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[Mar20]

Bitcoin, like any other financial system, can be used for illegal activities such as money laundering, tax evasion, and the purchase of illegal goods and services. The anonymity of transactions on the blockchain has made it an attractive option for individuals seeking to engage in illegal activities.
Law enforcement agencies have been addressing the use of Bitcoin for illegal activities through a combination of techniques, including tracing transactions on the blockchain, monitoring the use of exchanges, and pursuing individuals who use Bitcoin for illegal activities. International cooperation among law enforcement agencies has also been instrumental in investigating and prosecuting cases involving the use of Bitcoin for illegal activities.
Additionally, some countries have imposed regulations on Bitcoin exchanges to prevent illegal activities. For example, exchanges are required to comply with Anti-Money Laundering (AML) and Know Your Customer (KYC) regulations, which help to prevent the use of Bitcoin for illegal purposes.
However, it is worth noting that the use of Bitcoin for illegal activities is still a significant challenge and law enforcement agencies continue to adapt and develop new techniques to address this issue.

 

[Gamer01]

That is right but if you do your work honesty then you succeed in any field no matter what you can earn the respect which is more important than being the best in the market and that can keep healthy and active always indeed actually .

 

[Wisdom01]

Some years back it was believed that bitcoin and other crypto currency was used by unknown persons to sponsor terrorist activities, hence since the government have no real power over it, the highest they could do was place a ban on crypto currency.

Yeah I remember that they once placed a ban on cryptocurrency , they were really using it to sponsor terrorist and others , but I think many continue trading despite that though a lot of process

 

[Gamer01]

Yes they do and yes there is much hacking and cracking activities going in for which they demand to be paid in Crypto and all you can do is that you can be good enough if you can understand the processes .

 

[Wisdom01]

Some law enforcement agencies are still reviewing the policies they actually placed regarding Bitcoin ,some are reviewing the policies to a very strict kind of policies , they really do want to review things well I think

 

[Gamer01]

Definitely that is reasonable because you cant allow people to be scammed and affected by some mischievous users and that is why you should always note that you care about things and therefore you just adhere to specific standards for safety of the users actually indeed .

 

[gammarays]

The major disadvantage of crypto with Bitcoin inclusive is that it's difficult to trace. This made it a favorite means of exchange by people who break the law. So many crimes like terrorism, theft, kidnapping and others are fueled by crypto.

 

[Lens_]

Apparently, bitcoin has been accused to be used by terrorist to fund their insurgency. However ,.it has not been proven, but they knew that bitcoin has a decentralized feature and its transaction cannot be traced.

 

[Bigron]

Law enforcement officials are attempting to address this problem by trying to create regulatory structures and policies, strengthening surveillance and supervision, and employing tools for monitoring and investigating unlawful conduct. Bitcoin is being employed in many kinds of illicit operations, like money laundering.

 

[Emmanuel24]

Bitcoin and other crypto currencies have inherent nature which is decentralized system. This cannot be regulated or controlled except the system is banned or deleted. Bitcoin and other crypto currencies come to remove government authority over transaction but unfortunately some people take its advantages for criminal activities.

 

[Margery]

Since transactions in cryptocurrencies are not controlled by central authorities, they can be used for illegal activities such as money laundering, terrorist financing or drug purchases. This could lead governments to regulate the use of cryptocurrencies and impose restrictions on their use, which is contrary to their original ideas.

 

[Anagen]

Personally, it's just certain powers that be who are anti-BITCOIN that want to use this narrative of BITCOIN being used for illegal purposes. They can't see that for thousands of years FIAT has been used and is continuously being used for illicit activities, but no one wants to ban the debt-creating machine. Actually having transactions on an open-sourced ledger is much better because each transaction is recorded on the blockchain. You can funnel though FIAT everywhere without a trace.

 

[Margery]

Indeed, the issue of using cryptocurrencies, including Bitcoin, for illegal purposes is a frequently discussed topic. However, do not forget that many people use Bitcoin for legitimate purposes, including for investing or transferring money without intermediaries. Also, as you noted, FIAT is used for illegal purposes to the same extent, but this issue does not become a reason for the ban on the use of fiat currency. The blockchain technology that underpins Bitcoin and other cryptocurrencies can provide greater transparency and security than traditional financial systems.

 

[Riberet19]

Personally, it's just certain powers that be who are anti-BITCOIN that want to use this narrative of BITCOIN being used for illegal purposes. They can't see that for thousands of years FIAT has been used and is continuously being used for illicit activities, but no one wants to ban the debt-creating machine. Actually having transactions on an open-sourced ledger is much better because each transaction is recorded on the blockchain. You can funnel though FIAT everywhere without a trace.

