There are many reasons why so many people are showing an interest in Bitcoin these days. For the majority of holders, they simply hope to become rich without much effort in the months and years to come. Edward Snowden, on the other hand, is concerned about Bitcoin for many reasons. In particular, the currency’s lack of privacy is a big problem, in his opinion. That’s especially because there are other currencies doing a better job in this regard.
THE FUTURE OF PRIVACY AND CRYPTOCURRENCY
When it comes to Bitcoin, one of the most common misconceptions is that it is an anonymous and privacy-oriented currency. Over the years, it has become evident that is anything but the case, as Bitcoin lacks all traits necessary to be either anonymous or private. In fact, it may very well be one of the more transparent cryptocurrencies on the market as of right now. This poses many problems, as outlined by Edward Snowden.
During Snowden’s recent interview at Blockstack Berlin, he outlined the problems associated with Bitcoin. While it is still solid technology, it is not exactly the solution most people should be looking for. For those enthusiasts looking for privacy, anonymity, or both, Snowden thinks they may be better off with a few altcoins. It was a somewhat surprising comment, albeit one that does make a lot of sense.
Considering that Edward Snowden is a proponent of protecting consumer privacy at all costs, it is only normal that he takes offense to the transparent nature of Bitcoin for making payments. In fact, it is impossible to keep Bitcoin transactions private by default, unless one uses a third-party solution which requires a lot of trust. That’s far from an ideal situation for privacy advocates; that much is evident.
Unsurprisingly, Snowden is interested in cryptocurrencies which focus on privacy and anonymity. As such, he is currently showing some love to both Monero and Zcash, two currencies which have made a relatively big impact on the industry as of late. Whether or not either of these currencies will ever be one of the top cryptocurrencies is a different matter altogether.
Additionally, Snowden openly criticized the cryptocurrency community’s behavior. With so much infighting and bickering, it is evident most people have lost track of the bigger picture. If this community came together to build proper solutions rather than create altcoins no one cared about, things would look very different from how they look today. Whether or not the community will take Snowden’s words to heart is a different matter altogether.
All of this goes to show Snowden has some interesting critiques when it comes to Bitcoin. A public record of everyone’s transactions from day one is not necessarily beneficial in the long run. At the same time, privacy-oriented features will be coming to Bitcoin shortly, which will introduce some much-needed changes.