Edward Snowden: Bitcoin won’t stand up to competition …
Edward Snowden: Bitcoin will not withstand competition and will be supplanted by another cryptocurrency
Former U.S. National Security Agency official Edward Snowden believes Bitcoin will eventually be replaced by another cryptocurrency that does not use a public ledger.
Snowden, speaking at a conference in Berlin via video link, said that the main problem with Bitcoin is not scalability, as many critics say, but low privacy..
“Everyone talks about transaction level limits, arguing that this is the main disadvantage of Bitcoin. Of course, this is a serious problem, but I believe that a much more serious structural flaw, a long-term flaw, is its public registry, ”said Snowden. “These are mutually exclusive conditions for a reliable trading mechanism, because you cannot keep a lifetime purchase history of each person, since all interactions are available for public viewing.”.
“I don’t think bitcoin will last forever,” added Snowden, hinting that he may have used bitcoin in 2013 to hide his own information when he was preparing to release NSA documents on the interference of special services in the privacy of citizens. As it became known recently from the words of Snowden, among other things, the NSA also monitors Bitcoin users..
“Bitcoin is doing an important job, and I really think it has long-term value, but when I look at the developers of its core and the speed at which they are introducing updates, I understand that they should perform better. Otherwise, they will not withstand the competition, ”he said..
Snowden also revealed that he has a personal interest in anonymous cryptocurrencies such as ZCash, which allow users to hide their data while maintaining the integrity of the ledger..
“If we talk about cryptocurrencies that interest me, I talked about it before and I am talking now, most of all I am interested in ZCash, because it has truly unique privacy features, but I see that more and more projects are trying to imitate it, and this is good, “Snowden said, adding that he tested Monero and several other anonymous cryptocurrencies, but he liked ZCash more than others, because it has a team of academically trained developers behind it..
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