Topic: Bitcoin completes value transmission, how to perfectly avoid criminal ？ (Read 401 times)

Yes, this can be true that criminals may have chosen Bitcoin or any cryptocurrency for the same purpose of hiding their tracks...in the past. Not anymore today because the criminals realized that there are now ways that can track them more if they use Bitcoin. Better be using the real cash, as no one is recording the transaction. This same argument against Bitcoin has been used so many times to discredit its use but already found to be unhinged. Let's clear this assumption once and for all.

with the change in the currency, at least it can minimize the crime that will occur such as cases of fraud, for example, besides that bitcoin can also be taken to travel anywhere like we want to go to a country, with digital currency this can be easier to reduce the crime that will happen to someone who wants to act maliciously against us, sometimes that's where digital currency is needed

Nothing do really surprises of when anytime people do really make out these kind of criticisms towards bitcoin about this manner without even trying to look back on how fiat is being used already for criminality
which they should realized and its true that everything does have its con's too and people are really way too focused about bitcoins flaws but we know that anonymity does really give out bigger role
or does really have positive functionality which most of the community do love it. When it comes to payment system then theres no doubt that bitcoin is really a great invention that had been
created towards this and also having its negative or con's is always attached to it.

here comes the excess of bitcoin with the original currency, when someone is about to commit a crime they have to think twice about doing it, because bitcoin doesn't look at all its basic form and criminals will not be suspicious at all what we have today, and it is not at all easily traceable and its security is also very tight to be cracked by irresponsible people

I don't want to get too off topic here since I have discussed this in many other threads - most recently here: https://bitcointalksearch.org/topic/2021-07-02-cnbc-bitcoin-mining-consumed-56-green-energy-in-june-quarter-5347865 - but bitcoin has far less of an environmental impact than portrayed in the media, and I would definitely argue that it is significantly less than banks once you consider all the bank branches, the servers, the computing power, the armored vehicles, the ATMs, the commuting employees, the fiat printers, the armored vehicles, and so on. If you consider the amount of wealth lost in a recession, and the amount of energy it required to produce that wealth, then the 2008 recession alone caused more damage to the environment than 500 years of bitcoin mining will - https://www.coindesk.com/whats-the-carbon-footprint-of-fiat-money. And we have a recession, what, every 5-10 years?

They are unlikely to care. If I call my local police department or even the FBI or IC3 and tell them someone is selling a scam altcoin on this forum, will they even look in to it? And even if they do and they discover that the scammer in question is based on the other side of the world, what are they realistically going to do about it? Unless the scam starts bringing in more than 7 figure sums of fiat, then they probably won't even look twice at it.

The way to reduce criminal actions in the Bitcoin community, will be to "self police" the activities done with Crypto currencies. If you see a possible crime.. report it to the authorities. Some "White hat" hackers are doing things like this already by just applying their knowledge and tipping off the authorities, when they spot a crime.

A lot of scams are doing the rounds.... just report them to the regulatory financial authorities and leave it to them to resolve it. DO NOT take the law into your own hands.. just observe and report it. 

Every scam or crime reported with Crypto currencies, will reduce the amount of people participating in these crimes and it will send out a strong message to the "wannabe" criminals out there that the community will not tolerate it. 

That's a quite wider topic to analyze. Yes, I agree with the money laundering & the investment risk, but Bitcoin mining is a different story that has never been seeing again historically. It's not a simple “energy-costly procedure” and in my opinion, it shouldn't be compared with the banks neither with any energy-wasting possession like Gold.


The mining of Bitcoin is a greedy game and even if it uses human's greed for the common good, I'd say that it can be really dangerous (& unethical). There is no standard energy required for extracting those 6.25 BTC every 10 minutes. It changes every 2016 blocks and by the technology that is being used for calculating those SHA256d results. At the moment, it uses 70.36 TWh per year, but that thing can change incredibly quickly.

The energy required could be considered as an analogous variable with the market value (of 1 BTC). If the market value increased, it'd be more profitable to spend more energy on mining, because you'd be earning more in exchange rate with fiat. So, by comparing Bitcoin with banks, you're comparing a non-globally adopted product with a globally adopted one.

If we assume that Bitcoin will be globally adopted in the future ($1M — $10M), you'll realize that Banks use much less energy than Bitcoin. It'll have environmental impact in the future, whether the majority of those hashes is being calculated by renewable energy sources or not. If Bitcoin wasn't a thing, these sources could be used to cover another impact, so Bitcoin, essentially affects indirectly the environment.

They know fine well that fiat is used in far more illicit transactions than bitcoin is. They don't care about the truth - they are only interested in disparaging bitcoin with clickbait headlines about how the only people who use bitcoin are drug dealers and terrorists.

It's the same for other aspects of bitcoin too. Bitcoin exchanges are laundering money! But don't pay attention to the fiat banks which have been laundering orders of magnitudes for more for decades. Bitcoin mining uses too much electricity! But don't pay attention to the environmental impact of the fiat system, banks, ATMs, armored cars, etc. Bitcoin is a risky investment! But don't pay attention to the fact that we've been rigging traditional markets against the average person for decades.

These kind of attacks will continue endlessly from the people who have the most to lose by bitcoin's growth and adoption. Thankfully most people seem to be able to see through them.

