Bitcoin has gained a bad reputation of evading the law by creating a network wherein transactions are virtually untraceable. This is true to some extent.
This kind of untraceable Bitcoin network does exist, but in the form of Bitcoin Cash (BCH), not Bitcoin SV (BSV). Accusations of money laundering by driving up the price of Bitcoin are aimed at Bitcoin Core (BTC)— again, not Bitcoin SV.
Dr. Craig Wright on the Rule of Law
Bitcoin creator Dr. Craig Wright, who released his white paper in 2008 under the pseudonym Satoshi Nakamoto has always maintained the philosophy that “Bitcoin needs to work within the law to be valid.”
Dr. Wright envisioned Bitcoin to be an economical and innovative technology that is more than just a cryptocurrency—something that is meant for global adoption. And in order to for this to become a reality, Bitcoin needs to be accepted within the rule of law, wherein no person or entity can be considered above the law.
“Bitcoin is designed to be honest money. Now what I mean by that is a system that is not friendly for criminal activities, that will allow millions of spontaneous micropayments, that will allow people to save their money and be protected—to stop things like fraud and crime,” Dr. Wright said in the interview above.
This is why Bitcoin SV, with SV standing for Satoshi Vision, strove to bring back the original Bitcoin as envisioned by Dr. Wright, which is very different from what its predecessors, BTC and BCH, have done. Bitcoin SV continues to work with people from the government in order to create a network that abides by the law.
“The strong presence of government and legal speakers at CoinGeek Live reflects Bitcoin SV’s proactive engagement with policymakers. Unlike other digital currency camps who resist government interaction, the Bitcoin SV ecosystem embraces the need to build a lawful and regulation-compliant industry, while also facilitating technology innovation,” Jimmy Nguyen, Founding President of Bitcoin Association, said.
The Bitcoin SV Blockchain
Bitcoin SV, through the release of the Genesis Upgrade, has restored the original Bitcoin Protocol, enhanced its security system, and unlocked unbounded scalability that effectively removes the size limit on its data blocks. With these improvements, the Bitcoin SV blockchain is now ready for global adoption, which means all kinds of businesses can develop various platforms on it.
This is why Bitcoin SV needs to work within the law—for enterprises to trust it as a legitimate technology they can rely on. Bitcoin SV means business. It is not something that fosters or hides crime; instead Bitcoin SV is a technology that keeps an immutable and chronological record of transactions—any fraudulent activity is automatically rejected by the system and if a fraudulent transaction does go through, it can easily be traced and the culprit apprehended. This is the Bitcoin that Dr. Wright intended, and nothing else.
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