Craig Wright who is also known as the self-proclaimed creator of Bitcoin (BTC) Satoshi Nakamoto clarified a few misconceptions about the digital currency at a global meeting.
During the Global Forum 2022 / Shaping the Future conference in Muscat, Oman which was held in October, Wright introduced Bitcoin as a blockchain that is “a provable measurement and metric of what exists and where.”
In that forum gathered about 250 international experts, policymakers, private and public companies and organizations, academics, and non-governmental organizations from over 30 nations.
Dr. Wright began his speech with a comment that debunks the idea that Bitcoin is an anarchist system. Instead, he clarified that the digital currency was designed to join other solutions that combat crime and corruption.
The Bitcoin (BTC) Blockchain Explained
According to the Australian computer scientist, BTC delivers a transparent and permanent ledger of events that is more cost-effective than any other available data service.
Digital scarcity, which is central to Bitcoin (BTC) technology, was Dr. Wright’s next agenda. He mentioned how blockchain technology creates a link between the real world and digital assets and then transmits them as a single file.
This single file has the ability to exist only once and can not be duplicated, but can only be transferred from one owner to another.
As a result of such transfers of ownership, the blockchain then possesses multiple signatures which are essential for its movements. Bringing up his past experience as an auditor, he described the paper ledger basis of BTC, making it easy to add information and make changes where necessary.
Markedly, none of this information can be deleted from the blockchain nor is “rolling back the blockchain” a way of correcting errors as are being misconstrued. Also, BTC confers property rights on its holders, keeping them aware of the existence of their assets.
For now, Bitcoin is trying to recover its stance in the crypto markets after losing so much value during the inclusion of the FTX exchange. Already, veteran trader Peter Brandt has talked about the bullish outlook for the coin which has been visible in the few days of this year. By Monday, the former downtrend coin had gained by 28%.