Thursday, January 23, 2020

Controversial Scientist Says Bitcoin is not a New Form of Money but a Commodity

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saheed alawode
i am writer that loves historical analysis

Craig S. Wright, the controversial scientist, and businessman, who claimed to be the originator of the most popular crypto, Bitcoin has revealed via social media posts that Bitcoin is by no means a new form of money but a commodity.

Bitcoin is a Commodity

Bitcoin enthusiast and the self- acclaimed Bitcoin originator Craig S Wright revealed via his verified Twitter handle and also via a medium post his position on the true nature of Bitcoin. He said:

“Ledger space is a sound, the immutable ledger is a commodity, it has value. The trouble is that many think they can create something new. That, Bitcoin is a new form of money. It is not.”

Dr. Wright is of the opinion that Bitcoin is a commodity that is produced through a process in the transaction ledger space and computation. And should be seen as such and not a form of money, so nobody should think they have created something new in the crypto space.

Commenting more on his position, the Crypto enthusiast argued that for a commodity to be regarded as money, it should be able to pay for the purchase of goods and services, be recognized globally by local and international agencies and should also be able to settle debts. He argued further claiming that a commodity can also be a legal tender and also very possible for a commodity to be generally accepted as a medium of exchange without being a legal tender.

Transparency of the Digital Currency

Dr. Wright also revealed that Bitcoin is too transparent to be regarded as money because it tends to expose corruption and evil intent, which is one of the reasons why the government has not openly embraced it.

He also defines digital currencies as instruments that are meant to break negative controls and restore freedom, insisting that freedom is a fight and cryptocurrency is the ideal weapon that can be used to fight the battle.

Wright, who is well respected among peers, due to his understanding of the crypto market insisted further that “Bitcoin is freedom,” and accepting Bitcoin is accepting freedom, which comes from being set free from the control of money.

Money has over the years serve a means of power, where a stronger nation can impose a ban on the smaller one, or deliberately use it as a form of punishment. With Bitcoin, everybody is equal and free to transact and conduct business without fear or intimidation.

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