Hi there
There are quite a few instances of insidious people using the anonymity of BTC to buy things that would normally be deemed incredibly illegal, extort people etc. These are some of the concerns that government institutions continuously bring up as consequences of BTC but tracking or catching such individuals is getting easier and will probably get much easier as the government regulations that are being spoken about are brought into play
Topic: is Bitcoin used to extort people? - page 6. (Read 1997 times)
It is very possible for the bitcoin to be used as an ransom since it doesn't give any records to any transactions made because of being anonymous. We are aware that bitcoin is also being used in an illegal sites patricularly in the deepweb. But lets not just blame all the illegal things in bitciin and we know that fiat money is also being used to many illegal activities. Fiat is also being used as a ransom.
Tracking bitcoin transaction is becoming easier. The rest depends on the regulations of the government.
yes i agree with this, maybe governemnt in all country in the world can make a policy about the exchanger in their country use KYC to make sure their costumer, so if something happen with suspicious address government can track it from the exchanger that they registered
social jealousy is everywhere, people who do bitcoin squeezing may not be able to earn big money from bitcoin, therefore they commit crime through bitcoin.
Tracking of Bitcoin user or transfer is now easy for the government since you know, many crimes is involve with the usage of Bitcoin so I think this past year they develop some programs to track wallet owners location if this account is involved in big crimes.
This things require more experience, the guys who needs to complete things anonymously, will find a way to perform that
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.
Criminals are also making their progressive development on how to catch up with the security that technology is bringing to the public to secure their wealth and property. But, I am sure that blockchain technology is ready for hackers and on line extortionist, Since it is a systemic technology with tough encryption security, it is somehow tougher to infiltrate, and have precautionary measures in case of breach.
Bitcoin never applies force to the people. Those who work on bitcoin know that. We know bitcoin who use money as needed. And those who work properly here will be successful and those who will not succeed.
Bitcoin is not my best idea because I have not used Bitcoin at all, but there are more privacy printed coins that can be used by foolproof ones, and it seems to be the weapon like monero choice. I think bitcoin will run as ransomware though it is easy to buy through coinbase
Yes this is easy to use and track.
Bitcoin extortion is not only being done by ransomware hackers but it is also done by government authorities. There was even a case wherein a cop was charged of extorting 1.3 million dollars worth of bitcoin. According to a coindesk article here is the story "The Crime Investigation Department (CID) in the Indian state of Gujurat has accused 10 police officers of kidnapping, attempted extortion and corruption after they allegedly abducted a businessman and forced him to hand over 200 bitcoins."
This is just sad that those who did it are the police who are enforcing the law. If you want to read more I will place the link of the article below.
https://www.coindesk.com/indian-police-officers-charged-1-3-million-bitcoin-extortion-scheme/
This is just sad that those who did it are the police who are enforcing the law. If you want to read more I will place the link of the article below.
https://www.coindesk.com/indian-police-officers-charged-1-3-million-bitcoin-extortion-scheme/
Yes. Hackers usually, with the use of the virus that has a ransomware use bitcoin to extort people. Simply because it cannot be traced. Bitcoins has lots of advantage but has a disadvantage as well, just like to extort or ask for money with other people.
I don't know of any case when investigators in this way came to criminals. Except for the Silk Road, of course. I think now criminals do not use bitcoin, but use anonymous cryptocurrencies: Monero, Dash and others.
Bitcoin in its early days was used mostly by deepweb/darkweb users as it was an easy and more convenient way to send money where none have to give any personal details like name, a/c no. etc. Also a very little number of people know about it. So it was an easy way to send money in btc form for illegal stuffs. It people who made btc look bad by involving it in some really bad activities. BTC was created with a good vision almost 10 years ahead from people starting understand it and world accepted it.
Some transactions can be attacked because it's not completely secure
No, fiat money is used to extort people. Now are you going to stop using it or ban it? Yes Bitcoin leaves a trail but catching someone based on it isn't possible unless they used an exchange, otherwise no can track them if they sold it for cash. And let me tell you that no one is stupid enough to sell it on an exchange.
It seems to me that any kind of money can be used for bad purposes. This is not only bitcoin, it may be Fiat
Bitcoin transcation is unpredictable. No one know,to home you had send the bitcoin. But I won't accept only bitcoin is used for mal practice. Do you think dollar transcation was not involved in terrorist activities. Dollar transcation is also involved in such activities. By this can you say dollar is not good for society.
I think that people should think before act. There`re so many bitcoin haters that it`s hard count all this topics...
Such people will destroy the reputation of Bitcoin.
Blockchain-based Bitcoin technology makes it easy for cybercriminals, with the operation of Bitcoin as a decentralized currency, people will easily make dark transactions, because this transaction has no intermediary.
Blockchain-based Bitcoin technology makes it easy for cybercriminals, with the operation of Bitcoin as a decentralized currency, people will easily make dark transactions, because this transaction has no intermediary.
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