The Dark side of Cryptocurrency

[emmybd]

Nowadays, cryptocurrency is a well-known transaction system. By using cryptocurrency, one can easily transfer money at a low cost. One can make private transactions. By doing some small tasks, one can also earn cryptocurrencies.

But there are some dark sides of cryptocurrencies. Unfortunately, some people are using cryptocurrencies for illegal activities. Criminals are using cryptocurrencies for kidnapping, ransomware, and terrorism in the darknet marketplaces. Even cryptocurrencies are being used for drug dealings, child pornography, and even for murder on the dark web. Seizing this opportunity, hackers are also hacking cryptocurrency system and stealing a lot of money. Some people have been using cryptocurrencies for laundering dirty money, scamming and so on.

Cryptocurrencies are very useful and breathtaking for all of us, but we also can not deny it's dark sides.

[tervel]

Around the world, cryptocurrencies have taken the traditional financial system by storm, offering people different ways to invest, earn and trade money using blockchain technology. But increasingly, they’re also being used to commit fraud and fund criminal activity.

[Istiak]

The dark web existed even before cryptocurrency created. So in that time how they made deals in the Dark web. And there are probably very few people from the dark web use crypto for making payments. Arms dealers and other criminals use not only crypto but also fiat in their way. So it's just to de-frame crypto.

[Jentot]

This is true, in dark web they are using bitcoin as a payment for doing illegal. I had read and watch documentary how they use bitcoin in paying for killing and torturing someone in front of the live camera. If im not mistaking it called Red room.

[tervel]

Yes it is. Darknet was officially launched 20 years ago, on March 20, 2000 with the release of “Freenet“: a peer-to-peer, decentralised network, designed to make it less vulnerable to attack and snooping by authorities and states.

[gotbounty]

Besides having many positive sides, this crypto has negative sides. Where many illegal transactions are taking place. For example, for payment of things that are strictly prohibited. And also bad business. This is what makes many countries hesitate to formalize and accept Crypto.

[Andruha1993]

I heard about it that cryptocurrency is used not for something special and important, but for illegal affairs. And I think it will be difficult to do something about it. But I have a hope that all illegal actions with cryptocurrency will end.

[Paglamon]

Bitcoin is a popular currency around the world, but many people use Bitcoin as a legal tender. Again many people use Bitcoin as illegal.

[Gubre]

It is not bitcoin who made it but the people who are those seeking something that can help them for their bad intention.  Bitcoin turn into a tool but it is illogical to think that bitcoin has a dark side.  That is not what bitcoin for hat is a man made ways to fulfil their greediness.

[Lanirex]

Cryptocurrency is very prone to fraud, hacking hat pishing. But it should have been aware of the beginning, because this cryptocurrency is to use the internet network or can be said it is always online. Therefore we have to anticipate it as much as possible so we do not enter the chairman of the fraud and the hacker, which is definitely this cryptocurrency has a bright future and the people in it have the potential to benefit greatly.

[bigcash2011]

As with all kinds of innovations and new products, bad guys will always be able to find their use cases out of them, similarly some bad guys are using crypto for the bad things called dark web, I hope there will be a way in the future to stop them.

[sugarchrisp]

many people still launder large amounts of money without using cryptocurrencies and the government is weak to fight this,you just need to spend more time on the development of people and form immunity to fraud!

[debra]

Phishing or fake site is a part of crypto space. Also, we know that many scammers ask for money in various ways. We must know about this, so we cannot be trapped by the scammers. We need to learn about the dark side of cryptocurrency as well. It will be very helpful to make us be more selective and careful.

[Octoalts]

The dark side of cryptocurrency is especially dangerous for beginners here, because otut can cause regret and sadness.  Therefore enough experience and good communication are needed between fellow Cryptocurrency players, so that we don't get trapped by scammers!

[Rubel007]

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?

Yes if in anyway stop them abusing crypto currency for their illegal matters, cryptocurrency will be legal everywhere like Bank , school, Hospital, shopping mall, stock exchange, airport, local transport even people pay their electric bill by cryptocurrency . We will use it in legal way it's our wish .