Bitcoin and Illegal Activities

[emmybd]

Bitcoin, the most popular cryptocurrency, is often considered to be a potential barrier breaker of the world's traditional finance. Comprising the largest cryptocurrency market share, Bitcoin nowadays is also facing the challenges of proper rules and regulations. As a result, criminals are using Bitcoin in their illegal activities, and it is being used as a source of funding in various dangerous criminal activities.

According to a review of financial studies that was published in 2018, among the total transactions of Bitcoin, 46 per cent are used for illegal activities every year, and the estimated cost is $76 billion. This amount is the same as the scale of the illegal drugs in the European and US markets. This study also suggests that Bitcoin conducts transformations of black markets as it is helping the black market to enable "black e-commerce".

In conclusion, it can be said that criminals will use Bitcoin continuously for their various illicit purposes. It is because this thing happens with all the assets. But it can be controlled by strong tracking and ensuring strict rules and regulations.

[vitek146]

The issue of the legality of using digital currencies is important for several reasons. Illegal activities alienate potential legitimate investors from investing in this marke, also, the suspicion of illegal activity has led some governments to prohibit or limit the use of these currencies, which prevents market growth and  that the lack of regulation in this market may by itself support the growth of illegal activities such as “black e-commerce” and financing of terrorist organizations.

[Tunir Baap]

I did a post about this and in that post I saw that a lot of criminal activities are being created around Bitcoin.  One of the criminal acts is gambling. Many unscrupulous people are currently gambling through bitcoin.

[TomPluz]

That figure can be based in 2018 but right now -- according to what I heard in a discussion video -- the rate of illegal activities using Bitcoin is now down to miniscule 1% of the total transactions. And this can be because many of those in illegal trades are realizing that there is actually transparency in the whole Bitcoin network as all transactions are recorded for posterity -- meaning it is there forever protected by the blockchain technology. And there is actually no such thing as 100% anonymity here.

[trauchot]

There is nothing to be done, unfortunately in the cryptocurrency sphere a lot of scammers launder their money and especially very often money are laundered through bitcoin, of course there are organizations that are trying to catch scammers who do this, but it is impossible to catch everyone, but I think in the future there will be even more different organizations that will catch scammers in the cryptocurrency field.

[Altcoin1998$]

Undoubtedly Bitcoin is a popular platform but there are some exceptional aspects of this popular platform that people are using for bad.  The most forbidden function of Bitcoin is that it is used for criminal purposes.  The payments that are made for the success of various killing missions are mainly traded through Bitcoin.

[Hamida]

It depends who do you use this coin for what. If we just trader or investor, I think ait is not illegal activities. But we all know , bitcoin also has been misused for illegal activities.

[aiviaa485]

This suspicious activity must always be in the digital or real world, so it's not just Bitcoin that is suspicious.
I see there are also many other than Bitcoin that have a very large value for money laundering, for example, coins from Monero.

But I see for now Bitcoin is indeed safe by me and Bitcoin in my opinion and my surroundings are still in the assessment stage of each individual.

[Msweet]

Many illegal activities take place through this bitcoin.  Because these gift coins can be exchanged completely privately.  This means there are no documents to exchange.  Which allows thousands of dollars to be easily transferred from one place to another.

[labonikhatun]

Not only in the case of bitcoin but also in other currencies its illegal activity is much less because it is not supported by the government if bitcoin becomes a digital asset all over the world its illicit activity will increase. Criminals will choose bitcoin to commit crimes in the case of crypto it will be a little less many people do not have enough knowledge about crypto.

[Cristiano]

I did a post about this and in that post I saw that a lot of criminal activities are being created around Bitcoin.  One of the criminal acts is gambling. Many unscrupulous people are currently gambling through bitcoin.

You are right, I agree with you.  Currently, many corrupt and immoral acts are done through Bitcoin.  If you do corrupt things through bitcoin, no one will understand who did the work and how.  The main reason why many countries have already outlawed Bitcoin is because they think that if Bitcoin is legalized, it will be the most immoral and abusive act.

[raisajahan]

Now a days bitcoin legally accepted few countries as a payment gate also accepted by the people

[Goblin]

Bitcoin has been legalized in many countries around the world.  Countries that have legalized bitcoin are leaning towards development.  More than 40,000 stores in Australia already support cryptocurrency.  Transactions are done through cryptocurrencies. I think in the next few years, cryptocurrencies will change the world. And transactions will be done through cryptocurrencies all over the world.

[pacar_tiri]

Bitcoin, the most popular cryptocurrency, is often considered to be a potential barrier breaker of the world's traditional finance. Comprising the largest cryptocurrency market share, Bitcoin nowadays is also facing the challenges of proper rules and regulations. As a result, criminals are using Bitcoin in their illegal activities, and it is being used as a source of funding in various dangerous criminal activities.

According to a review of financial studies that was published in 2018, among the total transactions of Bitcoin, 46 per cent are used for illegal activities every year, and the estimated cost is $76 billion. This amount is the same as the scale of the illegal drugs in the European and US markets. This study also suggests that Bitcoin conducts transformations of black markets as it is helping the black market to enable "black e-commerce".

In conclusion, it can be said that criminals will use Bitcoin continuously for their various illicit purposes. It is because this thing happens with all the assets. But it can be controlled by strong tracking and ensuring strict rules and regulations.

Maybe. Several people will misused bitcoin for illegal activities. We must be careful bro.

[ashraf786100]

The legality of using digital currencies is important for a number of reasons. Illegal activities deter potential legitimate investors from investing in this mark, suspicions of illegal activity have forced some governments to ban or restrict the use of these currencies.