Cryptographer Bruce Schneier: Bitcoin Is Useless
According to Harvard’s cryptographer, digital money fail to perform their duties.
Harvard’s cryptographer Bruce Schneier claims that crypto currencies are useless, it is used by criminals which try to transfer money from accounts to accounts hiding it from the government. He says that Bitcoin does not manage to deal with its tasks, it is difficult and risky to use it.
The expert reminds that digital money were created to ensure electronic transactions without need to rely on trust. But blockchain itself can’t function without it: the users have to trust miners, to believe that they will confirm transactions, otherwise, the system will fail, highlights the specialist.
If the exchange is lost, your money is lost, says Bruce Schneier. If the wallet is stolen, you lose your money. If you forget your private data, you lose your money. If there’s an error in your smart contract, you lose your money. If someone attacks blockchain, you lose your money.