[dropcap]W[/dropcap]e all know very well that the market for cryptocurrencies has become red. As earlier we saw that how the well-known virtual cryptocurrency, of course, Bitcoin marked its historic high above $19,000. But, now everything seems changed a lot, yes, according to the latest reports, an American computer professional, former Central Intelligence Agency employee, and former contractor for the United States government, of course, Edward Snowden recently stated that Bitcoin won’t last, but crypto is here to stay.
Edward Snowden: Bitcoin Won’t LAST
The crypto-coins are today a reality and each one is increasingly present in our daily life. They are not yet spread as many intended but day by day they are simply gaining more space with each passing moment.
Edward Snowden, an American computer professional, former Central Intelligence Agency employee, and former contractor for the United States government and he is also one of the most important elements of recent Internet history, recently has stated something about these virtual coins and his ideas are very clear just like his words.
The well-known cryptocurrency, of course, Bitcoin won’t last, but crypto is here to stay. Everyone knows very well that about the well-known American computer professional, of course, I am talking about none other than Edward Snowden and his decisions that he made to show the world what actions agencies like the NSA or others take to control and access information for all citizens.
In a recent interview with Ben Wizner, who is the director of the ACLU Speech project, Privacy, and Technology, the well-known American computer professional, of course, Edward Snowden clarified his ideas about the well-known cryptocurrency, of course, Bitcoin’s role as a global currency being transferred to other crypto-coins rather than disappearing.
What is Bitcoin?
We can refer in generic terms that it is a virtual currency created in 2009, based on the peer-to-peer (P2P) system. P2P is a system that does not provide for centralized authority to control currency or transactions, as with other currencies (for example, the INR. is controlled by the RBI). Instead, money creation and transfers are based on an open-source network in encrypted protocols that form the basis of Bitcoin’s security and freedom, making transactions instantaneous among users.
The invention of a mysterious computer guru, who referred to his pseudonym Satoshi Nakamoto, this coin is created by means of a very complex mathematical formula.
According to the well-known American computer professional, of course, Edward Snowden, the well-known cryptocurrency, of course, Bitcoin can be compared to a fiduciary currency and pointed out that the only difference between it and the monopoly is the belief generated by state support, which essentially boils down to “armed men.”
In his view, while the well-known cryptocurrency, of course, Bitcoin and other blockchain-based cryptographic assets have a severely limited amount of value, only two things ensure that the well-known Cryptocurrency Bitcoin remains viable in the short term.
The first is the shortage, which is caused by Bitcoin’s limited supply to 21 million BTC. This scarcity generates competition to mine the few remaining millions of Bitcoins, and this in itself gives a measure of value.
The second reason and the most significant factor is the fact that a large part of the population sees it as a medium of exchange. According to Snowden, this belief in cryptocurrency as a method of monetary transfer outside the banks is transferable and will survive the death of the BTC.
Still, on Bitcoin, he revealed that he likes this coin for the opportunities and possibilities that it creates around the world, even with all the predictions it has about its end.
Without limiting himself to words, Snowden described the proof of work as an environmentally destructive activity, used in favor of the rich, and proof of stake is a signal to the rich, hoping that greed will keep the system running. So, what do you think about this? Simply share all your views and thoughts in the comment section below.