Former intelligence officer Edward Snowden made comments about Bitcoin in a program he attended. Snowden spoke of shortcomings in Bitcoin infrastructure and improvements that needed to be made. Snowden also said there is no future for digital central bank money.
Edward Snowden, a former Central Intelligence Agency and National Security Agency employee, conducted an interview with producer and journalist Naomi Brockwell. While Snowden said he believes cryptocurrencies will continue to exist, he said there is no bright future for digital central bank coins (CBDC). According to Snowden, CBDCs are a long way from adding a significant advantage to fiat currencies.
States also understood the importance of digital coins
Snowden, who thinks governments in the race to issue digital money are also realizing that the future lies in digital money, suggested that states are trying to create competitors against Bitcoin.
“Digital central bank coins are a rebranded version of fiat currencies that, beyond the government’s ability to distribute stimulus payments more effectively, do not have features that are truly desirable to the public in general.”
Snowden believes that despite this situation, many people are not financially sophisticated enough to realize it. Snowden also notes that in this context, a digital currency cannot solve the problem of inflation or hidden taxes.
Two key issues of the Bitcoin network, according to Snowden: Privacy and scalability
According to Snowden, Bitcoin may be a solution for inflationary money printing practices, but the issue of privacy and trading volume of the Bitcoin network is still not overcome. Snowden suggests that in its current form, the Bitcoin network has largely failed to provide the privacy scale that is really needed in large-scale transactions. Snowden, who has said that developers have not done enough on these issues for years, and that the improvements that Bitcoin needs are not being made at the necessary speed, admits that this has surprised him.
Despite bitcoin’s scalability and privacy problems, Snowden also notes that he still prefers to use cryptocurrencies instead of credit cards. Snowden expresses that he does not believe that Bitcoin’s shortcomings are things that cannot be fixed. Emphasizing that the correct conversion to digital currencies is to be avoided, Snowden says that what the world needs is an independent tool that makes anonymous transactions possible.
“If this tool is Bitcoin, that’s great!”