Crypto is a poor form of money for terrorists. - page 5.

Snyderfx2

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Quote from: enogheghase123 on September 12, 2018, 04:00:05 PM

the terrorist organisations uses fiat currency too, so crypto shouldnt been seen as an aid to terrorrism, terrorism has been here, long before cryptocurrencies came into being, and they have also been funded before crypto was invented.

Of course most individuals and groups in government and other organizations point out that crypto can aid terrorism by allowing them to hide there money using the blockchain network and bitcoin and other crypto wallets but majority of criminal organizations are using fiat money without any problem at the moment and governments has failed to stop them permanently so I don't see any fact why crypto should be blamed regarding this matter

Sithawaka

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There are no proper and solid evidence to prove that today terrorist organizations are using cryptocurrencies to do there dirty work and even with or without cryptocurencies they will be doing the same cruel things but this topic was often discussed due to the decentralized nature of bitcoin and other digital assets because unlike fiat transactions no governments or centralized organization can track there transactions to confiscate black money

ufalo3

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Quote from: haidil on October 18, 2018, 09:22:38 PM

I think this is the main reason why the government rejects bitcoin because they are worried about the misuse of bitcoin being used in crime and terrorism

The statistic says that less than 1-2% of these terrorists use the cryptocurrencies. That is why no one can refuse from using the cryptos as they are not for the criminal purposes only.

taliwang

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I have heard this issue, he said these terrorists use cryptocurrency for funding and are used for transactions between countries because the cryptocurrency can be sent from anywhere without the government being able to control and when making withdrawals I am sure they will use a clean identity or also want to use fake identity to give the effect of administrators at the exchange place so that they can withdraw funds.

qiman

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I think mainly rogue regimes like NORTH KOREA are really into the crypto currency and Bitcoin farming through hacking and stealing from exchanges etc. Other kinds of smaller terrorist organizations probably do not have where to spend the currency in their home countries which have poor infrastructures in this field. I think once more and more countries adopt blockchain and can move around money freely through these crypto currencies and Bitcoin, then maybe some terrorists will decide to use Bitcoin for illegal purposes. I still think for now though that it is less likely.

bryant.coleman

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In the past, there were isolated incidents of terrorists trying to get funding in the form of crypto. But things didn't worked out for them, as the intelligence agencies arrested those who were behind this. And then, obviously there are logistical issues such as obtaining weapons and equipment in exchange of BTC.

PalindromemordnilaP

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In lieu with the fiat currencies, terrorist can easily purchase weapons without them carrying bag full of cash and in danger of being caught up. This is what the reason why some countries like France declared a total ban of cryptos to offset terrorism activities and will somehow enforce their country's security against it.

haidil

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I think this is the main reason why the government rejects bitcoin because they are worried about the misuse of bitcoin being used in crime and terrorism

EllieBasti05

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But they can use their money to invest in cryptocurrency using other people. They can hire a man or a woman with a great knowledge in blockchain technology. Remember terorrist are being funded by someone who is being greedy just to get more money.

They can buy more computers and hire elite hackers for crypto currency. Uses poor people in exchange of their money to work for them. They can adopt technology because of money they have. But it depends on them because cryptocurrency can be easily traced and can monitor them if it is use for illegal transactions.

biskitop

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some terrorists do have to use cash for their transactions. but it is not impossible with crypto anonymity, they will switch to crypto to make transactions.

LeGaulois

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Top Crypto Casino

A poor is just a little exaggerated from the author. It's simply that they have no use of it. They make money with dollars and have dollars to use. Why should they bother to convert it. The same for you if you are paid in dollars. Why should you convert it to the SecondLife currency if you have no use of it (no merchants use it, no bill can be paid with,...). I can also take as an example, Zimbabwe dollars, oil, aluminum,...

yoseph

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Quote from: Shreek on October 15, 2018, 12:02:15 AM

Cryptocurrency users are the largest in the United States, and if I digest your statement, cryptocurrency is the currency used by terrorists to buy goods, then why are you cornering Muslims, and you don't discuss why US has many cryptocurrency users, and why is bitcoin born from Japan?
if the cryptocurrency is really used by terrorists, it means that the country with the largest volume of transactions is likely to have terrorists who are transacting too

If the USA have no control on the the people who uses cryptosmandatory what they are being used for, I think they would have banned it already without giving a second thought about its benefits, that's why regulations are in place to curb the use of cryptocurrencies for terrorist activities.

kvipcn

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Enough of the comparison of crypto to terrorist activities. These kind of activities existed before the creation and the use of physical fiat. People needs to understand before spreading speculations about things they have little knowledge about. If you don't believe in the ideas behind cryptocurrency why join the community? I'm sick and tired of this kind of false speculations.

Nnedaddy1

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It is alleged that most criminal activities such as money laundering, drug trafficking, terror sponsorship are carried out using cryptocurrency.
I understand this is so because it makes it convenient and easy, considering the fact that the funds will never be traced to them.

tarable

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Quote from: Qurelal on October 14, 2018, 09:17:28 PM

This is the main drawback of Bitcoin. I agree that state regulation is necessary. We ourselves give opportunities to be invisible to scammers and criminals.

actually the government regulation is needed, in order to maintain security in bitcoin transactions. the problem is that there are some bitcoin users who are evil and some are not. so sometimes those who do evil are very detrimental to many bitcoin users. especially if there are terrorists.

Shresherya

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As we all know that crypto is digitalized market it is true that the terrorist never makes their purchase with cryptocurrency because everything is online based so it is not help them and the security of crypto world is far better than real currency market.

Shreek

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IDENA.IO - Proof-Of-Person Blockchain

Cryptocurrency users are the largest in the United States, and if I digest your statement, cryptocurrency is the currency used by terrorists to buy goods, then why are you cornering Muslims, and you don't discuss why US has many cryptocurrency users, and why is bitcoin born from Japan?
if the cryptocurrency is really used by terrorists, it means that the country with the largest volume of transactions is likely to have terrorists who are transacting too

authpaperICO

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This account and project has ended and deleted

Even without bitcoin, terrorists still get funded by other means. Cool hard cash is always the best way for bad guys to transfer money without government notice.
Bitcoin does not provide another layer of anonymous protection, because once investigators know your account, they can always get back all transaction history via blockexplorer.
I think the biggest reason why bad guys use bitcoin / or any cryptocurrencies is that the coins never collapse and allow cross-country network transfer. This unfortunately is the very reason why bitcoin is better than any other currencies.
It is not that bitcoin is helping the bad guys, it is just bitcoin system better serves their needs than USD.
What we should really consider is how to do anti-money laundering on bitcoin without harming its nature of decentralization. But that's really very hard.

BQ

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CoinMetro - the future of exchanges

monero for example is used a lot in illegal transactions, but the entire criminality business in the world is still of course ran by fiat money. crypto leaves people in control of their own money, as should be..

Qurelal

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This is the main drawback of Bitcoin. I agree that state regulation is necessary. We ourselves give opportunities to be invisible to scammers and criminals.

Topic: Crypto is a poor form of money for terrorists. - page 5. (Read 2124 times)