CoinGeek Backstage with Dr. Craig Wright: India is critical to my vision for Bitcoin
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Dr. Craig Wright launched Bitcoin with a bold vision – to have 5 billion people using Bitcoin globally. While he has faced opposition, slander and hostility since 2009, he is still fighting for his vision for Bitcoin today. As he revealed to CoinGeek Backstage, India is crucial to this vision, and he believes the country holds the key to global Bitcoin adoption.
Dr. Wright was at the first Enterprise Utility Blockchain Summit (EUBS), where he gave a keynote presentation and participated in a panel discussion. On the sidelines of the event, CoinGeek Backstage host Claire Celdran caught up with the Bitcoin creator, who shared his thoughts on Bitcoin, regulations, IPv6 and more.
Satoshi has been very active traveling the world recently, attending conferences and educating people about Bitcoin. He believes there is a lot of misinformation about Bitcoin and is playing his part to get rid of it.
One of the common messages he has tried to hammer home is that “Bitcoin is not crypto. It follows all existing regulations and laws.”
India has been one of the world’s largest Bitcoin and blockchain hubs in recent years. Although the government has not always supported digital assets, the people have embraced Bitcoin by the millions. Chainalysis ranked the country fourth in its 2022 Global Adoption Index and first in DeFi value received, as well as centralized service value.
India is critical to Dr. Wright’s vision for Bitcoin, he told CoinGeek Backstage. He envisions Bitcoin hitting 5 billion daily users, and with India accounting for 1.4 billion of the 8 billion people globally, it’s a critical market for the industry.
For India to become a Bitcoin nation, education needs to be done. There is a lot of misinformation about digital assets, especially now that the NFT craze has taken off.
“They believe the lies. They see people making money…those who get scammed into these schemes are the ones with the least money to spare. We need to educate people. Once they’re educated and see reality, it’s Plato’s cave all over again – once you see everything in color and three dimensions and not just the little doll in the background, you can never go back, Dr Wright said.
For Dr. Wright, all those who exploit unsuspecting investors with NFTs and ICOs “need to be put in jail. They are all frauds.”
At EUBS, Dr. Wright spoke about the integration of IPv6 with blockchain and the huge opportunities it would open up in India and beyond. And with India being one of the world’s technology hubs, Dr Wright believes it is imperative for IT professionals in the country to jump on the IPv6 bandwagon, as “that’s where the world is going.” The country is already among the leaders in IPv6 adoption, and Satoshi expects that this will greatly benefit Indians in the long run.
While Bitcoin adoption has risen and evolved to underpin applications like NFTs and DeFi, Dr. Wright’s focus on making Bitcoin better and scaling it for global adoption has not wavered.
“I want to scale Bitcoin to a million transactions per second within the next year,” he reiterated.
Dr. Wright’s vision for Bitcoin is already taking shape. Earlier this year, BSV set a world record of ten million transactions in one day, and just days later BSV doubled the record to 20 million daily transactions. This record was reduced in September when BSV reached 35 million daily transactions. For context, Ethereum barely hits a million transactions daily.
See: Highlights from the Enterprise Utility Blockchain Summit
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