There are many who think that Bitcoin is something that you use if you want to avoid the law—a payment system wherein transactions are anonymous and untraceable. This is one of the most common misconceptions about Bitcoin that Bitcoin SV aims to correct. How did this misconception come about?
How Bitcoin Gained a Bad Reputation
Bitcoin Cash (BCH) separated from Bitcoin Core (BTC) in 2017 because it supposedly wanted to follow the vision of Bitcoin creator Dr. Craig Wright, a.k.a. Satoshi Nakamoto. However, after about a year, it deviated from this goal and instead strove to create a Bitcoin ecosystem wherein even illegal transactions can evade the law.
Bitcoin.com CEO Roger Ver even said in a video that Bitcoin should allow “permission-less use. You don’t need permission to do whatever the hell you want with it. If you want to gamble on the Internet, that’s just fine too. If you want to buy drugs on the Internet, that’s just fine too.” Because of Ver, Bitcoin has gained a reputation for being a part of the Crypto Crime Cartel, which is so far from what Dr. Wright envisioned Bitcoin to be.
Bitcoin SV and the Rule of Law
Since Bitcoin SV (BSV), with SV standing for Satoshi Vision, was born, it has made it its goal for BSV transactions to be legal and binding in wherever region it was made. From the beginning, Dr. Wright has said that Bitcoin needs to work within the rule of law in order for it to be valid; and Bitcoin has to be valid in order to survive.
The court of law has always maintained that “every individual is subject to the law and no person or entity, despite importance or power, is above the law. Every individual is equal before and under the law and has the right to the equal protection and equal benefit of the law without discrimination.” It is within this rule of law in which everyone is equal that Bitcoin SV currently exists. Through this system, meritocracy reigns and anyone who is part of this system can succeed through honest-to-goodness hard work.
This is the ecosystem that Bitcoin SV is striving to maintain and protect because Bitcoin SV means business. And in order to gain the confidence of global enterprises, Bitcoin SV cannot bypass the laws and regulations that govern these businesses. As Bitcoin SV restored Bitcoin’s original design, massively scaled its blockchain and upgraded its security system, it also worked to become legally safe in all aspects. This is the original Bitcoin that Dr. Wright envisioned.