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[NoLimits15]

Due to the fact that bitcoin transactions cannot be tracked by government officials, people seem to criticise it's nature by saying that it's used by criminals for illegal purchases like to buy drugs and other stuff. This just gives a bad reputation and seems to undermine the massive benefits of using bitcoin. What are your thoughts?

 

[KarthikP]

Bad people are everywhere in this world. But I have not cone across any such news stating people done illegal activities by using cryptocurrencies , but there are be some people do illegal things.

 

[leithy]

I have read about bitcoin being used by drug dealers and money launderers. These are top level crimes. What about those earning from faucets and not declaring on their tax returns? This small amount of earnings can still be classed as a crime but many will think nothing of it. Where is the line drawn?

 

[Averagejoe]

Due to the fact that bitcoin transactions cannot be tracked by government officials, people seem to criticise it's nature by saying that it's used by criminals for illegal purchases like to buy drugs and other stuff. This just gives a bad reputation and seems to undermine the massive benefits of using bitcoin. What are your thoughts?

Thing to be understood is cash/fiat sits at the top when it comes to trading purchasing power for illegal activities.

 

[krishatnet]

Yes it is true some people are using bitcoin for illegal purposes because of no controlling authority. Some hackers also demanding payment in bitcoins.

 

[SCAMEXPOSER]

Fiat currencies with traceable tips or steps are being used by bad or frausdaters to make transactions. Having Bitcoin without traces of transaction will definitely be used more by them without even asking.

 

[Equinoxx]

Being a decentralized currency, they have been instances of people using Bitcoins for drug dealing and other dark activities.

 

[Bilalgul]

It may be the case but if you do get hold of any single transaction you can break down the whole network and I don't think it is something that is up to Bitcoin

 

[Mbwolf]

it's really a true fact bitcoin is not tracebale just in some cases
if you really dive in the deep web markets you will see that they only do deals with bitcoins because it's safer
it's annonyme

 

[SCAMEXPOSER]

Most dark businesses are enhanced now simply because they have access to Bitcoin whose transactions are annoymous, I wish there could be way to track bad businesses despite that bitcoin is annoymous.

 

[btcminer]

i think soon it will change , right now in most crypto exchanges you need to complete KYC to be able to trade, so this is just a start, in the future they will be able to track all crypto Transactions

 

[silentwatch]

Even with fiat money, the number of criminals intends to increase year after year. The gap between the poor and the rich I think might be center of it,cause many crime occours because of matter basic needs

 

[SCAMEXPOSER]

i think soon it will change , right now in most crypto exchanges you need to complete KYC to be able to trade, so this is just a start, in the future they will be able to track all crypto Transactions

This is better step to curb that, I guess each wallet has number addresses attached to it so even the person change his or her address for transactions, with KYC tracking can be easy.

 

[Brain]

Well, that's the issue, allot of people are transacting illegal business with the use of Bitcoin making the currency looks fraudulent itself. We just to look beyond this though.

 

[kaleembilal]

It really is in issue but it does not mean that between itself is something that is bad it is yours that bad people use each and everything for ba purposes

 

[SCAMEXPOSER]

Bitcoin on a natural ground has nothing to do with illegal activities , the people who use it define how it is used. The way people use bitcoin for illegal activities so they do for local currencies too.

 

[Niftyicon]

Bitcoin on a natural ground has nothing to do with illegal activities , the people who use it define how it is used. The way people use bitcoin for illegal activities so they do for local currencies too.

You are right, the fault doesn't lie in the currency be it crypto or local. The problem is in the principles and scruples of the people who abuse it by their criminal actions.

 

[Josemendez]

Yeah , this is a glaring fact that bitcoin has been and is presently been used for illegal activities , however blockchain is fighting this action by embarking on different projects

 

[4rmeddy]

Bad people are everywhere in this world. But I have not cone across any such news stating people done illegal activities by using cryptocurrencies , but there are be some people do illegal things.

The new yoke times in one it's articles published in January while referencing a report by Chainalysis, a firm that tracks every Bitcoin transaction, puts the figure spent illegal items in the dark Web in the last three months of 2019 at $601 million.

 

[Balint098]

Partially agreed with this statement but only the very smart criminals can do such things, a normal criminal would never use bitcoin as a payment method as long as he has a complete knowledge of crypto world.

LOL. You don't have to fully understand how crypto works in order to use it. Even kids nowadays know how to use bitcoin since it's easy.