Anything can actually be used to extort from people. Any attempt for a ransom using even a cat or a dog is possible. So bitcoin should never be singled out in this aspect.
Though as of the moment, with most of the exchanges requiring a KYC, investigations could be done by tracking down the wallet's transactions. Though of course, it could be a dead end too should the criminal knew the alternatives to cashing out using a name. Or they could also stage a cash out by forcing a person to withdraw the money for them making clean their path somehow.
We could not really underestimate the creativity of these people, they have so many ways in and out of the crime they chose. And perpetrating them using bitcoin might just prove useful in many ways.
Topic: is Bitcoin used to extort people? - page 3. (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.
While this is true, I'd like to expand a little bit on it. It's easy to track when big chunks are moved as a whole, someone that splits it up and buys goods with bitcoin directly would be more difficult to track, though not impossible. Because of this its a bit difficult to prove that the person cashing out is the same person that requested the ransoms, of course it depends from case to case.
It is becoming relatively easier to track bitcoin transactions especially if they eventually cash out through exchanges which normally would require KYC procedures of the user.Bitcoin is certainly a tool of choice to extort people who want to remain in the 'dark'.This is the main argument against adoption bitcoin as a legal tender especially from government circles.
Now you do mention something important, but all things considered, would cash then be approved if it weren't already a commonly accepted mean of transaction? Bitcoin at least leaves trails that can be followed all the way to the start. Cash can change ownership sooo much easily, I just don't see how it isn't a counter argument against official currency alternatives, that's all.
It really can happen that Sandra is currently doing, usually they prefer bitcoins, since the method of payment can be related to the ease of existing ones in bitco-transactions.
bitcoin is not to blackmail people but to invest and online payment methods is not to be negative but we take the positivesI also believe that the use of bitcoin is not to blackmail people, because until now I have been involved in bitcoin, I don't feel it has been squeezed. instead I can get to know online payments and investment from bitcoin. moreover until now bitcoin is very useful for us.
The purpose of bitcoin is certainly for something good and positive, but because bitcoin has a high price and is very valuable, so there are some people who take advantage of the existence of bitcoin to commit crimes through bitcoin such as money laundering and extortion or others for their benefit. Hopefully those who commit crimes and extort by using bitcoin will get punishment for their actions, so that bitcoin will remain well protected and no longer be used as a crime or extortion by those who are not responsible.
you're right, everyone must use bitcoin only for something good and positive, but there are people who use it the wrong way. as you say, there are those who use it only to use and commit crime. in that case we must always be careful and must be wise in dealing with it 
The purpose of bitcoin is certainly for something good and positive, but because bitcoin has a high price and is very valuable, so there are some people who take advantage of the existence of bitcoin to commit crimes through bitcoin such as money laundering and extortion or others for their benefit. Hopefully those who commit crimes and extort by using bitcoin will get punishment for their actions, so that bitcoin will remain well protected and no longer be used as a crime or extortion by those who are not responsible.
Remember about ransomware ?
Yes. it's evitable because it may happen and will keep happen in the future with different way and shape.
All we can do is prepare as much as possible before too late
Yes. it's evitable because it may happen and will keep happen in the future with different way and shape.
All we can do is prepare as much as possible before too late
Well ... let's look logically. Although Bitcoin has a very high level of anonymity, I still feel it is possible to uncover irresponsible actions that cut its existence.
If someone tries to extort, data such as names, valid e-mails, addresses and telephone numbers of those who make bitcoin wallets can be used to track people's identities. Also tracking IP addresses can be done to reveal the identity of individuals involved in such extortion, except when the whole process seems to be a conspiracy.
In conclusion, there is the possibility of someone doing extortion and getting away but I believe it is subjective to the factors wherever the authority is needed to check the actions in carrying out their duties.
If someone tries to extort, data such as names, valid e-mails, addresses and telephone numbers of those who make bitcoin wallets can be used to track people's identities. Also tracking IP addresses can be done to reveal the identity of individuals involved in such extortion, except when the whole process seems to be a conspiracy.
In conclusion, there is the possibility of someone doing extortion and getting away but I believe it is subjective to the factors wherever the authority is needed to check the actions in carrying out their duties.
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.
