Bitcoin at scale is all about micropayments: London Blockchain Conference 2023 AMA with Dr. Craig Wright

To conclude Day 2 of the London Blockchain Conference, Dr. Craig Wright participated in a technical Ask Me Anything (AMA) hosted by the Director of Engineering at the BSV Blockchain Association, Jad Wahab. Dr. Wright answered both technical questions related to Bitcoin and some personal ones.

How does Bitcoin work at scale with large amounts of data spread across the globe?

Dr. Wright begins by saying that Bitcoin at scale is private. It’s all about micropayments. He envisions that Bitcoin will one day be able to do nanotransactions worth a millionth of a cent and will do billions of them per second. He acknowledges that it is not ready for this yet, but he is determined that it will get there.

At this kind of scale, new business models can be created and a real social impact can be made. Bitcoin will literally change the world, acting as global plumbing for all kinds of new use cases.

How will Bitcoin be able to scale to these levels? Dr. Wright explains that the Merkle Tree structure allows for cutting across multiple nodes, and this allows for horizontal scaling. Many dedicated Bitcoiners are still working on this and it will take a while for it to become a reality. He also says that, as part of his geography degree, he has thought about where to place machines to reduce waiting times.

How important are strong legal foundations for Bitcoin?

Dr. Wright has often spoken passionately about the law and how it applies to Bitcoin. He elaborates here and says that the law protects us and holds us all accountable. He says that even good people do not remain good without responsibility of some kind. In the global village, law is necessary because “tribes don’t scale.”

What is the role of BSV Blockchain Association in providing stability?

Dr. Wright says it is there to see and implement the bigger vision for Bitcoin, keep the protocol stable and prevent the protocol from changing as it has been since he stepped back as Satoshi Nakamoto. The idea is that if someone builds an app today, it will still work decades from now.

What does Dr. Wright need to see so that he can go back? He replies in the same way that he needs to see a protocol set in stone and that legal agreements are in place for this reason.

How important is language and getting definitions like nodes and decentralization right?

Dr. Wright replies that it is very important. He studied philosophy, and part of that involves debating at length about the meaning of things. He notes that terms like decentralization have been twisted and changed and are being used differently than when he released Bitcoin.

What does the world look like when hyperbitcoinization happens?

Dr. Wright reiterates his view that Bitcoin may be plumbing. It could be anywhere and he would like to see it. It can be involved in payments, money transfers and all sorts of other things. However, it will not “dominate” as some say; it is a technology and only humans can dominate others.

Where did Dr. Wright get his love of learning and what qualities does he look for in the people he works with?

Dr. Wright says he doesn’t know where he got his love for learning, but he remembers his mother forcing him to go and play outside when he was young. He would study too much and she would encourage him to go out and play with other children.

When it comes to the qualities he looks for in the people he works with, drive, determination, initiative and the desire to create change are some of them. He says he prefers tinkering with technology and inventing things, but he’s realized he’s also supposed to lead, and he wishes he’d realized this sooner.

Does speculation have any value?

Dr. Wright says it depends on the type of speculation. Buying a tanker of oil from someone who no longer wants it is useful, but the kind of speculation we have in the industry is not.

See: Bitcoin Masterclasses provide a deeper understanding of the technology

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