The Dark side of Cryptocurrency

[Ghozrd]

Being an Anonymous user in crypto transactions is someone's choice, therefore if I want to invest and trade crypto, I would choose a centralized exchange like binance, although binance exchanges have DEX, sometimes we will see centralized exchanges have a bigger volume, this is an option .
Nothing can stop fraud in crypto, I think we just need to be careful, because no crypto police or legal entity can handle this case of fraud if the user is Anonymous.
it's better to make transactions on a trusted exchange or choose a trusted online shop that accepts payments using crypto, to avoid fraud

[vitek146]

The Dark side of Cryptocurrency is that a lot of shadow money can be spinning here without any tracking, which gives opportunities for many scammers to transfer large amounts of money and withdraw cash out of the law without any obstacles and problems. Also, these are large armies of hackers who consistently show everyone that do not underestimate them and reckon with them, no one can escape from them, but it is a cryptocurrency exchange or a government site or body. Over the past 10 years, hackers have stolen more than 70 billion dollars, so this is the dark and shadow side of cryptocurrencies that makes a lot of money and you are always in danger.

[Zed0X]

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

There is no clear evidence that bitcoin and privacy coins made their operation/s easier. I can also assume that authorities have been watching them for a long time but wouldn't bust them yet because many of them are small time criminals. IIRC, two other big time illegal drug store on the deep web were busted after 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?

I fink that a weird hypothesis but who knows? I just don't think someone like Satoshi would need to sell for bitcoins when he already has a lot of them.

[Carbitcoin]

You can name different possibilities of manipulation and abuse of cryptocurrencies, ranging from illegal trade in prohibited goods, up to receiving bribes, but first of all, we should not think about criminals, but ordinary people who can protect their savings with the help of cryptocurrency, and can actually receive better services in everyday life. In addition, if governments have the ability to manipulate and deceive their citizens with fiat money, then people will seek protection in the cryptocurrency market.

[saprakib]

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?

You have described really well about the dark side of crypto .I think everything have advantages and disadvantages as well .If you think about fiat it also has a risky use you can use it for any crime secretly but we need to think about usefulness .It is a platform you can use easily and lots of using on blockchain .So mate i think it is better to use it on right way we need to care ourself and don't appear on any crime with it .

[tervel]

Although cryptocurrencies are very secure, exchanges are not that secure. Most exchanges store the wallet data of users. This data can be stolen by hackers, giving them access to a lot of accounts. Most exchanges are highly secure nowadays, but there is always a potential for another hack.

[masterrex]

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?

IMHO, I think its part of the system and we cant do anything about it. As a private citizens our capacity and capability to stop this illegal activities in the dark web is very limited, But our respective governments has a capacity to do that, Like what South Korea has doing the government has the power to order those exchange to delist those privacy focus cryptocurrencies like Monero, Zcash etc that quite hard to tract the illegal transactions using the said cryptocurrencies.

[Quantum X]

There is no clear evidence that bitcoin and privacy coins made their operation/s easier.

Indeed. Yet the comfort of blockchain is more than enough to ease their worries and the security they have from it is a shrine of blessing to their evil concerns.

I fink that a weird hypothesis but who knows? I just don't think someone like Satoshi would need to sell for bitcoins when he already has a lot of them.

What clears for me is that only miracle has zero possibilities in human conception with those guys brilliant guys. And that is why I can say that this is an open-ended possibility.

IMHO, I think its part of the system and we cant do anything about it. As a private citizens our capacity and capability to stop this illegal activities in the dark web is very limited, But our respective governments has a capacity to do that, Like what South Korea has doing the government has the power to order those exchange to delist those privacy focus cryptocurrencies like Monero, Zcash etc that quite hard to tract the illegal transactions using the said cryptocurrencies.

No doubt, common people is limited or even powerless in such case and our participation can only seen through our trust in the authorities. Yet even them is limited and can be more powerless when money can make them quiet.

You have described really well about the dark side of crypto .I think everything have advantages and disadvantages as well .

Thanks mate! You're right about advantages and disadvantages

So mate i think it is better to use it on right way we need to care ourself and don't appear on any crime with it .

Well to us this is agreeable but not to some who always want more without considering the way to choose.

[KKH84]

Wherever, no matter in the real world or cyberspace, there will always be an opening to commit crimes.  But to minimize crime, I think time will tell.  Nothing can prevent people from misusing their crypto, because each individual's personality is different "the more sophisticated the security system the more sophisticated the virus will be made"

[gourav787]

Every platform have their postive and negetive use , same as well bitcoin also . Bitcoin are used for illegal activities  as well used by terrasist activities also.  On other hand bitcoin is really perfect coin for generate good income as well .

[zulfi125]

As you know bad people are everywhere and from start to now most the hacker using cryptocurrency and misusing the funds because most of the cryptocurrency is decentralized and they can't be caught for stolen funds of peoples, so all hacker is using the dark web and dealing with cryptocurrency there is not using any other currency except Cryptocurrency.

[Quantum X]

Every platform have their postive and negetive use , same as well bitcoin also . Bitcoin are used for illegal activities  as well used by terrasist activities also.  On other hand bitcoin is really perfect coin for generate good income as well .

Well good sides are given and that is actually the very helping tool of those people who does not want to leave something traceable that can lead the authorities to there actual locations.

[Rafiq]

Be negative in contrast to every positive action; As Bitcoin is a popular decentralized cryptocurrency, it is being used for good as well as bad purposes. Bitcoin is being used in various black markets, especially smuggling and money laundering. Being a decentralized cryptocurrency, Bitcoin has the advantage of being used on the black market, as there is no transaction information.

[ayatoslaw]

Almost all cryptocurrency enthusiasts know this, and are not surprised that this is what other payment systems don't have. The decentralized system is the main reason many people choose bitcoin over Fiat.
Monero is the pioneer of the privacy coin, and if any country removes monero it is fine, because as long as there are many communities that support monero, then there's no need to worry about it.

[Delgboke]

Cryptocurrency and its dark side is mostly the breaking through of illegal transaction of people that want to arcguire crypto by all means I think this issue has made a lot of think that crypto is not save to invest on but it's also occure in our mind not to store our crypto assets in an exchange because these are the major reason people coins are been hacked.