You cant really avoid those evil minded to use bitcoin to their criminal activities. As this decentralization and this type of anonymous transactions were the advantage for them to continue and upgrade their activities, authorities are also wiser to catch them as the technologies can now traced their informations, etc.

While innovations are being updated, some unusual activities related crypto transmissions were being found, too.

Exactly. They don't even need to find new ways! Like, you know.. they can juse use the US dollar or other local fiat currencies for illegal purposes, like people have always done since forever? It absolutely boggles my head how for some reason a lot of the Bitcoin critics think that illegal transactions hasn't existed before Bitcoin. 🤯

I deeply agree with your point that we can't stop planting because there are bugs in the land.

Bitcoin is used to do some illegal and criminal activities. It is not Bitcoin's fault, let alone that there is a problem with Bitcoin. No matter what is used as currency, there will always be such a problem, and it is good for us to treat it positively and correctly.

Of course, I also feel that the development of Bitcoin is more perfect. Some problems will also be solved, although I don't know what improvements will be made to Bitcoin in the future.

I have confidence. A good project must have a balanced ecology. This is the law of nature and does not depend on our will.

This is the crux of the matter. There is a great point made by Andreas Antonopoulos about exactly this. He essentially points out that drugs are the second largest commodity market in the world, behind food and drink, and have been for thousands of years. The defining feature of a currency is that it can be used to buy goods or services, and if you can't use your currency in the second largest market in the world, then it's not really a currency at all.

Any currency in the world, be it fiat or crypto, not only can and will be spent on illegal goods, but must be able to be spent on illegal goods, otherwise it is not a currency.

Preach! This is what we should be doing rather than obsessively focusing on the never ending negative side of bitcoin, I mean even if people were to prevent it from happening, people will find a way to trick each other again at a much better way.

Even fiat if abused will also have its disadvantages. It's also being used in illegal activities by criminals which only means that any currency by any form could possibly be used to commit crimes. Instead of looking at the negative side, I guess it would be better to enjoy the advantages that Bitcoin could offer. It could honestly provide us financial freedom if it will be adopted by most communities in the future.

You have this backwards. Bitcoin is generally a poor choice for most criminals. If I make a bitcoin transaction, then it is public knowledge that absolutely anyone in the world can look up and examine on a block explorer. If I make a cash transaction, then only me and the person I'm transacting with know about it. Cash is incredibly more private than bitcoin, which is why it remains the preferred option for most illegal activities.

I would wager that no one who is working on the development of bitcoin is doing so that criminals can use it or so that people can make profits from trading. They are working on it so it can continue to progress as a peer to peer, trustless currency. Anything else it is used for is simply a byproduct of that.

The opinion on this is settled that you cannot just differentiate Bitcoin and Fiat on the basis of who uses it for criminal activities. These are just talking points for those who don't want to accept Bitcoin and want to either pump their own bags or hope that something they propose will become the next bitcoin.

Another issue similar to this is about energy used by PoW.

Both of these issues are raised time and again to attack Bitcoin because it suits those with the power to print fiat, earn commissions on transactions and just manage money. Bitcoin threatens to make money managers obsolete. People can actually be in control of a sovereign currency that does not need to be backed by a state. The positive potential of this is enormous but nobody wants to talk about that as an option.

While its good that you are contemplating, why not contemplate on how Bitcoin and LN transactions will help a country of six million if all of them have a way to save/ spend money without the need to go to a bank branch and pay commissions/ fees to the bankers. How does financial education and financial literacy make better entrepreneurs and better savers out of people that most consider poor and incapable.

Those are the questions that the volunteer, self-policing group of people here at Bitcoin Forum intend to talk about and spread. It'd be great if you can divert your attentions too. Look forward to hearing your views on this.

Yes, fiat transaction can be anonymous unlike Bitcoin transaction that is not because of the blockchain which is available to the public. Although, while making use of fiat during electronic transfer, it is traceable but fiat transactions are not transparent because no open ledger (like the blockchain) is available to the public but yet in a way the governmental bodies can trace transactions. How will the paper money then be? It is completely anonymous transaction because it can be done in a way no one will know during cash transaction than the two parties involved. That is why terrorists, bandits and kidnappers prefer cash transactions because no footprint left to be traced.

I accept your opinion. This is also a great achievement for me in the forum. I am very grateful to you. In the future, I will search first, learn by myself, and then summarize my views.

In fact, after watching everyone’s recovery, another gain is that the fiat currency is more anonymous. Thank you for everyone’s replies.

That is not called a "disadvantage". Literary anything you can think of can be used for both legal and illegal activities. Your kitchen knife can be both used to peel fruits and a murder weapon but you never say that is the "disadvantage of kitchen knife"!

This FUD is actually 8 years old now and comes from the days when the Silk Road crap was all over the news overshadowing everything else bitcoin was providing. It's funny to see how it is being dusted off and presented again!

I have no idea what you mean by the network being closed but bitcoin is only banned in 4 or 5 countries out of 195 (2%) that is not called "many".

This has nothing to do with bitcoin.

maybe that's the advantage of bitcoin over real money, those who commit criminal acts through bitcoin will not be able to track their whereabouts. Sometimes I also think negatively that bitcoin is made by criminals so that they can carry out criminal transactions through bitcoin, and on the other hand I also think positively that good people make bitcoins so that everyone can have additional income from trading, mining and investing.