Topic: do you know about improper use of bitcoin? - page 6. (Read 1756 times)
Bitcoin is as any other currency.
With bitcoin improper usage is possible, but the same was not found big same as the past. In the past bitcoin was used much on illegal activities and for money laundering, which later got turned to be an potential investment with the growth attained in less than ten years time.
I even doubt that in past bitcoin was uses as for illegal activity, bitcoin is in fact a new emerging crypto currency and still majority of people do not know about it, therefore i do not think that in past bitcoin will ever be use for some illegal activities. Even in future i am not expecting that there are chances to use bitcoin for any illegal activity.
Improper used of bitcoin happened when some people abused its benefits of having anonymous transactions and using it in illegal activities which could threaten or harm other person like using it in money laundering,buying drugs,scams, or anything that could deprived the right of others in using bitcoin.
Well Bitcoin was founded on improper use. I mean when it started it was a haven essentially for drug lords and dealers who basically wanted to stay anonymous and used this pseudo-anonymous currency to do so. At the time people weren't aware of how to track the blockchain and mixers were good enough tools to provide much more relative safety to transacting in fiat either digital or in person. The bottom line is it is unfortunate how Bitcoin started, but there is nothing we can do to change that and must simply move forward making it better and better and with more uses cases than just drugs, weapons, and other illegal activity it is still known as.
The logic is this when we are using fiat money, we had the freedom to use with proper and improper use. But as a law abiding citizen we had to use it the right way, this also applies with bitcoin. Criminals are looking a way to keep their deals alive by making new trends and using different monetary such as bitcoin. Bitcoin has been known to be used in the dark marketplace before just to add that to the people who doesn't care and know about it.
It is a fact that bitcoin was used before in the deepweb, it was the currency used by criminals, since it can be exchanged into fiat, and they are taking advantage of the anonymity that bitcoin has. There are also a lot of scammers out there that are saying your bitcoin will double in no time and those pyramiding sites, that are saying their code has a value, but their sites can be hacked anyways, i believe there are still a lot of people using bitcoin improperly and we still need to be updated even with those things, in order not for us and the people we know, not to be scammed.
With bitcoin improper usage is possible, but the same was not found big same as the past. In the past bitcoin was used much on illegal activities and for money laundering, which later got turned to be an potential investment with the growth attained in less than ten years time.
according to different observation i think few ways are available for abusing bitcoins transections such as Technical weakness , Greedy peoples ro dishonest people , proper management. i would like to describe above mentioned quotatin in briefly
1. technical weakness: we know its a peer to peer transection system throgh confirmed way. within a few second a dishonest person can get more money by fast clicking when submit second payment of different recipient.
2. proper management: there is so many lack of proper management of human or account holders. so many hackers want to hack system for getting money because bitcoins holder don't have any insurance like bank account holders. even government don't follow rules and regulation for virtual currency holders.
So what you think about it ?
As far as I know improper usage of Bitcoin only define when it is used in any unlawful activities such as used fund terrorists, trade for drugs, frauds, scams and any crime related activities commited by lawless elements. For me security related issues sometimes do not belong to improper usage due to recklessness and carelessness of the owner or holder of the specific coin. But whatever it is as long as it cause damage or loss to each and everyone of us it can be prevented and could be our greatest responsibility of our own asset. So be aware and be a responsible holder, owner or investor to avoid loss. 1. technical weakness: we know its a peer to peer transection system throgh confirmed way. within a few second a dishonest person can get more money by fast clicking when submit second payment of different recipient.
2. proper management: there is so many lack of proper management of human or account holders. so many hackers want to hack system for getting money because bitcoins holder don't have any insurance like bank account holders. even government don't follow rules and regulation for virtual currency holders.
So what you think about it ?
I suspect that it can be used in illegal activities how any technology is used...it exists and it is impossible to get rid of it in our time...it has taken too deep roots
This is the primary reasons why few countries have banned this technology in their country and many are still undecided as what to do and how can we protect the misuse happening . If it cannot be curbed then countries will eventually be banning it and thus might be their may be no demand in coming years if it happens worldwide.
In simple way, improper use of Bitcoin can be termed as illegal use of Bitcoin and that mostly happen in money laundering cases or extortion due to anonymous transaction feature. Expect that I don't see any improper use of Bitcoin. I have seen Bitcoin being used as primary payment option on dark web to buy stolen phones, illegal medicines, to hire Hit-man and probably every possible illegal activity. Bitcoin potential is enormous but currently used more in cases like illegal works rather than normal transactions for daily products.
And as far as I can tell, anything can be used for improper usage. Anonymous transaction is even something that should not really be expected much now anyway, but we cannot expect people not to always find a way around anything.Asides bitcoin, so many coins with even crazier level of anonymity are popping up, so bitcoin should even be less worried about. One thing is people have been doing their shady deals before bitcoin.
