Just recently, film producer and well-known Youtuber, Naomi Brockwell, sat down with Edward Snowden and the two discussed a number of topics, including data protection and Bitcoin. When Snowden talked about Bitcoin, he addressed the protocol’s lack of progressive scaling and privacy. The famous whistleblower said the biggest question he has is why it is taking developers so long to solve the problems cryptocurrencies are facing today.
Whistleblower and former NSA and CIA contractor Edward Snowden is known for his stance on privacy and freedoms. Snowden recently had a conversation with Naomi Brockwell and shared his thoughts on Bitcoin (BTC) and digital currencies in general. At one point during the interview, Snowden said he was puzzled by the fact that developers had years to scale Bitcoin and expand privacy but haven’t come up with solutions yet.
Naomi Brockwell and Edward Snowden discuss Bitcoin scaling and data protection.
When it comes to transforming our current monetary standpoint into the digital age, Snowden believes digital currencies are “inevitable”.
In fact, we’ve already seen states recognize that digital currency will be the next level of money, “Snowden told Brockwell. “You are now trying to effectively create competitors for Bitcoin. I guess they’re not really hiding the fact. They are creating what are known as central bank digital currencies, which are just a renamed version of fiat currencies. They don’t have any really desirable properties for the general public, other than allowing the government to distribute stimulus payments more effectively. “
But unfortunately that means, and I don’t think many people have the financial understanding to realize that it actually means that they are simply taxing you in a new way. Because an economic payment is a devaluation of the currency as a whole.
Snowden went on to explain that cryptocurrency in general does not solve the problem of inflation and hidden taxes in this way. He added that the Bitcoin network makes it highly predictable because “it has a predictable rate of inflation that is constantly decreasing,” the whistleblower pointed out.
“The problem with moving to digital currencies, however, is that we know the Bitcoin network doesn’t support throughput. Unfortunately, the existing Bitcoin network does not offer the data protection that is really necessary for these types of transactions, ”added Snowden.
The privacy attorney insisted:
I think it should and it could. I realize the developers realized that this should be done – [Developers] I didn’t really move into it, which amazed me because now they had years to do it.
Snowden added that when speaking on the subject of the inevitability of this transformation towards digital currency, he is “not picking winners and losers.”
“I have no horse, no worries or worries about who will win that beyond that [what] I think what the world needs is a really independent means of making private transactions possible, ”Snowden told Brockwell. “If that’s Bitcoin, great – fabulous. I use bitcoin, I’ve used bitcoin before, I will continue to use bitcoin. But Bitcoin is very difficult for me to use and yet it is a huge improvement over credit cards that I cannot use as these networks are not even pseudonymous as they would be with a Bitcoin transaction. “
Snowden concluded that the cryptocurrency community has some fairly well understood shortcomings but sees no reason to believe that these cannot be fixed. He can see that many groups are working on both offchain and onchain throughput. But at the end of the video, Snowden asked, “Why are you? [developers] takes so long? “
What do you think of what Edward Snowden had to say about Bitcoin’s scaling and privacy over the past few years? Let us know what you think on this matter in the comments section below.
Tags in this story
Bitcoin, Bitcoin (BTC), Bitcoin Privacy, BTC, BTC Developers, Central Banks, Developers, Developers, Digital Currency, Edward Snowden, Freedoms, Naomi Brockwell, Nation States, Privacy, Enigmatic, Scaling, Scaling Bitcoin, Snowden
Photo credit: Shutterstock, Pixabay, Wiki Commons, Naomi Brockwell Show,
Disclaimer of liability: This article is for informational purposes only. It is not a direct offer or an invitation to make an offer to buy or sell, or a recommendation or approval of products, services or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author are directly or indirectly responsible for any damage or loss caused or allegedly caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.