Edward Snowden: Bitcoin will be replaced by other Cryptocurrencies

In an interview with Ben Wizner, the Director of the ACLU Speech, Edward Snowden stated that Bitcoin won’t last as a global currency but other cryptocurrencies could.

According to Snowden, the main reason why bitcoin wouldn’t last is scarcity. As of now, there only 21 million BTC available to mine, out of which 17 million BTC is already mined. Mining of bitcoin is what really gives it a measure of value.

He also went on to say:

“Yet the hard truth is that the only thing that gives cryptocurrencies value is the belief of a large population in their usefulness as a means of exchange. That belief is how cryptocurrencies move enormous amounts of money across the world electronically, without the involvement of banks, every single day.”

He believes bitcoin will eventually get replaced by other cryptocurrencies.

On the other hand, Edward Snowden also spoke about the power of Blockchain.

He mentions the various advantages blockchain has, such as trust and proper implementation of transactions. On the hype of blockchain being an answer to censorship he went on to say:

“Some of that is hype cycle. Look, the reality is blockchains can theoretically be applied in many ways, but it’s important to understand that mechanically, we’re discussing a very, very simple concept, and therefore the applications are all variations on a single theme: verifiable accounting. Hot.”

He also talked about how blockchain has proven itself in terms of banking and money. Even though presently, bitcoin can handle about 7 transactions per second, the technology will improve to a point where transaction rates will no longer be a concern.

“The hype is a world where everything can be tracked and verified. The question is whether it’s going to be voluntary.”

Link to the interview can be found here.

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