Edward Snowden Speaks About Bitcoin – Is it the Best Alternative If You’re Worried About Your Privacy?
Edward Snowden, the former NSA employee that disclosed important documents about how the US government was spying different countries, gave his opinion about Bitcoin as a currency to avoid governments coercion. During an interview on March the 22nd, he explained that bitcoin’s public blockchain made it susceptible to abuse.
Can Bitcoin Help Individuals to Escape Government’s Control?
Mr Snowden was speaking through webcam with Coin Center’s director of research, Peter Van Valkenburgh. The interview was part of the Blockstack Berlin 2018 conference. During this interview, he commented that Bitcoin’s public ledger was “devastatingly public.”
The most important flaw that Bitcoin presents it’s its public ledger, according to Snowden. “The much larger structural flaw, the long-lasting flaw, is its public ledger,” he commented about Bitcoin. He has also added that he used the famous cryptocurrency to buy server infrastructure in 2013.
This year, Bitcoin community is waiting for the scaling solution Lightning Network (LN). This scaling solution has been criticized due to the lack of privacy that it is associated with. But LN developers have been trying to improve these important failures in the network.
Some days ago, Twitter CEO Jack Dorsey, has commented very positively about Bitcoin. He said that Bitcoin could be the single currency of the world and has shown support for LN development by donating an important sum of money to Lightning Labs. Whether it’s possible or not to see Bitcoin as the global single currency is yet to be seen.
Snowden commented during the interview:
“It is a question of how do we design competing systems that are simply so attractive that they will not be ignored by the global consumer base but also the governments themselves who are seeking to compete against them will not simply be able to outlaw them and have that be meaningful.”
Privacy coins are the cryptocurrencies that he is using. These cryptocurrencies are Monero and ZCash. Mr Snowden has reiterated his support for ZCash and explained that he has used Monero before. For him, ZCash is one of the most interesting altcoins in the market due to the unique privacy features that it has.
Image Spiegel and Wikipedia
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