Topic: is Bitcoin used to extort people? - page 9. (Read 1997 times)
Yes it can be used to extort people because bitcoin is same as real money but it is anonymous that why is it the best tools for criminals nowadays, in fact it is been used before and until now to extort and scam.
Bitcoin can be used not only to extort people, but to commit other crimes also. But we can't blame btc, it is just payment system. People are those who did it, not bitcoin
Of course I would turn to ask if Bitcoin is used to blackmail all the people or its users, I have not seen any such case, if it exists, not because of its bitcoin but to the lax and their ignorance about bitcoin, and finally taken advantage of by people inhuman ...
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.
Here in our country in the Philippines, there was this recent news about this Bitcoin Scam where a group of scammers will offer you to invest money to them and then after 16 days you will get plus half of the money you invested. It was called the NewG Company headed by a certain Arnel Ordonio and his wife, Leonady. They made NewG Company and promoted Bitcoin as their form of payment to lure their victims which are mostly rich people who wants to earn double amount of money they invested. How much money did they get from scamming people? 900 Million Pesos. That is a very huge money here in the Philippines. Luckily, they were arrested and now detained in Camp Crame, Quezon City. Their investment scheme was very similar to a pyramiding scheme wherein there was an upline, or the one who asks people to invest, and a downline, the one who invests. Be vigilant and be secure about our money.
Anyone would use the payment method which is convenient for him so blaming the payment system for any illegal activities doesn't make any sense. We recently saw the case about the women caught while sending the funds to ISIS through Bitcoin and that's the benefit of the digital payment system and since it is decentralized, no one can manipulate it.
That's a big mistake. Bitcoin is an online job where good bitcoin is used by the surrounding community because bitcoin can change a person's better for the future. 
Yes, Bitcoin is not used to extort money from others, Bitcoin created for the purpose of fast transactions, reducing costs, so there is no reason to say that BTC is a hiding place for criminals.
Do not blame Bitcoin. I am sick of hearing this kind of news that seems to corner Bitcoin. In this case, I take the positive value only. That shows that Bitcoin is convenient to serve as a tool for transacting by all circles even by criminals though.
Being anonymous have its pros and cons, it gives us freedom on how to use Bitcoin and other people are just using its anonymity in evil ways.
Yes I agree regardless if Bitcoin/block chain was invented or not scammers/crooks are going to this.
I do not think this is going to happen, there will be a lot we need to sacrifice if this is going to happen.
These schemas was for along time before bitcoin created.
Bitcoin is one of the instruments but not the reason
Bitcoin is one of the instruments but not the reason
Yes I agree regardless if Bitcoin/block chain was invented or not scammers/crooks are going to this.
I believe in the future there will be a way to trace any fraudulent account or anyone who use his btc account to do any illegal transaction will be red flag from their system
I do not think this is going to happen, there will be a lot we need to sacrifice if this is going to happen.
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 is a digital currency so bitcoin is free to use for anything but if it is done for things like squeezing people then it is a bad action because memnafaatkan technology to do evil.
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.
These schemas was for along time before bitcoin created.
Bitcoin is one of the instruments but not the reason
Bitcoin is one of the instruments but not the reason
I think bitcoin is being used in crime even before especially the time when technology is a little bit undeveloped. Since bitcoin is decentralized it is not owned by any countries to keep track of records and criminals would be hard to trace because of proxy server to hide their IP addresses. Criminals now favors now bitcoin more since they can do it anywhere than the usual fiat currency where they need more people to organize regroup and do their operations physically.
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.
let's do for bitcoin blackmail to do it is still too far and long because bitcoin is also not fully recognized by the whole country as a means of buying and selling or financial transactions directly, so the question is what might happen and do 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.
Hospitals and schools? Where did these crimes happen? This is the first time that I heard of such incidents. I only heard about the case of HBO's hackers who got very important files from the network even the script of Game Of Thrones, held them hostage until their Bitcoin ransom demand is paid. Yes, everything is recorded in the blockchain but it is definitely harder to trace them rather than with fiat.
That is not possible to happen in a country where there are many criminal elements such as kidnappings and ask for ransom where payments should be done using cryptocurrency like bitcoin. In my opinion, countries that are technologically advance may happen to track down and get rid of this criminal elements using cryptocurrency technology.
I believe in the future there will be a way to trace any fraudulent account or anyone who use his btc account to do any illegal transaction will be red flag from their system
Behind this incident, it turns out I can take the lesson that is, because there is a ransomware attacks that carry bitcoin in the action, bitcoin become better known by the public.
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.
Hospitals and schools? Where did these crimes happen? This is the first time that I heard of such incidents. I only heard about the case of HBO's hackers who got very important files from the network even the script of Game Of Thrones, held them hostage until their Bitcoin ransom demand is paid. Yes, everything is recorded in the blockchain but it is definitely harder to trace them rather than with fiat.
That's a big mistake. Bitcoin is an online job where good bitcoin is used by the surrounding community because bitcoin can change a person's better for the future.
It is very possible for bitcoin to be used to extort, scam and do fraudulent schemes to people. Yet, we cannot determine who are doing this, because of the user's anonymity there is in this system. People, with this kind of intention, will take advantage of the attributes of bitcoin like being decentralized to exploit things that would benefit them from letting other people be deceived into their wicked schemes.
Bitcoin is a weapon of choice of a user either to do good and be fruitful or to do actions that would result into prosperous success yet a fall down, broken heart and dreams for other people.
Bitcoin is a weapon of choice of a user either to do good and be fruitful or to do actions that would result into prosperous success yet a fall down, broken heart and dreams for other people.
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