<…> 2. One of the downsides of crypto is that a corrupt politician can loot money and transfer the money to his bitcoin wallet and it'll become anonymous. So, it can be employed for money laundering without trace.
It’s not that simple, and he’d still need to know pretty well the ropes to be sure that it could not, at any point, be linked back to it. Even so, millions and millions worth have been stolen and moved around by corrupt governors so far, without leaving a trace, through fiat and gold, using diplotatic bags or whatnot, so it’s not like a (traceable and semi-anonymous) blockchain based solution would necessarily deem a better solution for them. 
Topic: Cryptocurrency - fiat currency - page 2. (Read 331 times)
As you mentioned it can be use everywhere, this include illegal activity and money laundering.
Illegal trading, goods, and services, account for several of the largest markets in the world. The illegal drug trade is the second largest market in the world, only behind the food and drink industry, at a value of $400-500 billion annually. If your money can't be spent on some of the most widely traded goods in the world, then its not really money.The question isn't "Can bitcoin can be used for illegal activities?" Not only is the answer yes, but the answer should be yes, because if it was no, that would mean that either bitcoin is censorable and controllable by a third party, such as a government or law enforcement agency, or it isn't really money at all. The question is "Does bitcoin encourage illegal activities?". I suspect you are going to struggle to find examples of drug dealers or criminals who would immediately stop their life of crime and become honest citizens if they could no longer user bitcoin and had to use cash instead.
As we all know cryptocurrencies are basically a digital form of currency which can also be referred to as alternate currency.
1.Cryptocurrencies are simply digital currencies and they are not alternate currency. We have altcoin which are digital currencies other than bitcoin.
2. One of the downsides of crypto is that a corrupt politician can loot money and transfer the money to his bitcoin wallet and it'll become anonymous. So, it can be employed for money laundering without trace.
As we know every action have a reaction. Crypto currencies is a wider revolution for world economy. On the other hand we can't imagine world now without fiat currency. We don't know in future if all the countries crate their own native digital cryptocurrency. There is some advantage and disadvantages on both currencies fiat and crypto. Cryptocurrency doesn't mean they are decentralized by default. But for bitcoin is different from others since still it isn't controlled by any organization and we don't know who is the creator except imagination. But other currency have team and organization so they are semi decentralized in my opinion. Most advantage for cryptocurrency is we are our own bank. We do not need to keep our money to third party where fiat money is fully centralized and have to use bank to keep money. We can't ignore corruption on both currency, still there is happening.
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1. Decentralization - Cryptocurrencies are decentralized which means there are no government authorities that decide the rules. Apart from that, any fluctuations in the government policies don’t affect the cryptocurrencies and their market.
Decentralization is not just about "no government authorities". Have you heard of locked tokens or the entire network stopped by the developers? It's also not true that government policies do not affect the cryptocurrency market. The market almost always reacts when there are news about government legalization, bans or other form of restrictions.
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2. Secured transaction - The transactions of major cryptocurrencies are secured by blockchain technology which is a digital ledger or records, virtually impregnable by attackers. The system is so complex that the attacker has to perform multiple attacks on multiple devices at once.
The system may be complex but that's not enough basis that it is safe from attacks.- https://cointelegraph.com/news/ethereum-classic-51-attack-the-reality-of-proof-of-work
- https://cointelegraph.com/news/bitcoin-gold-blockchain-hit-by-51-attack-leading-to-70k-double-spend
- https://www.coindesk.com/the-vertcoin-cryptocurrency-just-got-51-attacked-again
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4. True currencies – Cryptocurrencies employ security measures to protect their integrity and the security of the users. Unlike FIAT currencies cryptocurrencies cannot be corrupted because of the decentralization and security of the crypto coin. And as these cryptocurrencies are in digital form, it is next to impossible to duplicate them, unlike FIAT currencies.
How about duplicating through forking?Quote
5. Cryptocurrencies can be used everywhere - Nowadays cryptocurrencies have been adopted by many stores and businesses and are accepted in major places. Some businesses have strictly made their fund transactions via cryptocurrencies to ensure security and complete outcome.
Not yet.
Countries where Bitcoin and other cryptocurrencies are legal and illegal as a payment method
- https://www.investopedia.com/articles/forex/041515/countries-where-bitcoin-legal-illegal.asp
- https://en.wikipedia.org/wiki/Legality_of_bitcoin_by_country_or_territory
1. Cryptocurrencies are decentralized. Bitcoin is decentralized. Not because something is a cryptocurrency it doesn't automatically mean it's decentralized.
