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Edward Snowden: Bitcoin will disappear, but cryptocurrencies will continue to exist


Exiled American whistleblower Edward Snowden has also commented on Bitcoin. He said that the guiding star Bitcoin would finally fade, but the cryptocurrencies would not end with Bitcoin.

The interview with Snowden was led by Ben Wizner, director of the American Civil Rights Union ACLU. The organization has been campaigning for US citizenship since 1920, such as freedom of expression and privacy.

The interview began with Snowden's relatively detailed explanation of the concept of blockchain for lay technical people. From there, various questions branched off from Wizner.

So it was about the question of whether Bitcoin has any intrinsic value. In his reply, Snowden Bitcoin compared with Fiat paper money. He argued that the only difference between fiat money and Monopoly tickets is the trust that is based on the state covering the fiat money. In his opinion, Bitcoin and other cryptocurrencies have only a very limited fundamental value. However, there are two reasons why Bitcoin would remain valuable in the short term. The first reason is the limitation of the available quantity to 21 million coins. The second reason is that a significant part of the general population regards Bitcoin as a substitute. It is precisely this reason that is important and likely to be transferable to subsequent cryptocurrencies once Bitcoin ceases to exist.

cryptocurrencies for people who want to bypass the banking system

Snowden said: “One day Bitcoin will disappear with the big B, but as long as there are people who want to move money without banks, cryptocurrencies will probably have value.

Snowden further explained that he appreciated Bitcoin for the opportunities it offers around the world. He explained that by using himself as an example:

“Imagine that Bank of America does not want to make a payment for someone like me. In the old financial system, they, like their colleagues, have a tremendous influence and can assert that. If a teenage teenager in Venezuela wants to be paid in hard currency for Parisian website work, which is prohibited by local currency supervision, then payment can be made through cryptocurrency. Bitcoin may not really be “private money,” but it's the first “free money.” “

Finally Snowden criticized the existing Blockchain hashing basic ideas. None of the two basic approaches are really good and you have to develop new ones. Bluntly, Snowden said the proof-of-work was destroying the environment and favoring the rich who could afford the infrastructure. The proof-of-Stake, however, is not harmful to the environment, but a direct gift to the rich. He is based on the hope that their greed keeps the system running.

Source: ACLU, Pixabay

Author: Peter Joost – Source Post: https://www.kryptovergleich.org/edward-snowden-bitcoin-wird-discovery-aber-cryptowehren-wird-es-weiterhin-geben/

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