This is a confidential issue and before putting this kind of matter you must have a proof or some links about that illegal used of bitcoin and how this establishment's being victimized of this hackers or scammers
But this will be a isolated cases and not happening daily ,because it seems like i have not encountered here in forum that even hospital become a victim
It should be known that whatever has a certain value there will be people who carry out illegal activities or acts of crime for their benefit, including cryptocurrency or bitcoin. But with the existing technological advancements, of course every crime action will be known who the perpetrator is, bitcoin is a cryptocurrency that is quite high in price so that many people are interested in investing in bitcoin, bitcoin is something positive and useful and able to provide benefits for every user. because of the notoriety and strength of bitcoin which is quite large, so that there are people who take advantage of the existence of bitcoin for an act of crime and extortion, those people are the criminals who use bitcoin, so that it can damage the good name of bitcoin.
Bitcoin has negative effects and positive effects on society, it will depends on how people using it. But for me, Bitcoin is really a negative effects on human. Because in Bitcoin, you can send payments without going to any banks nowadays, as long as you have internet connection.
ex·tort
ikˈstôrt/Submit
verb
obtain (something) by force, threats, or other unfair means.
"he was convicted of trying to extort $1 million from a developer"
mga kasingkahulugan force, extract, exact, wring, wrest, screw, squeeze, obtain by threat(s),
(Reference: Miriam Dictionary via Google)
------> I think it is possible that some authorities used bitcoin as a form of attack in which they are subconsciously monitor, manipulate and control people thru manifestation of moneys. Offering a lot of deal bears a lot of concentration to mass [people] and grab attention in this poverty. Therefore, the means to manipulate people is somehow critical in nature, but people will obviously grab which are tended to make them life easier.
ikˈstôrt/Submit
verb
obtain (something) by force, threats, or other unfair means.
"he was convicted of trying to extort $1 million from a developer"
mga kasingkahulugan force, extract, exact, wring, wrest, screw, squeeze, obtain by threat(s),
(Reference: Miriam Dictionary via Google)
------> I think it is possible that some authorities used bitcoin as a form of attack in which they are subconsciously monitor, manipulate and control people thru manifestation of moneys. Offering a lot of deal bears a lot of concentration to mass [people] and grab attention in this poverty. Therefore, the means to manipulate people is somehow critical in nature, but people will obviously grab which are tended to make them life easier.
Not just cybercriminals, but traditional criminals also switch to virtual currency. After large-scale ransomware cyberattacks with two ransomware WannaCry and NotPetaa, we already know that hackers want ransomware in Bitcoin format. But another form of crime is also turning to virtual currency: kidnappers. So many of the criminals claim that the Bitcoin transaction is completely anonymous, making it ideal for large amounts of money.
I've also heard news several times that bitcoin is used for negative transactions including extortion and fraud. They promise considerable profits by investing some money into bitcoin. Fraudsters usually do lure like doubling money and he extortion until the victim really loses all his possessions. Usually they do extortion or fraud in groups, meaning they are like playing a play in which certain parties are disguised and pretend to be important so that the victim easily believes. If the victim already has bitcoin then the fraudster usually seduces that their bitcoin is invested through the fraudster. Yeah, indeed bad people have a lot of reason. But I am sure if this blockchain technology is able to uncover who this fraudster is, even though its identity is difficult to know for certain.
Anonymous Transactions: It is a fertile ground for criminals around the world: money laundering, drug trafficking, and so forth.
There are more and more ways of fraud: revolve around this currency. In terms of currency, Bitcoin is not bad. In the form of mutations, the belief in bitcoin decreases
There are more and more ways of fraud: revolve around this currency. In terms of currency, Bitcoin is not bad. In the form of mutations, the belief in bitcoin decreases
later it can be caught by the perpetrator when saving the Bitcoin in Exchange.
because from Exchange always requires KYC for user data.
that is why in Exchange must always open KYC for registration.
because from Exchange always requires KYC for user data.
that is why in Exchange must always open KYC for registration.
no .... bitcoin is done just to supplement income. bitcoin is no way to blackmail people. this bitcoin only has a way to get rich. The blackmailers can only act on the streets not in this block. Do you understand ..
No , bitcoin had no properties or characteristics of extorting people , in fact bitcoin has done something that bitcoin holders can not forget ,when they grows old and remember the time the bitcoin has done for them.
But we cannot tell those bad people that using bitcoin to extort other people, bitcoin is a digital currency and all people can use it in good or bad way.
No , bitcoin had no properties or characteristics of extorting people , in fact bitcoin has done something that bitcoin holders can not forget ,when they grows old and remember the time the bitcoin has done for them.
So far as bitcoin is a standard of deferred payment, it would be the best option for extortionist and perpetrators of illegal activities compared to fiat money
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 will be so sad if some will use bitcoin for selfish desires that would destroy other innocent people. Lots of people have been helped through bitcoin. I am hopeful that bitcoin will be for the common good. Jump to: