The Dark side of Cryptocurrency

[Quantum X]

We are so much delighted when we came to know this type of creation in technology since it helps us in many ways specially when you want to be anonymous. Crypto currency allowing us to make money in a passive way through investment, trading, and the last one is by promoting the project we like to be part of.

But are we aware the dark side of crypto currency? We might think about hacking, phishing sites, and scams. Yet these are just a skin-deep problem as far as my personal opinion is concern.

Have you heard about Dark Web? It is the place in the digital world where everyone is anonymous and so illegal activities like criminals use to traffic drugs, arms trafficking, stolen and counterfeit documents such as identities, credit cards and bank credentials,  hacking and technological crime services, including malware, distributed denial of service attacks, and hacking for hire. Child pornography, images of violence, and other types of abuse are in there.

Because of the use of bitcoin and other private cryptocurrencies the persons involve in these illegal transactions is hard to reveal the identities. The reason why Korean exchanges are delisting Monero since it has the infrastructure that protects the identity of the transaction of every user.

I am thinking if there is a way to stop them abusing crypto currency for their illegal matters. Any opinion?

[Churphans]

Bitcoin is a popular cryptocurrency but some people using it's in a illegal ways . Most of the people using cryptocurrencies in money laundering case , smaggling . But I think bitcoin is a good platform but people can abuse it .

[syedrasool2011]

Cryptocurrency still rules the software market till date. Yet like a coin has two sides, cryptocurrency too has a dark side.Cryptocurrency is a form of digital currency which has no physical form. It contains of a block which has all the transaction details and a chain which secures the block forming a blockchain. As the transaction goes on, a huge network of blockchains form. We have various currencies across the globe.

[Dociko]

Bitcoin is a popular cryptocurrency but some people using it's in a illegal ways . Most of the people using cryptocurrencies in money laundering case , smaggling . But I think bitcoin is a good platform but people can abuse it .

Bitcoin is a popular currency. It is possible to do a lot more transactions through Bitcoin. So there are many users all over the world. However, the administrations of some countries compare bitcoin transactions with money laundering. The economic situation of the governments of that country is not so easy. Bitcoin is used in all major countries of the world. Bitcoin will emerge in a new way in the next world.

[fgh]

I read a study that says people rarely use the dark web for illegal activities. Basically, people love anonymity and do not want excessive attention to their own personality. Does this mean they are doing something illegal? Of course not.

[trauchot]

Unfortunately, a lot of different scammers launder money through cryptocurrencies and there is nothing to be done about it, since scammers have already gained experience of fraud in other areas before the cryptocurrency sphere, and in the cryptocurrency sphere, it is even easier for them to do dirty business, but you should not pay attention to it because there are various organizations trying to fight with scammers.

[missbtc]

I think a lot more scammers launder money through fiat money than through cryptocurrencies.  Although in the future this problem may become more significant and states will have to learn how to deal with it.

[Zed0X]

Point 1 - Just so everyone understands, the dark web precedes bitcoin. With or without bitcoin, criminals will continue to use the dark web to trade illegal items. If you can claim there is a dark side to cryptocurrency, then you must acknowledge the dark side of fiat first because they have been using that for the longest time.

Point 2 - If the authorities are serious about bringing someone down, even the dark web or cryptocurrencies cannot save these criminals. Remember the infamous store "Silk Road"?

[Gurujebs]

There is always a bad side of every good thing, even when they don't exist, there are people in some other part of the world that will create it.
There are some cases where USDT tether confiscating user funds because they are tide to fraud and scams, making them accessible.
Since privacy coins aren't really regulated, there is little that can be done by federal agencies. They can't be track, that's why dark web keep using this coins for illegal purposes.
My little advice, stay away from privacy coins no matter how promising.

[edmundo]

There have been several calls from different sectors calling for the abolishment and disbandment of blockchain and cryptocurrency technologies owing to the dark side or negative effects of blockchain. Several people have alleged that it could be use as a way of laundering money and others have said it could be a source for terrorism funding. Above all, the advantages of blockchain technology outweighs its disadvantages.

[Fivestar4everMVP]

I want the op to think about something....

Before Bitcoin and every other cryptocurrency came into existence, all this crimes you mentions have been in existence, one thing i discover is that whatever good thing that is developed into this world must be abused in one way or the other... so criminals using crypto as a form of transaction to cover their identity is normal..Cars were invented and given to us to drive it carefully, but some of us abuse that by driving recklessly,and as a result, end up crashing the car and some unlucky ones loosing their life in the process,...this has not stopped people from buying cars and driving them the way they wish.

[Quart]

But are we aware the dark side of crypto currency? We might think about hacking, phishing sites, and scams.

We cannot say the dark side in crypto only based on them. Hacking, phishing sites, and scams don't only happen in crypto. They can happen in all digital fields. People just try to blame crypto industry for nonsense reasons. We should know that all the bad sides are a part of the digital world.

[sampoerna]

The dark side of cryptocurrency? Without crypto, there is a dark side of this world, the dark side of money, the dark web, and also many other dark things in this world. The problem is that we must be careful and also ready for any things that happen to them. but we also do not only focus on things.

[Quantum X]

But I think bitcoin is a good platform but people can abuse it .

This is the reason why I'm thinking if bitcoin will become a centralized asset I think there might have a chance to limit the the illegal motivation.

The dark side of cryptocurrency? Without crypto, there is a dark side of this world, the dark side of money, the dark web, and also many other dark things.

You are right. But as human we couldn't stop ourselves to think the possible solution to aproblem brought from a certain product not because the author intended it to happen but because of those individuals who are skilled enough to pervert the useful product into something unacceptable operation.

I want the op to think about something....

Before Bitcoin and every other cryptocurrency came into existence, all this crimes you mentions have been in existence, one thing i discover is that whatever good thing that is developed into this world must be abused in one way or the other... so criminals using crypto as a form of transaction to cover their identity is normal..

That is why I said this

I am thinking if there is a way to stop them abusing crypto currency for their illegal matters.

Above all, the advantages of blockchain technology outweighs its disadvantages.

Indeed! And I'm afraid nothing can disclose this matter.

My little advice, stay away from privacy coins no matter how promising.

I consider this as noble advice. Yet we can't deny the fact that a promising project is always a good choice and even I myself won't get rid of it since my entire intention is just to make profit. And besides who knows that you are participating in a project which could be useful for evil matters.

Point 1 - Just so everyone understands, the dark web precedes bitcoin. With or without bitcoin, criminals will continue to use the dark web to trade illegal items. If you can claim there is a dark side to cryptocurrency, then you must acknowledge the dark side of fiat first because they have been using that for the longest time.

Agree! Yet blockchain and cryptocurrencies make the dark web community safer and much easier to work on.

Point 2 - If the authorities are serious about bringing someone down, even the dark web or cryptocurrencies cannot save these criminals. Remember the infamous store "Silk Road"?

Well, the most sophisticated criminal market place in the internet. To be honest, I admire the creator of this web—
Ross Ulbricht. Because of his talent I can't get rid asking a question, what if he is related to Satoshi Nakamoto?

Basically, people love anonymity and do not want excessive attention to their own personality. Does this mean they are doing something illegal? Of course not.

Yeah! But doing that might leads to suspicious because of the idea that not all anonymous transactions are legal.

[Fenix]

Any useful invention can be used to harm people.  With a knife, you can cook food, or you can kill a person.  Cryptocurrency is a financial instrument in the hands of a person.  It depends on the person whether something will be used for good, or for harm.  Crime has always been, is and will be as a manifestation of the eternal confrontation between good and evil.  Therefore, you should not pay special attention to the fact that a certain number of people are using cryptocurrency for illegal purposes.  This is human nature and nothing can be done about it.