- He Says Bitcoin’s Big Problem Isn’t Personal
- Electronic money system failure
- The crypto industry has recently been criticized by some tech pundits.
Bitcoin Payment – Edward Snowden considers bitcoin suitable for payment
Well-known whistleblower Edward Snowden, head of the Freedom of the Press Foundation, believes that cryptocurrencies as a digital payment method are more valuable than investments. He added that cryptocurrencies should be viewed as a scalable asset rather than a form of investment.
Snowden in Texas, U.S. “I distance myself from a lot of people in this community because I generally discourage people from investing in cryptocurrencies with technology,” said Pay Server during a virtual media conference in the U.S. He said the biggest problem with bitcoin is that it is not private. Electronic cash systems are failing because the purpose of cash is to remain anonymous.
Snowden loves the technology, despite the flaws in bitcoin’s public ledger. Comparing bitcoin to gold, he said that the good thing about bitcoin and other cryptocurrencies is that there are no geographic restrictions. Snowden also denounced the recent criticism of the crypto industry by a group of technologists. In an open letter, experts expressed their concerns about cryptocurrencies and blockchain technology. Earlier this month, those involved in cryptocurrencies tried to lobby in support of the industry.
In this regard, Snowden believes that the signatories of this open letter deliberately misrepresented the encryption industry. He reiterated many of the claims made earlier. “There are several ways to address these issues. Those who sign the letter can learn about the cryptocurrency industry. They definitely need to understand,” he said. Criticized Bruce Schneier Snowden said that Schneier is doing a good job with cryptography.