Snowden’s Thoughts on Bitcoin

    August 28, 2015 | Bitcoin Thoughts On Bitcoin

    The King of Privacy, Edward Snowden, former CIA employee and NSA contractor, had a few words to say about the current state of bitcoin.

    In an interview at The Internet Engineering Task Force 93, Snowden spoke about security and privacy. He focused the talk on the weaknesses of Bitcoin in terms of its ability to keep users identity private.

    Snowden had this to say about the current state of bitcoin, “obviously, Bitcoin by itself is flawed. 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.”

    He continued to say, “focusing too much on bitcoin, I think is a mistake. The real solution is again, how do we get to a point where you don’t have to have a direct link between your identity all of the time? You have personas. You have tokens that authenticate each person and when you want to be able to interact with people as your persona in your true name, you can do so.”

    Tokenization, when applied to data security, is defined as  “the process of substituting a sensitive data element with a non-sensitive equivalent, referred to as a token, that has no extrinsic or exploitable meaning or value. The token is a reference (i.e. identifier) that maps back to the sensitive data through a tokenization system.”

    Snowden believes the idea of tokenization could create “some very interesting things,” that “people can basically pay for access other than direct transfers of currency that originated with an association to their true name.”

    Snowden is a notoriously hard critic of privacy as we all know so we shouldn’t take his concerns about bitcoin privacy too harshly. However, his ideas about innovating bitcoin are interesting and possibly what crypto-currencies will, or at least should, look like in the future.

    Let Nitrogen Sports Blog shed some light on Bitcoin. Read our bitcoin guide to know how it all started, its advantages, and when and how to use it.

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