Is bitcoin a criminal tool? - page 8.

rightway00372018

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Quote from: Fazlurkhan.kz on March 17, 2018, 12:38:15 PM

There are good sides and bad sides of everything in this entire universe. If we just focus on the bad side we'll miss out its advantages. Bitcoin surely can be used for criminal activities but it is more convenient for the people than fiat or any other alternative because it hands over its complete control to its owner and also makes some people earn a good amount of side money which completes their desires or help some to secure their future.

We can't say that it is a criminal tool because many people uses bitcoin for good or bad transaction.

Fazlurkhan.kz

full member

Activity: 266

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There are good sides and bad sides of everything in this entire universe. If we just focus on the bad side we'll miss out its advantages. Bitcoin surely can be used for criminal activities but it is more convenient for the people than fiat or any other alternative because it hands over its complete control to its owner and also makes some people earn a good amount of side money which completes their desires or help some to secure their future.

hardtargetbtc002018

newbie

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Quote from: al.nechiporuk on March 17, 2018, 12:17:14 PM

This is not a crime, but it all depends on the country (there are countries where cryptocurrencies are prohibited). But this is a high-risk investment, you should not forget about it when investing in cryptocurrencies.

It can be because its hard to trace the owner of account especially if bitcoin is not legalize in your country.

al.nechiporuk

jr. member

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This is not a crime, but it all depends on the country (there are countries where cryptocurrencies are prohibited). But this is a high-risk investment, you should not forget about it when investing in cryptocurrencies.

Xenrise

sr. member

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Bitcoin can be used as a criminal tool. And I believe that in the dark web, bitcoin serves as the main currency in order to buy drugs, guns and etc. Also, in other news, people tend to hack people with lots of bitcoin hiding on their btc wallets. So it could be a criminal tool.

Sakibhasan.bd

newbie

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No bitcoin is not a criminal tool..!
Bitcoin transaction is secure transaction, there is not only one bank or agency to control bitcoin. That's why nobody can't track bitcoin transection. On that's reason criminal are use bitcoin. But this is not the problem of bitcoin.

laryillary

member

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According to the president of the Blockchain Intelligence Group, Shona Ansti, the share of illegal transactions in bitcoins fell from about 50% to 20% of their total volume in a year. Nevertheless, in absolute figures, the volume of such transactions increased significantly during this period. Thus, bitcoin continues to be widely used by the underworld, which is explained by the ability to convert this crypto currency into cash relatively easily and quickly.

ItsFlavy

newbie

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Quote from: Eragon54 on March 17, 2018, 11:46:44 AM

If users use this in bad reasons then its possible but proclaiming that bitcoin is a criminal tool is a bit overwhelming since we dont know if its true or not. We need proof or evidence if that situation truly exists. With that we dont need to panic because as long as good users is more than the selfish ones then its next to impossible that bitcoin is a criminal tool.

"Bitcoin is a terrorist tool because some criminals may use it"

Then so is the food we eat, because other criminals may eat it too. So are the roads, because they drive on it too. So is a currency in your pocket because a criminal may have touched it.

Eragon54

newbie

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If users use this in bad reasons then its possible but proclaiming that bitcoin is a criminal tool is a bit overwhelming since we dont know if its true or not. We need proof or evidence if that situation truly exists. With that we dont need to panic because as long as good users is more than the selfish ones then its next to impossible that bitcoin is a criminal tool.

chennan

legendary

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Just an FYI to you guys, Bitcoin is pretty known to not be as anonymous as you think. It's pseudonymous, and if you buy through exchanges that are KYC compliant (ex: Coinbase), then those coins are now officially tied to your name/bank account, no matter if you send it to someone else, another wallet you have, or mix them.

ItsFlavy

newbie

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Pretty sure this section has some rules which state "Stop creating low quality posts." This counts as one of them. Do your research and understand how Bitcoin works first of all.

Ahimoth

sr. member

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Merit: 250

Quote from: warrior333 on March 17, 2018, 11:30:41 AM

This is a typical example of a banking fud. Where did you get that you can anonymously change bitcoins to Fiat. That isn't possible. Criminals know it too and therefore will never use this currency for criminal purposes. Maybe you want to say that criminals commit crimes and keep their bitcoins for the future? Lol.

I could not say that bitcoin is a criminal tool. Bitcoin could not actually be blamed for how people use it. Even fiat currency or any other things can be used by criminals but could not be named as a criminal tool. Bitcoin transactions may be anonymous but not totally unknown and they are aware of this.

Warren Buffert

full member

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Quote from: huanzhong644306 on March 17, 2018, 11:08:57 AM

In bitcoin's pyramid scheme, criminals have exploited the greed of people's ignorance and dreams of the currency. The essence of pyramid selling is a ponzi scheme, where a bitcoin is not fundamentally different from a tulip or a box of cosmetics.

In the event of an hacker blackmail, criminals use the anonymity of the currency, trying to escape legal sanction, COINS and cash here, there is no essential difference between just more convenient, lower cost.

In money laundering, drug trafficking, and terrorist crimes, criminals use the anonymity and high mobility of bitcoin to hide the flow of funds, which is the same as the effect of using cash.

So much fails in this post.
Why did you create this thread?

warrior333

sr. member

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This is a typical example of a banking fud. Where did you get that you can anonymously change bitcoins to Fiat. That isn't possible. Criminals know it too and therefore will never use this currency for criminal purposes. Maybe you want to say that criminals commit crimes and keep their bitcoins for the future? Lol.

darkangel11

legendary

Activity: 2478

Merit: 1360

Don't let others control your BTC -> self custody

Quote from: huanzhong644306 on March 17, 2018, 11:08:57 AM

In bitcoin's pyramid scheme, criminals have exploited the greed of people's ignorance and dreams of the currency. The essence of pyramid selling is a ponzi scheme, where a bitcoin is not fundamentally different from a tulip or a box of cosmetics.

And who is to blame? The coin or the people and their ignorance?
The tool is never responsible! It's an inanimate object. That gun that needs you to aim and fire, that knife that needs you to hold it. And you can use it to do good or bad, just like money can be used to pay for an assassination, or to buy your girl flowers.

Quote from: huanzhong644306 on March 17, 2018, 11:08:57 AM

In the event of an hacker blackmail, criminals use the anonymity of the currency, trying to escape legal sanction, COINS and cash here, there is no essential difference between just more convenient, lower cost.

What are you talking about? What's the cost of using cash? AFAIK there's none. So how can BTC be cheaper to use than cash?

Quote from: huanzhong644306 on March 17, 2018, 11:08:57 AM

In money laundering, drug trafficking, and terrorist crimes, criminals use the anonymity and high mobility of bitcoin to hide the flow of funds, which is the same as the effect of using cash.

Which must mean that you're against cash? Is cash a bad thing? Should it be banned just because criminals are using it?

dreamteam17

newbie

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participating in haypah, I lost less money, but the fact that bitcoin is a clever pyramid, I doubt.

huanzhong644306

jr. member

Activity: 182

Merit: 4

In bitcoin's pyramid scheme, criminals have exploited the greed of people's ignorance and dreams of the currency. The essence of pyramid selling is a ponzi scheme, where a bitcoin is not fundamentally different from a tulip or a box of cosmetics.

In the event of an hacker blackmail, criminals use the anonymity of the currency, trying to escape legal sanction, COINS and cash here, there is no essential difference between just more convenient, lower cost.

In money laundering, drug trafficking, and terrorist crimes, criminals use the anonymity and high mobility of bitcoin to hide the flow of funds, which is the same as the effect of using cash.

Topic: Is bitcoin a criminal tool? - page 8. (Read 758 times)