BITCOIN NEWS: ‘Inventor’ behind cryptocurrency says its being used WRONG | City & Business | Finance

BITCOIN NEWS: ‘Inventor’ behind cryptocurrency says its being used WRONG | City & Business | Finance

Dr Craig Wright said in an interview how was being used badly.

Dr Wright said: “You have to be realistic. We have the opportunity to open up global free trade with bitcoin and it gives us the ability save money without it being taken, because it’s pseudonymous and we can save money in an account no-one knows about.

“Bitcoin is a tool and like all tools it can be used for good or bad.

“Hammers can be used to make a set of shelves. Hammers can be used to beat someone. It’s how you use a tool that matters.”

The Australian academic made the news when he made his claim to be Satoshi Nakamoto – the reported inventor of the cybercurrency – back in 2015 and being the author of the white paper which set out the rules and design of bitcoin.

If used properly he believes bitcoin can make banks and governments a “little more honest”, he told the Metro, as this will make their transactions visible as they would be recorded on the blockchain. However, he is critical of those who say of the cryptocurrency bringing around some sort of financial utopia.

Dr Wright disagrees with the idea that the digital asset brings with it a brand new system without central banks or the government.

He said: “You have a lot of anarchists talking about bitcoin because they think they can build a system without central banks, overthrow the government and all the rest.This is absolute BS.”

When explaining why bitcoin has such a bad year so far he said it was down to “fear, uncertainty and doubt” which many bitcoin investors blame for the cryptocurrency’s dramatic price plunges.

He said: “People can’t seem to get it right, so someone has to start setting out the truth.”

When questioned over whether or not he invented the cryptocurrency Dr Wright said: “I never confirm or deny. I’m getting better at this. So I’ll plead the American fifth.”

However, these claims have annoyed certain people in the bitcoin world as numerous people have come forward saying his claim is built on lies.

Just this week ethereum co-founder Vitalik Buterin called him out as a “fraud”.

Irregardless of inventing the famous coin or not, he still enjoys holding a vast amount of money.

He has secured a fortune through his company NChain. This is a company which researches and develops blockchain.

Before bitcoin made headlines he was in information security and programming as well as help building the world’s first online casino at 29, called Lasseter’s Online.

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