U.Today – Edward Snowden, known as a former US security official, has expressed his concerns about the privacy vulnerabilities of Bitcoin (BTC) transactions. Thus, he refuted the popular perception of its complete anonymity, placing special emphasis on the serious risks to privacy.
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.
Snowden also highlighted that 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 activities and reveal information about users' behavior and connections, he said.
What can be done?
Awareness and efforts to strengthen the privacy and security of BTC transactions should be a cornerstone, according to one privacy advocate. Snowden stressed 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 officials around the world talk more about cryptocurrency adoption, the answer becomes increasingly unclear.
This article was originally published on U.Today
