Cryptocurrency
Satoshi’s Vision for Bitcoin Wasn’t Payments, Says Kraken Exec
As reported by NewsBTC, “Contrary to what you may have heard, Satoshi Nakamoto might have been keener on the idea of Bitcoin as a store-of-value than as a means of payment. At least, that’s what Kraken Business Development Director Dan Held thinks from his own study of Nakamoto’s work. “Held believes that clues within Nakamoto’s forum posts […]
As reported by NewsBTC, “Contrary to what you may have heard, Satoshi Nakamoto might have been keener on the idea of Bitcoin as a store-of-value than as a means of payment. At least, that’s what Kraken Business Development Director Dan Held thinks from his own study of Nakamoto’s work.
“Held believes that clues within Nakamoto’s forum posts and the Bitcoin whitepaper itself suggest that the creator of cryptocurrency as we know it preferred the idea of digital gold to that of an improved version of the VISA network.
“Based on the number of Bitcoin (BTC) held long-term, the market clearly favours Bitcoin as a store-of-value. However, there are many that believe Satoshi Nakamoto intended Bitcoin as a payments network, possibly capable of rivalling the likes of VISA. The main proponent of this version of events is Craig Wright.
“Wright claims that he himself created Bitcoin and subsequently went into hiding after becoming disenchanted by the number of libertarian and anti-government folks embracing it in its early days. He says he returned from anonymity to work on restoring Bitcoin to the original vision of Nakamoto.
“The Australian computer scientist claims that he never intended Bitcoin to serve as a store of value. Instead, vast data centres would support a blockchain with unlimited transaction capacity. If the operational demands of such facilities meant that only a few could exist, so be it…”