Because of the semi-anonymous nature of Bitcoin, it’s used in ransomware attacks. Hackers breach networks and hold them hostage until payment is made to them. Hospitals and schools have been victims of these types of attacks. However, unlike cash, which was favored by thieves in the past, Bitcoin always leaves a trail in the blockchain that investigators can follow.
It is undeniably that Bitcoin can also used for illegal activities because it is very hard to trace every transactions, but we should think about this first, there are lots of cryptocurrencies which offers untraceable transactions which can also catch the eye of criminals (like monero) and we have seen a lot of criminals gets caught by using Bitcoin doing bad things and this brings Bitcoin to the good side and those coins to a bad side. It is also easier to track Bitcoin transactions when we use centralized exchanges which allows you to convert it to fiat currency. But one thing is for sure, anything in this world that has a value, will always be used on illegal activities. 
Topic: is Bitcoin used to extort people? - page 12. (Read 1997 times)
Because of the semi-anonymous nature of Bitcoin, it’s used in ransomware attacks. Hackers breach networks and hold them hostage until payment is made to them. Hospitals and schools have been victims of these types of attacks. However, unlike cash, which was favored by thieves in the past, Bitcoin always leaves a trail in the blockchain that investigators can follow.
Bitcoin can be used in a lot of ways since it is a currency online. It all depends on a person how he must use it. Bitcoin is made to be a medium of exchange and not to be used by criminals. But sad to say that people are just stubborn and have find a new means of extortion by means of bitcoin.
They say that bitcoin can be traced using blockchain but it is just difficult to trace them since they can just send it to many addresses and sometimes they place it on a gambling site or an exchange to whitewash their bitcoin.
Thieves have now sought the opportunity by using bitcoin as the currency used for ransom by thieves to their hostages.
Although bitcoin transactions are public, they can make the flow of money untraceable.
BTC address belongs is anonymous, and due to the currency of decentralization, the characteristics of globalization, law enforcement is unable to check the currency address of the owner, nor seizure freeze BTC address, thus become criminals new blackmail tools, BTC blackmail is given priority to with cyber crime at present.
BTC address belongs is anonymous, and due to the currency of decentralization, the characteristics of globalization, law enforcement is unable to check the currency address of the owner, nor seizure freeze BTC address, thus become criminals new blackmail tools, BTC blackmail is given priority to with cyber crime at present.
I think Bitcoin is certainly used to extort people as with any currency. There will always be people that act maliciously, and that doesn't change just because the currency they use is Bitcoin.
All transactions on Bitcoin's blockchain are public though. So its possible for these people to be traced if they transfer their coins to an exchange that requires personal information. However, they're probably smarter than that and avoid letting their real identities known.
All transactions on Bitcoin's blockchain are public though. So its possible for these people to be traced if they transfer their coins to an exchange that requires personal information. However, they're probably smarter than that and avoid letting their real identities known.
Although many combat thieves are bidding for payments via bitcoin which is now famous, but I understand that it is not the ultimate goal for bitcoin, but with a decentralized system we can more easily track down the blackmailers.
Bitcoin is favored by thieves for ease of transaction, and in fact thieves should be easy to investigate because bitcoin has a decentralized nature that makes it visible to everyone and can not be manipulated by anyone.
Ransomware has aggravated the argument about bitcoin, nothing is impossible. and FIat has been used for crimes such as extortion, illegal trade and other crimes.
we need strict rules and laws.
we need strict rules and laws.
I think dark uses of bitcoin are going to continue but not rise significantly. There are more privacy focused coins that they can use, and it seems monero is the weapon of choice. I think bitcoin will continue as ransomware however as it is easier to buy via coinbase
Tracking bitcoin transaction is becoming easier. The rest depends on the regulations of the government.
Because of the semi-anonymous nature of Bitcoin, it’s used in ransomware attacks. Hackers breach networks and hold them hostage until payment is made to them. Hospitals and schools have been victims of these types of attacks. However, unlike cash, which was favored by thieves in the past, Bitcoin always leaves a trail in the blockchain that investigators can follow.
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