3. Cryptocurrencies can be corrupted. Name another cryptocurrency besides Bitcoin that's actually decentralized.
A downside, but it doesn't really matter. People have been doing money laundering using the US Dollar since who the heck knows when.
3. Cryptocurrencies can be corrupted. Name another cryptocurrency besides Bitcoin that's actually decentralized.
However, cryptocurrencies have also side a negative downside. As you mentioned it can be use everywhere, this include illegal activity and money laundering. Yes the accesibility and no hassle service of cryptocurrency is good, but this is also why its so vulnerable and easily can be used to such mentioned wrong doings.
A downside, but it doesn't really matter. People have been doing money laundering using the US Dollar since who the heck knows when.
5. Cryptocurrencies can be used everywhere - Nowadays cryptocurrencies have been adopted by many stores and businesses and are accepted in major places. Some businesses have strictly made their fund transactions via cryptocurrencies to ensure security and complete outcome.
I observed since then the adoption of BTC and even cryptocurrencies to various industry and I can say that this is a major leap in terms of development and innovation. However, cryptocurrencies have also side a negative downside. As you mentioned it can be use everywhere, this include illegal activity and money laundering. Yes the accesibility and no hassle service of cryptocurrency is good, but this is also why its so vulnerable and easily can be used to such mentioned wrong doings.Check this how crypto been used to such crime.
[1]https://www.technologyreview.com/2020/01/16/130843/cryptocurrency-money-laundering-exchanges
[2]https://cointelegraph.com/news/dutch-authorities-arrest-two-men-for-alleged-crypto-money-laundering
So even cryptocurrency have downside, thats why authority are so strict about this speculative commodities.
As we all know cryptocurrencies are basically a digital form of currency which can also be referred to as alternate currency. These digital currencies employ strong cryptographic encryption that can ensure a secure module of transactions. There are many investors that put money into cryptocurrencies with the intention of reeling in profit. Investors buy these cryptocurrencies through exchange platforms for normal or FIAT currencies. Many investors claim that cryptocurrencies are much more beneficial than FIAT currencies. These claims can be true since the cryptocurrencies provide more perks where FIAT currencies are just beneficial when you own it.
Here are the reason why we can consider cryptocurrency as more intersting compared to fiat currency:
1. Decentralization - Cryptocurrencies are decentralized which means there are no government authorities that decide the rules. Apart from that, any fluctuations in the government policies don’t affect the cryptocurrencies and their market.
2. Secured transaction - The transactions of major cryptocurrencies are secured by blockchain technology which is a digital ledger or records, virtually impregnable by attackers. The system is so complex that the attacker has to perform multiple attacks on multiple devices at once.
3. Lower transaction fees - most of the transactions including cryptocurrency has its transaction fees but it's still okay because it is not that high, the transaction fees of many cryptocurrencies are low considering you may be transferring millions of dollars worth of cryptocurrencies.
4. True currencies – Cryptocurrencies employ security measures to protect their integrity and the security of the users. Unlike FIAT currencies cryptocurrencies cannot be corrupted because of the decentralization and security of the crypto coin. And as these cryptocurrencies are in digital form, it is next to impossible to duplicate them, unlike FIAT currencies.
5. Cryptocurrencies can be used everywhere - Nowadays cryptocurrencies have been adopted by many stores and businesses and are accepted in major places. Some businesses have strictly made their fund transactions via cryptocurrencies to ensure security and complete outcome.
Source: https://gem.co/crypto-101/what-is-fiat-money/
1. Decentralization - Cryptocurrencies are decentralized which means there are no government authorities that decide the rules. Apart from that, any fluctuations in the government policies don’t affect the cryptocurrencies and their market.
2. Secured transaction - The transactions of major cryptocurrencies are secured by blockchain technology which is a digital ledger or records, virtually impregnable by attackers. The system is so complex that the attacker has to perform multiple attacks on multiple devices at once.
3. Lower transaction fees - most of the transactions including cryptocurrency has its transaction fees but it's still okay because it is not that high, the transaction fees of many cryptocurrencies are low considering you may be transferring millions of dollars worth of cryptocurrencies.
4. True currencies – Cryptocurrencies employ security measures to protect their integrity and the security of the users. Unlike FIAT currencies cryptocurrencies cannot be corrupted because of the decentralization and security of the crypto coin. And as these cryptocurrencies are in digital form, it is next to impossible to duplicate them, unlike FIAT currencies.
5. Cryptocurrencies can be used everywhere - Nowadays cryptocurrencies have been adopted by many stores and businesses and are accepted in major places. Some businesses have strictly made their fund transactions via cryptocurrencies to ensure security and complete outcome.
Source: https://gem.co/crypto-101/what-is-fiat-money/
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