Edward Snowden: Bitcoin privacy sucks
Edward Snowden, the famous whistleblower who leaked highly confidential information from the National Security Agency (NSA) in 2013, criticized Bitcoin (BTC) for its inability to protect users financial privacy.
At Orchid’s Priv8 Virtual Privacy Summit, Snowden, who is also a cryptocurrency enthusiast, said that Bitcoin has its flaws, especially when it comes to “financial privacy”.
“Bitcoin is a drug in many ways, like financial privacy,” he said.
As Snowden noted, the concept of privacy is important to protect individuals from being exploited. He mainly highlighted the fact that governments around the world are “eavesdropping” on personal information in the current scenario.
But he stressed that he did not see privacy as a means of hiding things from intruders. Instead, Snowden believes that privacy helps protect people from the dangers of information falling into the wrong hands.
According to the systems analyst, the government is in complete control of what happens in the financial sector. Thus, it is able to identify every detail of the transactions. And people thought that the creation of Bitcoin would solve the privacy concern in the financial space. But, in his opinion, it does not solve it.
According to Snowden, Bitcoin was designed as a means of payment that records transactions on a public blockchain. That way, transactions can be easily accessed by anyone. In addition, with financial regulators requesting exchanges to implement KYC procedures, it will make it even easier to link a Bitcoin address to an individual.
Therefore, these and several other conditions make Snowden believe that the largest cryptocurrency by market value is a “drug” when it comes to privacy.