BitcoinWorld

Latest News

Edward Snowden advises Bitcoin Amsterdam to concentrate on the basics of the currency.

Visionaries in the Bitcoin community and modern enthusiasts underscore the imperative of centering on Bitcoin’s fundamental value proposition for its sustained trajectory towards widespread acceptance. Edward Snowden, addressing a captivated audience at Bitcoin Amsterdam’s bustling Genesis Stage, underscored the paramount cryptocurrency’s escalating significance in a world grappling with encroaching government surveillance, depreciating fiat currencies, and constraining policies.

The acclaimed whistleblower’s discourse encapsulated a recurring motif throughout the conference, underscoring the pivotal role of decentralized protocols such as Bitcoin and Nostr in empowering individuals with control over their wealth and privacy.

Cointelegraph engaged with leading Bitcoin developers, investors, builders, and advocates at the scenic Westerpark neighborhood in Amsterdam during the two-day conference. Amidst the prevailing cryptocurrency bear market, the event drew in thousands seeking the latest insights and updates. While many luminaries emphasized Bitcoin’s value as a store of value against the waning purchasing power of fiat currencies, Snowden critiqued the persistent focus on BTC’s value over its significance as a decentralized tool:

“We are all participants in a broader game, and Bitcoin stands as one of the most potent levers in that game. The systems we influence, such as payments and finance, will mold the contours of tomorrow’s world.”

Snowden’s address arguably commanded the largest audience during the conference, revisiting Bitcoin’s role in his resistance against the U.S. government’s surveillance within the Bitcoin industry.

In 2013, Bitcoin served as Snowden’s means to pay for servers hosting classified information sent to journalists, unveiling the National Security Agency’s intrusion into American citizens’ lives. Snowden expounded that Bitcoin’s increasing prominence has triggered mounting resistance from governments, legislators, and traditional financial institutions.

“We mustn’t fixate on entities like ETFs; our focus should remain on the fundamentals.”

Snowden contended that the potential impact of Bitcoin ETFs on the cryptocurrency’s value represents a form of subordination, a process of domestication orchestrated by institutions regulating traditional financial spheres.

Addressing what he perceived as Bitcoin’s “privacy problem,” Snowden spotlighted the emergence of obfuscation tools like CoinJoin and mixers as crucial yet indicative of the challenges confronting the decentralized protocol.

“Acting covertly does not equate to freedom. The necessity of CoinJoins and similar measures stems from a lack of freedom. Proof of funds becomes proof of unfreedom.”

Snowden urged society to cease seeking permission by continually innovating with the creation of decentralized tools that disregard established authorities, citing the U.S. Securities and Exchange Commission’s actions in 2023 against the broader cryptocurrency space as a prime example of existing control:

“Those monitoring prices and reacting to SEC-related headlines, Gary Gensler is not Bitcoin’s guardian. I’m indifferent to his opinions, and I suggest you be too.”

The whistleblower also commended the inception of Nostr, portraying it as a potent force in conceptualizing the integration of free speech and free trade. The creators of Nostr would later unravel the platform’s origins at the conference, attracting a sizable audience.

Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions. Crypto is not a legal tender and is subject to market risks. Readers are advised to seek expert advice and read offer document(s) along with related important literature on the subject carefully before making any kind of investment whatsoever. Crypto market predictions are speculative and any investment made shall be at the sole cost and risk of the readers.