Craig Wright the man behind Bitcoin Cash Satoshi Vision (BCH-SV), believes, his cryptocurrency would leave behind every other in terms of transactions completed every second. The founder also said that the operation made on BCH SV network would be 1000X more than all other cryptocurrencies combined.
During an Interview given to CryptoGlobe, Mr.Wright put many views on the current state of things in the crypto world and how peer-to-peer electronic cash system should work.
Why Bitcoin SV Came Into Existence?
Mr. Craig Wright said that the first version of Bitcoin source code was filled with bugs, the Bitcoin SV aims to eliminate those bugs and create a cryptocurrency which would be based on the main idea of “the original Bitcoin protocol.” when questioned on the changes made into the BCH SV, he replied,
“There were software bugs in version 0.1.0 of the Bitcoin code. These will be fixed and the software returned to the state it was when it started.”
He further emphasized the motive behind the creation of BCH SV
“In under 2 years, [the Bitcoin SV developers] will handle 1000x more [transactions] than all “Blockchains”, Paypal, and others combined. The aim for two years is [for the network to process] 1 to 2 million (transactions per second (TPS).”
How Would BCH SV Bring the Changes Into the Current Ecosystem?
The BCH SV can be made more usable as a real-world entity; his team would make the system readily available for use by Business outfits and merchants. On the questions regarding his ‘sound money’ theory and how it would affect the society in general, Mr. Wright explains,
“Sound money is the entire reason for Bitcoin and can only be when it remains without constant changes.”
On confusions over cryptocurrency being an ‘asset class’ or a replacement to the current form of the Fiat-based monetary system, Mr. Craig had an interesting viewpoint. He believes the majority of the people involved in the crypto world has got it completely wrong. He explains,
“[Cryptos] is not an “asset class” at all. They are commodity money based on commodity access to a secure ledger.”
His Views on XRP and its Stability Claims
When asked about his views on Ripple Lab and their claims of being one of the most stable Altcoin and also the most decentralized one, Mr. Craig Wright did not mince his words in calling it a scam.
“XRP is a pure scam. It is a form of security, similar to a Warrant. The security of this system is low, it scales badly and we have already exceeded it with Bitcoin [SV]. The peak test [performance on the XRP ledger] was 1500 TPS.”
Finally, how BCH SV defied all odds to remain relevant after the Hard Fork on November 15, when almost everyone was confident that he is fighting for a lost cause, Mr. Wright said,
“I do not follow the casino. That is exchanges. Price without use means nothing.”
BCH SV has become one of the very few cryptos and probably the only mainstream one to scale the trade market during constant bear attacks throughout the second half of November. BCH ABC was initially winning the battles in terms of hash power and number of mines blocked.
Currently, BCH SV is defying all odds of the market to scale beyond what many people predicted. BCH SV was trading at $104 at the time of writing. Earlier when the BCH Hard Fork commenced, BCH ABC was well ahead at $ 300, however, in the last couple of days, the bear seems to be more dominant, bringing down its price to $177.