An Australian entrepreneur could become a key contributor to bitcoin's future by transforming the currency into a tool that drives economic inclusion around the world.
Craig Wright is seeking to build a global payment system on the basis of cryptocurrency, turning btc into a medium for international transactions.
Leveraging bitcoin
Wright, who is also a computer scientist, aims to create technology that allows him to expand bitcoin/” target=”_blank” rel=”noopener nofollow”>bitcoin with the help of TerraNode.
If successful, TerraNode would allow btc to be used in daily transactions, increasing the currency's appeal to investors and consumers.
According to Wright, he envisioned TerraNode as a system that would make borderless global payment possible and run with the help of bitcoin.
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The first phase of this vision is already underway.
After years of groundwork, we are expanding the bitcoin system to a level where it will never reach a limit.
It's not about waiting until demand forces us to expand. It is about preventively building an infrastructure that can…
-S Tominaga (@CsTominaga) twitter.com/CsTominaga/status/1852930953376858453?ref_src=twsrc%5Etfw” rel=”nofollow noopener” target=”_blank”>November 3, 2024
With TerraNode, we are creating a system designed to scale infinitely, where capacity is not a constraint. (…). No more waiting for upgrades as demand increases, no more rate increases that drain riders, he said.
He Australian businessman revealed that the first phase of the system's development is underway and said: “The first phase of this vision is already underway.”
He added that after spending years developing it, he can now take btc to what he says is “a level where it will never reach a limit.”
The businessman said that the measure is essential because he does not want to wait until the demand for btc forces him to expand it. “It's about preemptively building infrastructure that can handle anything, no matter how much demand grows.”
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btc market cap currently at $1.36 trillion. Chart: TradingView.com
15 years in the making?
Wright said it took him 15 years to get this system working and now it is starting to become a reality, stating that the next decade of bitcoin is about to unravel. “We are building a financial ecosystem that anyone, anywhere, can connect to.”
With TerraNode, Wright believed he had created a system that could scale btc infinitely without restrictions on its capacity, adding that the system not only meets current needs, but exceeds them by a magnitude never seen before.
He said TerraNode would embrace growth that is “accessible, affordable and ready.”
According to him, everyone in the world can use bitcoin to trade and serve as a tool that allows them to connect to the global market rather than “an asset to accumulate.”
Facing legal charges
At the moment, Wright has been facing legal trouble over accusations of forgery and perjury that stemmed from claiming he was Satoshi Nakamoto.
Nakamoto is a mysterious individual who is believed to be the creator of bitcoin.
However, a court ruled that all documents used by Wright to prove that he is the creator of btc are false.
The court has set a contempt hearing for the businessman on December 18.
Featured image by Lucy North/Associated Press, chart by TradingView
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