without SPV, and more importantly, SPV is the peer aspect of Bitcoin. Right now, derivative systems that have forked away from Bitcoin, such as BTC, are not peer-to-peer at all.

Explaining The “Simplified Payment Verification”

Further explaining his points of view, Craig talked about a “Simplified Payment Verification” (SPV), which he said was a critical aspect of scaling bitcoin. According to Craig, the Simplified Payment Verification, SPV allows for transacting parties to connect directly while verifying the deal over a distributed network of miners or nodes. Further explaining the method, he maintained that no single node needs to be trusted. This is what makes the system different from others and this is where he thinks that BTC goes against the actual bitcoin whitepaper.

The SPV model
The SPV model

Making further specifications on the actual reason for bitcoin’s existence, Craig emphasized on the fact that bitcoin was designed to deal with issues of the fraudulent flow of money and its miners should act within the law. According to Craig, the honesty of bitcoin’s network directly relates to conventional government laws such as the U.K.’s Fraud Act 2006.

The myth that Bitcoin acts outside the law has been propagated by those seeking to create criminal systems, but it is a false and malicious lie and one that is easily discredited.

According to him, Bitcoin was never meant to exist outside the system. If governments and regulators recognized the true design of Bitcoin, they would understand that Bitcoin is meant to work in accordance with the law by assisting in the traceability of transactions and being able to immutably record money laundering and crimes.

What do you think of the self-acclaimed Satoshi’s take on Bitcoin whitepaper and BTC as it exists today? Do you think he is right in saying that BTC is not peer-to-peer? Share your views with us in the comments below!

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Bitcoin [BTC] Is Not Peer-to-Peer At All Says Craig Wright
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Bitcoin [BTC] Is Not Peer-to-Peer At All Says Craig Wright
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Self-acclaimed bitcoin creator, Craig Wrighthas made the headlines again. This time, he digs into the supposed original bitcoin whitepaper in order to point out critical points of deviation between BTC and the underlying technological proposition. According to Craig, BTC does not exist as a totally P2P microtransactions system.
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Author: Dare Shonubi

Staff writer at Coingape. Certified cryptocurrency expert and Blockchain journalist covering crypto market analysis and general Blockchain adoption and development.
You can follow me on Twitter at @ShonubiDare or reach out to me at dare[at]coingape.com

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Dare Shonubi 229 Articles

Staff writer at Coingape. Certified cryptocurrency expert and Blockchain journalist covering crypto market analysis and general Blockchain adoption and development.
You can follow me on Twitter at @ShonubiDare or reach out to me at dare[at]coingape.com

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