is Bitcoin used to extort people? - page 4.

cryptoalfs76

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Quote from: zakalwe on March 25, 2018, 11:54:21 AM

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.

Actualy its a big no,and this is a wrong accusation that bitcoin can be used to extort people,because it is created by satoshi nakamoto,to makes a world better and a part of technology its can help economic growth by means of capitalize country and promoting social economic responsibility and not to create extortion or scamming to the people,otherwise there are circumstances that some people or website used the name of bitcoin in order to extort or phishing.

DunnDy

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It is not spoken of loudly, but I suspect that similar situations could have taken place. Unfortunately, Bitcoin as a partially anonymous and not very controlled form of conducting transactions is associated with certain dangers that must be particularly considered. It is worth checking out who we are dealing with before making the transaction and then making payments after checking if we pay a reliable person.

Btcnaivie

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Quote from: zakalwe on March 25, 2018, 11:54:21 AM

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 one of the reason why government are afraid of bitcoin. This is also why some of the government ban bitcoin in their country. Use bitcoin in illegal transaction like that. But we can prevent this by making standard rules and regulations that abusive people can't abuse it.

RawDog

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extortion is the primary use for bitcoin

rindayle

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Yes, indeed, now bitcoin can be used for the sake of bad things, even towards the owner. But the law there is nothing largely can't help it, because bitcoin is not legitimate and he does not control.

jhonvir666

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I think it seems like a bit of a bitcoin is in a dark place because it will continue to where. but it does not grow bigger. There are more rewards that follow the coins they can use, and it seems like an animal is the weapon of choice. I think bitcoin will continue as a good company for everyone. however because it is faster to buy through a good coinbase.

Stormspirit

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Bitcoin is very rarely used by criminals to perform various operations with an illegal purpose. It is estimated that for illegal operations it is used in less than ten percent of cases due to the fact that it is not completely anonymous. Criminals use more fully anonymous coins such as Monero, ZCash, Dash. That's why Japan wants to prohibit the use of these coins.
I mean there are many kinda people using bitcoin, it's true I think some people using bitcoin to extort the another people. But there much more good people using bitcoin for their bussines and transaction, so you need to choose which kinda system do you wanna use for using bitcoin.

RawDog

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Lots of extortion with Bitcoin. Don't send it to anyone - they are trying to steal you.

sheyicrypto

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this may not be through but out of every lie there must be element of truth. alot of people are using bitcoin to scam some people therefore am not saying that bitcoin extort people but people use bitcoin as a medium to scam others

blue_id69

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Hackers use extortion software to do this. Hackers can actually choose to use VISA cards or cash to pay. Of course, using bitcoin payment will bring great convenience to hackers, but the blackmail is not a bit of a bitcoin. Bitcoin is only one way, and we should see more benefits that bitcoin can bring to society.Anything that has value and can be used for financial gains will definitely attract criminals. This is why we see several financial crimes today and bitcoin and other cryptocurrencies are not exempted. To a very large extent, bitcoin transactions can be traced and if the culprits decide to route their withdrawal through an exchange, they can be nailed because the exchanges require KYC to sign on users.

ekalak manjeng

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for me bitcoin can also be used as a place to blackmail people like other currencies. even bitcoin squeeze is also difficult to trace its existence. because the crime is not because there is the intention of the perpetrator because there is a chance.

TheChung1904

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Bitcoins are easily transacted by thieves, and in fact thieves should be easy to investigate because bitcoin is decentralized to make people see and nobody can manipulate it.

freesia_pnp888

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and another one thin you should not forget, Bitcoin is partly used to purchase weapons by terrorism groups, but I wonder, why have they not tracked them down yet?

liuziwenfree

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Bitcoin has been incorporated into the regulatory system on a large scale, and hackers are not completely absent if they perform operations such as withdrawal and payment of Bitcoin within their collection address.
Of course, it is not realistic to think that bitcoin will not be used by criminals at all. It takes a long time to perfect!

ace1105

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Quote from: darklus123 on June 14, 2018, 11:08:56 PM

Actually there are some situation that happens in this forum. If I am not mistaken there was a high rank member iin this forum a part from dt before that was proven who extorted some of the members. So basically yes there are instances that bitcoin can be used for extorting people

You are right, because of the anonymity of bitcoin some people already used it to extort other people. We cannot avoid it, and maybe this is one of so many reasons why some governments don't like bitcoin.

Menawikitajodohkok

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Due to the semi-anonymous nature of Bitcoin, it is used in ransomware attacks, it's a hacker breaking the network, holding them hostage until payment is made to them. Hospitals and schools have been the victims of this type of attack. However, unlike cash

darklus123

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Actually there are some situation that happens in this forum. If I am not mistaken there was a high rank member iin this forum a part from dt before that was proven who extorted some of the members. So basically yes there are instances that bitcoin can be used for extorting people

Chachacoin17

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Quote from: EnricoGomez on June 14, 2018, 10:49:42 PM

Money in general is used to extort people and bitcoin is money, you cannot change that.
It is hard to prevent people to use money in illegal activities, especially in the fact that one of the "advantages" and features of bitcoin is anonymous and easy to transfer.
The only thing governments to improve is its education on morality to discipline people and its justice systems Roll Eyes

This gathered rampant abuse against ghe reputation of bitcoin to those cases that other criminals used bitcoin as their escape goat towards extortion. Good thing about it was other countries right now whose taking strong regulations towards bitcoin particular on their exchange sites. The activity was being scrutinized so that if ever there were complaints against those people doing fraudulent acts, can be traced directly and be subjected to punishment according to the law of authority.

EnricoGomez

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Money in general is used to extort people and bitcoin is money, you cannot change that.
It is hard to prevent people to use money in illegal activities, especially in the fact that one of the "advantages" and features of bitcoin is anonymous and easy to transfer.
The only thing governments to improve is its education on morality to discipline people and its justice systems Roll Eyes

HollyWood_Alex

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yes, really!
Its true
Avessome!

Topic: is Bitcoin used to extort people? - page 4. (Read 1997 times)