Altcoins Talks - Cryptocurrency Forum
Cryptocurrency Ecosystem => Bitcoin Forum => Topic started by: Paglamon on May 23, 2020, 04:18:42 PM
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Bitcoin transactions linked to illicit activities are reportedly below 1% of the total transacted across the cryptocurrency’s network over the last few years. The figure is down from 35% in 2012.
The Libra Association has added three new members, including a government-owned investment vehicle. The other two members are cryptocurrency investment firms.
Cryptocurrency investors have been found to move toward altcoins during bull market cycles, and retrace back to BTC during bear market cycles. The data comes from top crypto exchange Coinbase.
Top stories in the Crypto Roundup today:
Bitcoin Transactions Linked to Illicit Activities Are Below 1% of Total, Elliptic Reveals
Libra Association Adds Three New Members
Crypto Investors Bet on Altcoins During Bull Runs, Coinbase Reveals
At the time of writing, bitcoin (BTC) is trading at $9,684.42 (0.69%) with a daily Top Tier volume of $7.63 bn. As for ether (ETH), it is trading at $201.05 (-0.45%) with a daily Top Tier volume of $1.34 bn.
Is not good situation for investors. What do you think?
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One percent doesn't seem like a lot, but considering the sheer amount of Bitcoin trading that is still a lot of money transferred for such activities, unfortunatelly, and it's a global issue. Only recently such a criminal group was caught in Australia. (https://theforexreview.com/2020/05/15/australian-police-arrrest-woman-for-3-million-dollar-bitcoin-fraud/)
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At the end of May, the present price of bitcoin was more than 9680 dollars, and ethereum 201 dollars. Today, bitcoin costs $ 9,124, and ethereum $ 226. Despite the drop in the price of bitcoin, the price of ethereum has risen well compared to it. With the introduction of improvements to Ethereum 2.0, this gap may widen even further.
Ethereum is still one of the most promising cryptocurrencies in terms of price growth.
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The ban by Bank Indonesia (BI) is aimed at perpetrators of technology-based financial services (financial technology) including e-commerce so as not to accept bitcoin.
Even virtual currency processing is also prohibited.
"In the context of the payment system, bitcoin is not a legal payment tool," Bank Indonesia Communication Department Head Agusman Zainal told BBC Indonesia
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Earlier, bitcoin was actually used for illegal purposes more often than now. Currently, there are many cryptocurrencies with a higher level of anonymity than bitcoin. Therefore, Monero, Dash, and others are used for illegal transactions. Bitcoin has only relative anonymity, and there have already been cases when law enforcement agencies monitored the owner of a bitcoin wallet and, as a result, established his identity.
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32% for illegal funds sent to various swiftlets from Bitcoin in my opinion is reasonable because Bitcoin is heavily hacked through third parties, namely shipping applications such as Exchange and Wallet.
Then if you look at the average for transactions with nearly hundreds of millions of USD for cases of theft through Bitcoin.
We can't stay away from hacking for Bitcoin but we can avoid it with caution when using apps.