I think this is the most feared because I think bitcoin is a breakthrough way of doing a transaction without any control from any party. so my point is there is no centralization either from an agency or government that controls the transaction process using bitcoin. on the one hand this is a convenience that will be in the can of bitcoin users because this is a technology that is quite easy for bitcoin holders to make a transaction. but on the other hand it is a matter of a negative one, of course, there is certainly a misuse of a freedom that for the purpose of criminal or other crimes like bitcoin can be used as a means of transactions for the sale of illegal drugs, gambling as well as others because it is the same once there is no control of any party.
I suspect that it can be used in illegal activities how any technology is used...it exists and it is impossible to get rid of it in our time...it has taken too deep roots
Bitcoin can use in prober way it's called as legal activities technology can be used properly and it's possible only then the improber way of use bitcoin are used in illegal activities how technology can be used in the bad way of bitcoin benefits and also used in underground transaction especially black market even drugs can be trade with bitcoin and also users can buy or do illegal activities.
I suspect that it can be used in illegal activities how any technology is used...it exists and it is impossible to get rid of it in our time...it has taken too deep roots
Improper use clearly defines as a lack of knowledge of a person. But in another case, it can also be defined as crime like using it in any illicit activities. People who use bitcoin in their shady or scam activities are just giving stained to bitcoin's reputation in the eyes of some uneducated people. And once a bad impression is planted in their brain, that'll be hard to be change.
We all can say that improper use are users abusing bitcoin and using it in a bad way for their benefits. We can say that users who use bitcoin to scam other users who don't fully understand bitcoin. Also users who uses bitcoin to buy or do illegal acts. This is a sad thing because you really can't make the bad guys go away. They will try to ruin things just for their benefits. 
People are so intelligent/smart in creating new ideas in making money even in good side and even in bad way. Maybe its natural to other that they can be easily do bad ideas of having their earning quick. Improper usage of bitcoins are those who have something in mundo that cannot be shown to other. Lilke for example, bitcoins are use underground transaction especially black market. Even drugs can be trades with bitcoin. Because of the technology, bitcoin is used improperly. We cant blame bitcoin for this, we should blame those who are using bitcoin as their gateway in DOIng this illegal transaction.
Bitcoin has many flaw ,that's why my government still not legalize it although bitcoin is on high demand at the moment.
If government legalize bitcoin, it will broke bitcoin as decentralized currency also they will apply tax on them.
Even fiats have flaws and they have been so good enough to always cover it up by making the masses suffer for it. You think there is nothing in this life that does not have a flaw? Taxing bitcoin does not make it centralized by the way and does not give any government control, as long as you are exchanging to fiat and making use of their own currency in exchange, then I do not see any reason why you should not be taxed. P2P transactions cannot and which is one of the reasons why government will not give up fiats. USD, gold, etc as long as they are mode of payments can be and are being used improperly, not just bitcoin.If government legalize bitcoin, it will broke bitcoin as decentralized currency also they will apply tax on them.
the only thing i could say about fiat on flaws is that their are many laws about it. Even wrinkles and with how you withdraw in the bank. Now adays, you cant even afford to be broke. One of my banks required 10k for minimum and lower than that it automatically reduces. i accessed it again and 4k only was the remaining value.
This shows that humans cannot Be Tamed. Bitcoin and paper money both are being misused by bad guys but tracing out the first one is difficult.
The improper use of bitcoin can be ascribed to the use of bitcoin to carry out illegal activities such as purchasing of arm which can be use to carry out illegal criminal activities and wars, and secondly the use of bitcoin to buy drugs like cocaine heroine weed and other harmful substance.
Thirdly the use of bitcoin to launder money out of a country by corrupt government officials.
This and many more has given bitcoin a bad public image.
Thirdly the use of bitcoin to launder money out of a country by corrupt government officials.
This and many more has given bitcoin a bad public image.
As a holder of bitcoin, you have tremendous power over your money. Because of this, it is important to follow good security practices to protect your funds. Since bitcoin is a type of electronic currency that cannot be traced, this can be used to illegal transactions. Many transactions that are banned by the government may happen through this. The reason why some countries do not legalized bitcoin.
It's inevitable. Evil people always find ways to do their stuff. That's why its also better for me to have a few regulations to avoid these abuses. I don't know how that can be done though with crypto's anonymity and decentralization
As a holder of bitcoin, you have tremendous power over your money. Because of this, it is important to follow good security practices to protect your funds. Since bitcoin is a type of electronic currency that cannot be traced, this can be used to illegal transactions. Many transactions that are banned by the government may happen through this. The reason why some countries do not legalized bitcoin.
Improper use of bitcoin? I think when you used it in games and you didn't know how you will win .or invest it in a sites that your not sure if it is a scam or what .
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