NSA whistleblower Edward Snowden gave the opening speech at the Bitcoin 2024 conference in Nashville, where he revealed some shocking information about Bitcoin and the broader cryptocurrency ecosystem. He also presented the arguments why cryptocurrencies remain the best solution for an individual to combat corrupt institutional practices.
What Snowden Said About Bitcoin
Snowden mentioned during his opening keynote at the Bitcoin 2024 conference that most Bitcoin transactions are fully disclosed, although not made public. He revealed this by noting how this is possible, given that online transactions are enduring and can be publicly verified by anyone.
However, the whistleblower suggested that the identities of those making transactions on the Bitcoin network (and other chains) are not as anonymous as some might think. He further stated that “hereditary exchanges” that act as gateways for cryptocurrency users typically share user information with regulators that Snowden called “big powers.”
Snowden said these massive powers can decipher other aspects of users’ lives, including their life histories and political affiliations, through their transaction histories. He described how these powers collect metadata, or records of people’s activities, and utilize it to build a complete picture of them without having to obtain a warrant.
Snowden’s speech re-emphasized the issue of user privacy, which has become a common theme when using centralized entities. He noted that these entities do not respect user data, despite numerous warnings and even the introduction of privacy regulations such as General Data Protection Regulation (GDPR).
The NSA whistleblower indirectly made the case for decentralization, a key principle in the cryptocurrency world. The collapse of several centralized exchanges such as FTX and increased oversight of exchanges like Binance has contributed to the greater adoption of decentralized exchanges (DEXs), given the freedom and privacy they provide to users.
This issue of user privacy violation also provides an argument for self-care and how cryptocurrency users should embrace it self-service walletsThis gives individuals more control over their finances, rather than relying on third-party systems that can be easily compromised.
The words of Vitalik Buterin come to mind
Snowden’s speech reflects a similar attitude Ethereum Co-Founder Vitalik Buterin. While recently Discussion the relationship between crypto and politics, Buterin noted that crypto is more than just money. Instead, he argued that the main goal of introducing crypto was to achieve freedom.
According to Vitalik, this freedom covers several areas, including “freedom and privacy of communication”, “freedom and privacy friendly” digital identity”freedom and privacy of thought” and ”high-quality access to information, among others. By achieving this freedom, users can have more control over their digital identity and how their data is shared.
The crypto space is certainly making progress in granting individuals this freedom. For example, technologies such as the Shiba Inu Fully Homomorphic Encryption (FHE) Solution enable encrypted data processing and facilitate protect privacy when using blockchain technology. Zero Knowledge Proof (ZK) Technology There is another option – users can now make transactions anonymously without fear of revealing their identity.
Featured image created with Dall.E, chart from Tradingview.com
