Tuesday, April 13, 2021

Edward Snowden criticizes bitcoin for its inability to protect users’ financial privacy.

The Takeaway:

Edward Snowden, the famous whistleblower and privacy advocate, bashed Bitcoin (BTC) for its inability to protect users' financial privacy.

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Speaking at the Orchid’s Priv8 Virtual Privacy Summit, Edward Snowden, who is also a crypto enthusiast, said that bitcoin has its flaws, especially when it comes to “financial privacy.” Snowden had leaked highly classified information from the National Security Agency (NSA) in 2013 that revealed how the US government agency spied on its citizens and invaded the online privacy of citizens. Snowden is also a vocal advocate of digital privacy and is a crypto enthusiast. 

 

“Bitcoin sucks in many ways, such as financial privacy.”

Edward Snowden noted that the concept of privacy is important to protect individuals from being exploited, especially in a time when governments in all parts of the world are prying on people’s affairs. He does not consider privacy as a means to hide things from intruders; rather, he believes it helps protect people from the dangers of having certain information in the wrong hands. “Technology is a magnifier of power. In the early days, the government sucked at using it. It was academics at first,” Snowden noted.

 

Snowden previously spoke in favor of privacy coins. 

The former NSA agent might not be a fan of Bitcoin due to its privacy flaw, but he has previously supported the privacy coin – Zcash. “Zcash’s privacy tech makes it the most interesting Bitcoin alternative. Bitcoin is great, but “if it’s not private, it’s not safe,” Snowden tweeted back in September 2017. Zcash and other privacy coins were developed with the aim to protect users’ financial transactions from prying eyes. Regulators across the world are now asking crypto exchanges to implement KYC (Know-your-customer) policies, which makes it easier to link a bitcoin address to its users. Edward Snowden is currently residing in Russia after he flew his native country back in 2013 after he exposed NSA for spying on the citizens. 

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Disclaimer: The article reflects the opinions of the author and is not representative of Chaintimes’ views.
The article does not offer any investment advice. User discretion is advised when investing in or trading with cryptocurrency. Extensive and diligent research should be carried out by the reader before making a decision.

Jai Pratap
Jai Pratap
A Mass Media Graduate who loves to write. Jai is also a sports enthusiast and a big movie buff. He loves to learn new things.

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