Bitcoin
Edward Snowden Issues Major Bitcoin Privacy Warning by U.Today
U.Today – Edward Snowden, known as a former US security official, has raised critical concerns about the privacy vulnerabilities of Bitcoin (BTC) transactions. Thus, he refuted the popular perception of its complete anonymity, placing particular emphasis on the serious privacy risks.
In his speech at the latest Bitcoin conference, Snowden explained that most transactions on the Bitcoin network can be traced back to specific individuals. He noted that various inputs and outputs, such as compliance exchanges, can link these transactions to specific users.
This ability to track transaction history can reveal sensitive information about their lives and relationships.
He also said governments and corporations can use transaction data through artificial intelligence to create detailed profiles of people without their consent. By analyzing transaction patterns, artificial intelligence and machine learning can identify unusual activity, revealing insights into users’ behavior and connections, Snowden said.
What can be done?
Raising awareness and making efforts to strengthen the privacy and security of BTC transactions should be a cornerstone, according to a privacy advocate. Snowden emphasized that he has been raising these issues for over a decade, and that time is running out to address them.
The question now is: Can Bitcoin evolve to meet the growing demand for financial privacy without compromising its core principles of decentralization and immutability? As authorities around the world talk more about cryptocurrency adoption — the answer is becoming increasingly unclear.