Craig Wright Outlines Ambitious Scaling Plan for Bitcoin as a Global Payment System
In Brief
- Craig Wright said he is developing a scaling solution to transform Bitcoin into a practical tool for global transactions.
- He aims to eliminate high fees and regulatory barriers, making Bitcoin accessible for trade, particularly in underserved regions.
- Wright’s goal is to empower individuals to use Bitcoin for personal financial freedom rather than as a speculative asset.
Australian computer scientist Craig Wright, who claims to be Bitcoin’s creator, has announced the development of a scaling solution to transform the flagship digital asset into a global, borderless cash system.
In a November 3 post on X, Wright shared his long-term vision for the top crypto. He imagines a future where Bitcoin becomes a functional tool for international transactions rather than a quick route to wealth.
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Wright Reveals Vision and Scaling Solution for Bitcoin
Wright stated that he and his team have been working on this BTC scaling solution, called TerraNode, for the past 15 years. He plans to unveil it fully within the next decade.
According to Wright, TerraNode is built to scale indefinitely, eliminating current limitations in transaction capacity. He describes it as a network that can handle vast growth without slowing down or raising fees, making it accessible and affordable for users worldwide.
Wright noted that TerraNode would allow Bitcoin to serve as a practical means of trade, not a speculative asset. So, by eliminating barriers like high fees and complex regulations, Wright believes TerraNode could make Bitcoin more accessible as a payment method globally.
“This will allow people in any country to start using Bitcoin as a functional, practical means of trade. Not as an asset to hoard, but as a tool to connect them to the global economy—no borders, no barriers, no prohibitive fees,” Wright stated.
Indeed, the controversial scientist’s vision extends to making Bitcoin a tool for economic inclusivity. He wants people in underserved regions to use Bitcoin for trade, leveling the playing field for those excluded from traditional banking. So, he aims to create a system that empowers individuals to participate in the global economy without needing approval from any government or institution.
Moreover, Wright added that his mission focuses on giving people, especially those without access to conventional financial systems, the ability to control and trade their money instantly. His goal is to build a Bitcoin network that supports personal financial freedom.
“My mission is about building a tool for the world to use, a system that empowers the individual, that lets people control their money and trade with whoever they want, whenever they want. That’s the vision that matters. If that’s what brought you to Bitcoin, then that’s exactly what I’m working to create,” Wright concluded.
Meanwhile, Wright’s latest comments come as he navigates a new lawsuit concerning the top crypto asset. Last month, he filed a £911 billion claim against Bitcoin Core and Square, asserting that BTC represents the genuine version of the digital asset originally envisioned by Satoshi Nakamoto, the creator of the leading cryptocurrency..
