Edward Snowden Addresses Bitcoin’s Lack Of Privacy Features And Potential Improvements

Edward Snowden made headlines not too long ago when he reacted to Bitcoin’s rally.

He’s the American whistleblower who copied and leaked highly classified information from the National Security Agency (NSA) in 2013 when he was a Central Intelligence Agency (CIA) employee and subcontractor.

Snowden addresses Bitcoin’s potential improvements

Now, it’s been revealed that he is discussing the future of digital currencies and the improvements he would like to see made in the Bitcoin infrastructure.

During an interview with television producer and journalist Naomi Brockwell, Snowden said that digital currencies are here to stay, but that central bank digital currencies (CBDCs) bring almost zero advantages over traditional fiat money.

“I think it’s [cryptocurrency] inevitable. I think we’ve already seen states recognize that digital currencies will be the next stage of money because they’re trying to create competitors now effectively to Bitcoin…” he said as cited by the Daily Hodl. 

He continued and explained: “So-called central bank digital currencies, which is just a rebranded version of fiat currencies which don’t have any really desirable properties for the public at large beyond the government being able to more effectively disburse stimulus payments.”

Snowden also made sure to point out that although Bitcoin can be a remedy for inflationary money printing practices, the network still has not overcome Bitcoin’s privacy and throughput issues.

“As you say the problem with everybody moving to digital currencies is we know the Bitcoin network doesn’t support throughput. Unfortunately, the Bitcoin network as it exists, does not provide the privacy protections really necessary for these kinds of transactions at scale,” he said.

Make sure to check out the video above in order to learn more about what he had to say.

Regarding Bitcoin’s price, at the moment of writing this article, BTC is trading in the green, and the coin is priced at $26,909.46.

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