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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?

 

[Brain]

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.

So this figure simply means that a lot of money or bitcoin goes for illegal business or transaction which point to the fact that this assertion might be true then.

 

[Josemendez]

So this figure simply means that a lot of money or bitcoin goes for illegal business or transaction which point to the fact that this assertion might be true then.

I think you rather say that alot of illegal activities is carried out anonymously using bitcoin as the exchange or payment method .

 

[SCAMEXPOSER]

I think you rather say that alot of illegal activities is carried out anonymously using bitcoin as the exchange or payment method .

This is more reason why some countries want Exchange platforms should delist privacy coins like Monero and Zcash to limit illegal transactions that they later Exchange to bitcoin

 

[Ginatime]

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

The only project that can help right now is the project that can put an end to hackers activities on Bitcoin network, the scam is becoming too rampant

 

[SCAMEXPOSER]

This will be great if achieved but the possibility is low though improvement can be made to tighten the security because even in the traditional money scams are not completely eradicated.

 

[Josemendez]

This is more reason why some countries want Exchange platforms should delist privacy coins like Monero and Zcash to limit illegal transactions that they later Exchange to bitcoin

At first I never knew about these privacy coins until when ibread about it. I was only seeing bitcoin as the most anonymous coin in use

 

[Josemendez]

The only project that can help right now is the project that can put an end to hackers activities on Bitcoin network, the scam is becoming too rampant

Of course it will be relevant if such project can come ,however hackers will still look for a means to break the security measures. They can never be wiped out entirely

 

[bitforex22]

governments are doing right things as well by implementing kyc procedures and asking for paperwork ,but i guess a credit system can serves as much better option to buy limited amount of btc when needed by people

 

[Ginatime]

Of course it will be relevant if such project can come ,however hackers will still look for a means to break the security measures. They can never be wiped out entirely

Yes they can't be wiped out but they can be traced if they input a security protocol that can track every huge amount transaction on the Bitcoin network

 

[SCAMEXPOSER]

Hackers are the online terrorist and the fight against is a continuous one because they don't relent , they update themselves with latest technology to commit crime. I look forward to more Security measures from blockchain technology team

 

[Wisdom01]

I think despite the bad reputation it is giving bitcoin it is still been used in various organization and its gaining more sucess , and now there can be ways to track because adress

 

[sagefave]

My opinion is that so long as there is an accepted means of payment, it can be expected that criminals will also use that means in transactions, be it fiat money, diamonds, gold, or Bitcoin.

 

[SCAMEXPOSER]

There is no way criminals won't use any means to make money, the criminals didn't use bitcoin because they want to tarnish it reputations but to secure a means to easily defraud people.

 

[Farhanaslam007]

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?

It can happen. Money laundering is taking place in different countries due to bitcoin. That is the main reason why countries have not legalized it yet.

 

[SCAMEXPOSER]

It can happen. Money laundering is taking place in different countries due to bitcoin. That is the main reason why countries have not legalized it yet.

I don't any country has been on the news that it citizens are engaged in money laundering using bitcoin or any other Crypto currencies. If there is please share.

 

[Brain]

It can happen. Money laundering is taking place in different countries due to bitcoin. That is the main reason why countries have not legalized it yet.

That's just it, it is this same issue that is making it look like Bitcoin is really for criminal activities because people Lauder money with it easily

 

[Wisdom01]

That's just it, it is this same issue that is making it look like Bitcoin is really for criminal activities because people Lauder money with it easily

I think before the existence of bitcoin there was money laundering , so i don't really think that was the main reason for the ban

 

[BusyCat]

Yeah it is very true there are sections of people who use bitcoin for illegal activities like drugs , but it is also true bitcoin has produced lot of billionaires and millionaires and also job opportunities in blockahin sector.

 

[SCAMEXPOSER]

Yeah it is very true there are sections of people who use bitcoin for illegal activities like drugs , but it is also true bitcoin has produced lot of billionaires and millionaires and also job opportunities in blockahin sector.

There is no way people won't abuse anything good, just like you said there more positive impact as compared to. If one can take the risk there is money making opportunities in Bitcoin and other coins.

 

[Razor1911]

Since anyone can hold crypto coins anonymously, the scamsters use bitcoin as their main tool for scamming. It is impossible to trace people holding the crypto and hence it really promotes scamming people.