Cryptocurrency is for use and not for investment, claims Edward Snowden

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Edward Snowden about cryptocurrency.

Picture Credits: Bankrate

Edward Joseph Snowden is an American former computer intelligence consultant who was the person to leak sensitive information from the National Security Agency in 2013, when he was an employee and subcontractor. Snowden also has keen interest in participating in the cryptocurrency market. He majorly invests in the world’s largest cryptocurrency bitcoin. But, his opinion in regards to investment in crypto is unique and different from other investors and players in the world. He believes that, cryptocurrency is not a commodity to be invested in but should have uses for it.

 

Elaborated views of Edward Snowden.



Edward Snowden truly believes that cryptocurrencies are not to be invested in but should be bought to put it in further use. He also quotes “I use bitcoin to use it.” He also believes that his views are completely polarized from the other investors in the community. He says he doesn’t encourage people to put their money in cryptocurrency as a technology, which proves the point earlier stated, showing his unique approach towards cryptocurrency.

Snowden’s support for cryptocurrency.



Since the market crash, the critiques of the crypto sphere got an opportunity to influence people with negative aspects of cryptocurrency. There were many investors leaving crypto sphere as they got influenced by these critiques. But Snowden showed his full support to cryptocurrency. His interest in the cryptocurrency is well observed and he also went on to defend the crypto industry in the face of criticism earlier this month.

Snowden addresses the privacy concerns.

Snowden addressed the current state of privacy on internet. He claimed that, a lot of progress has happened in the past few years in the internet and now the communications made on the net are well encrypted. He further added on that, he is little skeptical about the metadata. From a layman’s perspective, a metadata is the record that show communications took place in the internet.


Snowden goes on to give an example to explain the situation. He says, “Imagine a van travelling down the highway with dark windows,” Snowden explained. “You can’t see who the passengers are,” he explained, “but you can see where the van left from, where it ended up, how long it took – that sort of stuff.”

 

Writer’s report:

There are a lot of different opinions and takes about cryptocurrency and its functions around the community spread across the globe. Snowden happens to be one such person, who has a different perspective about cryptocurrency. While it is true that, his perspective of using cryptocurrency instead of investing is logical to some extent, the true potential and true use of cryptocurrency is very subjective and will take a long time to arrive at a concrete set of use.


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