Whistleblower Ed Snowden says, “Bitcoin’s Public Ledger is its Downfall”
This supporter of protecting privacy says another cryptocurrency will eventually overtake Bitcoin’s number one spot. Edward Snowden states that Bitcoin’s open source ledger system of recording every transaction is a major flaw. Moreover, he explains that it’s unable to scale such a system. But if Bitcoin’s public ledger is its downfall, does that mean we shouldn’t use it?
Bitcoins central flaw may not lie in its transaction rate limitations, but in the actual public ledger. -Edward Snowden
Snowden also claimed to have used Bitcoin in 2013 to hide his identity while he prepared to release NSA documents. At a conference in Berlin, he mentioned that he favors ZCash the most. Also, he claims ZCash has unique privacy traits & that it was created by academic cryptographers. This is in contrast to some of the other privacy coins on the market.
The whistleblower continued to explain that the current method of the bitcoin blockchain has the problem of balancing the acts of recording every transaction in its history while also attempting to scale its capacity in processing these transactions.
“Bitcoin does important work and I do think it will have enduring value for a long time, but particularly when we look at the core development team and their rate of improvement to the protocol, they simply need to better or they will not be able to compete.”
In another report by the Intercept on Tuesday, Snowden indicated, that Bitcoin surveillance remains a top priority for the NSA.
Documents continue to tell that the NSA’s agenda goes farther than tracking just the BTC public ledger. The agency actively analyzes internet traffic to find users trying to remain anonymous.
Furthermore, there have been two programs codenamed OAKSTAR and MONEYROCKET. They observe and track all of cryptocurrency users and their internet behavior.
This news comes at an awful time. The U.S government announced its concerns of the illegal use of cryptocurrencies. They’re fearful of terrorism funding & money laundering in the crypto sector.
All we can say is be careful what you do. However, if you’re not doing anything wrong, you shouldn’t have anything to worry about.