I think that in the first line are the banks and governments that do not want such a transparent technology where all their corruption and financing of campaigns and political beach bars among others were discovered, they are not interested in the average citizen could see what they do with the public treasuries mostly collected from the taxes of the citizens, the Fiat is a cancer, but it will be very difficult to get rid of it.

 

[Lens_]

I think that in the first line are the banks and governments that do not want such a transparent technology where all their corruption and financing of campaigns and political beach bars among others were discovered, they are not interested in the average citizen could see what they do with the public treasuries mostly collected from the taxes of the citizens, the Fiat is a cancer, but it will be very difficult to get rid of it.

I agreed that the government do not want the existence of of Bitcoin because it is a decentralized digital currency that lack central control, but we must not shy away from the fact that bitcoin is used to perpetrate illegal activities because of its decentralized nature.

 

[Margery]

It should be noted that the blockchain technology on which bitcoin is based provides a high level of security and anonymity, but it also makes it more difficult to trace illegal activities. However, there are special technologies and tools that allow you to monitor and analyze transactions in order to detect illegal activities.

 

[Riberet19]

I agreed that the government do not want the existence of of Bitcoin because it is a decentralized digital currency that lack central control, but we must not shy away from the fact that bitcoin is used to perpetrate illegal activities because of its decentralized nature.

we can not deny that it is used for illicit activities, but think one thing, what is used more for illicit activities, Bitcoin or fiat money? especially cash money, I think the answer is clear, and the fact that they call Bitcoin a currency for criminals only suggests that the only thing they are trying to do is dirty their name.

 

[Margery]

we can not deny that it is used for illicit activities, but think one thing, what is used more for illicit activities, Bitcoin or fiat money? especially cash money, I think the answer is clear, and the fact that they call Bitcoin a currency for criminals only suggests that the only thing they are trying to do is dirty their name.

It is possible that both bitcoin and fiat money are being used for illegal activities. But it is worth noting that bitcoin, like other cryptocurrencies, has some unique features that may attract people involved in illegal business, such as anonymity, lack of centralized control and the ability to transfer money without the involvement of third parties. However, this does not mean that bitcoin and cryptocurrencies in general are intended only for illegal purposes. Many people and companies use them for legal transactions and investments. In any case, the legislation of countries should establish rules and regulations for all types of financial transactions, including for bitcoin and other cryptocurrencies.

 

[Riberet19]

It is possible that both bitcoin and fiat money are being used for illegal activities. But it is worth noting that bitcoin, like other cryptocurrencies, has some unique features that may attract people involved in illegal business, such as anonymity, lack of centralized control and the ability to transfer money without the involvement of third parties. However, this does not mean that bitcoin and cryptocurrencies in general are intended only for illegal purposes. Many people and companies use them for legal transactions and investments. In any case, the legislation of countries should establish rules and regulations for all types of financial transactions, including for bitcoin and other cryptocurrencies.

Yes but the fact is that I at least think that it is still not so used or used by so many people for illicit acts as fiat money really, besides Bitcoin is certainly not as good for this as some believe, that is, it is a totally transparent network and it is not very difficult to trace and identify an address and add it to a blacklist and even chase funds and issue orders for not to allow to exchange in most exchanges platforms these funds, but well these criminals could always use the P2P system to evade this.

 

[crypworld]

This is really a great concern because there is no solid solution for the governments and the officials concerned around the world to strictly monitor the progress of how bitcoins are routed for illegal-activities.
Sad to say, but this is one of the drawbacks of decentralized crypto platforms, where it paves the way for illegal bitcoin transactions. ​

 

[Margery]

Yes but the fact is that I at least think that it is still not so used or used by so many people for illicit acts as fiat money really, besides Bitcoin is certainly not as good for this as some believe, that is, it is a totally transparent network and it is not very difficult to trace and identify an address and add it to a blacklist and even chase funds and issue orders for not to allow to exchange in most exchanges platforms these funds, but well these criminals could always use the P2P system to evade this.

You are right, bitcoin and other cryptocurrencies can be used for illegal activities, but as you pointed out, fiat money can also be used for illegal purposes. However, from a security point of view, cryptocurrencies can pose risks, as their transactions are not necessarily associated with real user identities and they can be more difficult to trace. In any case, regulators and governments are constantly working to improve the system for monitoring and regulating cryptocurrencies in order to prevent illegal activities, and this work will continue in the future.