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Edward Snowden: Blockchain is Here to Stay

In interview with ACLU, Edward Snowden touched on Bitcoin, cryptocurrency and blockchain topics. The famous Whistle-blower spoke about the benefits of crypto money and blockchain technologies proving to be quite enthusiastic about the potential of Bitcoin to change the way society works.
be-in-the-loop - Edward Snowden: Blockchain is Here to Stay

In interview with ACLU, Edward Snowden touched on Bitcoin, cryptocurrency and blockchain topics. The famous Whistle-blower spoke about the benefits of crypto money and blockchain technologies proving to be quite enthusiastic about the potential of Bitcoin to change the way society works.

“I really like Bitcoin’s impartiality and fairness”

Snowden considers cryptocurrency transactions impartial. This means that the process goes without the participation of large banks; only the parties to the transaction decide what to do with the money. For example, banks can make their own payments, and cryptocurrencies don’t care who sends money to whom.

Digital currencies will be appreciated as long as “there are people who want to transfer money without the participation of banks”

On a more fundamental level, cryptocurrencies (as well as gold and the dollar) are valued solely because people believe in their value. Snowden explains: “This belief is based on the ability of digital currencies to transfer incredible amounts of money around the world in electronic form, around the clock and without the participation of banks.”

be-in-the-loop - Edward Snowden: Blockchain is Here to Stay

“Bitcoin has competitors”

Snowden points to Monero (XMR / USD) and Zcash (ZEC / USD) as potential alternatives. Their main advantage is the complete anonymity of transactions, which is enabled by default.

“Bitcoin may not be fully anonymous, but this is the first really free money”

They can be transferred to anyone, anywhere and for any reason. How much anonymous bitcoin is? Snowden believes that it is not anonymous, but simply impartial and allows you to transfer funds around the world.

“If in five years we won’t have anonymous transactions, we will have to look for the reason for this in the laws but not in the technologies”

Fully protected coin technology is widely available and already in use. In other words, the only obstacle to its wider dissemination is law.

“Blockchain is just a fancy way of assigning timestamps”

be-in-the-loop - Edward Snowden: Blockchain is Here to Stay

Blockchain, the protocol underlying Bitcoin, is only a way to record and guarantee the storage of information about events. The more blocks in the blockchain, the more difficult it is to make changes to past data.

“In the next few years, the speed of the blockchain will increase”

Snowden notes that currently Visa and MasterCard are much faster than Bitcoin. These payment systems process thousands of transactions per second; Bitcoin protocol can handle only seven. However, this will soon change.

Snowden explains: “In the next few years, blockchain bandwidth will increase to such an extent that it will no longer be considered a major problem.” For example, Nano is currently 300% faster than Ripple (XRP / USD).

The main mistake of Satoshi Nakamoto was that he “did not predict such success of Bitcoin”

Snowden describes it as a “disadvantage in all its glory”, implying an innovative mining process. Mining consumes huge amounts of electricity and emits more greenhouse gases than Switzerland, because every coin is very hard to get.

“Blockchains can be the tiny mechanism that allows us to create systems that do not need to be trusted.”

Snowden is convinced that the blockchain is more than a buzzword: “You have learned the only thing that matters: blockchains are boring, inefficient and uneconomical, but with proper tuning, the information stored in them is almost impossible to fake. And in a world full of lies, the ability to prove something is truly a radical improvement”.

In a world where there are so many possibilities of deception, Edward Snowden sees a potential arbiter of truth in the blockchain.

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