What Edward Snowden Has to Say About Bitcoin

Former NSA contractor and alleged information leak Edward Snowden recently shared his thoughts on the cryptocurrency bitcoin and its flaws. Although he pointed out the disadvantages of the network, he also had some positive remarks as well.

For one, Snowden mentioned that “the protocol has a lot of weaknesses and transaction sides and a lot of weaknesses that structurally make it vulnerable to people who are trying to own 50 percent of the network and so on and so forth.”

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Snowden Comments on Bitcoin

“But when we think about the basic principles behind it, there are some very interesting things that particularly when we start to combine them with that idea like before of tokenization, of concepts like proof of work,” he added.

Of course Snowden also put some focus on the issue of privacy, as bitcoin transactions are practically anonymous. After all, the verification takes place through the network of computers solving complex algorithms to update the blockchain or distributed public ledger.

Snowden mentioned that focusing on the cryptocurrency itself could be a mistake, as he discussed methods in which true privacy can be enabled. “You have tokens

Read more ... source: TheBitcoinNews