I am an advocate for Bitcoin and It pleases me to tell people about Bitcoin. But there are issues we need to attend to. Bitcoin was created as a means of payment, and some people are using it for that purpose. Unfortunately, this includes criminals.
Obviously, when Mr. Satoshi conceptualised the idea of blockchain he never would have thought that bitcoin might be used as money laundering stuff. When you say criminals use it, then I recall movies like Pablo Escobar, where millions of stashed into backyard only in our scenario it's in the form of bitcoin.
Honestly, I find it difficult to picture this. If that kinda money is in criminals hand then it's probably coming from higher authority, whose using a criminal for its devil use.
For example, a rich person who wants to buy drugs? may be a government official ordering group of criminals to end someone for internal politics and paying in bitcoin form ?
This could literally go on and we will never know whose exactly behind this. The flow of money has to be from normal rich people to criminals and not the other way round of course.
So it's thinkable, how you can manage the complexity of its use?
The rate at which criminals use Bitcoins to enhance their operation and make their footsteps sophisticated is just increasing! Haven't you heard that "Bitcoin is a scam"? This phrase only comes up because people have been seeing Bitcoin used for such purposes.
And who do you think call it scam? May be those who use it themselves for such reasons OR someone whose too down line and unable to buy a bit today due to its huge pricing. You never know what bad kinda politics is being played.
Yes, it could be just criminal using it, but my concern is from where does the money coming ? A criminal doesn't pay another one, actually guys with needs do.
Bitcoin is available to everyone, so how can we stop/reduce the misuse of cryptocurrency? Considering that KYC is not involved because I and some people prefer being discreet about our identity. So, how can we stop this, and I'd still have my secrecy? This is already rubbing dirt on us and needs to be attended to.
The KYC is for those services which includes trading, exchangers etc. If you just wanna send money from one wallet to another, or just want to hold then you are good to go without any KYC.
Of course you can option out for kyc anytime, I don't see any interference of criminals using the bitcoin and you doing your kyc out of thousands people over an exchanger.