Topic: Sad News: Kidnappers now requesting bitcoin as ransom in Nigeria {Gov might ban} - page 5. (Read 658 times)

Shouldn't this be positive news? Even halfwits from poor African countries who can't find a job and have to kidnap people to bring food to the table are using Bitcoin.

This goes against all those who say Bitcoin is only for tech geeks and an average person won't know how to use it or won't spend time to learn.

Kidnappers have always demanded ransoms in diverse/distinct currencies, if this is to create a bad reputation for the bitcoin, then it ought to have destroyed that of the fiat currencies a long time ago.
Bitcoin transactions are difficult to trace, but in the "case" of a high profile case, it can be. Kidnappers usually demand ransoms(fiat) dropped at specific pickup points, this act to me is usually as difficult to trace as bitcoin transactions are.

All the furore is just the same old negativity towards the system, whichever way kidnappers choose to carry out their illicit trade, it's no business of ours, but that of the police to do their job effectively.

Is this the first time a kidnapping has taken place?
Didn't the kidnapping happen before the creation of Bitcoin?
Didn't the kidnappers get money before?

It's quite a sad time to be a bitcoin (cryptocurrency) enthusiast in Nigeria. While we're trying to spread the positive benefits of the currency across the country and Africa continent as a whole irrespective of the government showing negative signs towards the currency, we have recorded some set backs. Each time we take one step forward the bad eggs of the nation take advantage of the hype and leverage on the anonymousity of the currency. First it was the news of Nigerians using the currency to defraud foreigners, since it was easier and they can't be tracked easily. That development lead to a serious attack on account associated with bitcoin transaction irrespective of your source of income. Some accounts  were reportedly frozen while others were blocked for some days (can't confirm this though since I wasn't affected directly).



Recently, the kidnappers are using it to stay anonymous and avoid been traced. The first time such incident was recorded on the continent was when some Kidnappers requested a random of $120,000 to be paid in bitcoin to release a 13yrs old teenager in South Africa.{CNN reports} now the Nigerians (kidnappers) are buying into the idea of using the currency for their dirty operations. It worries me because what ever Nigerians are engaged in an activity be it good or bad they do it to the extend it becomes a trend which will definitely bring about more regulation and probably a ban on the usages or association with the cryptocurrencies in the country.

The recent development [Kidnappers free Abuja victim after ‘$15,000 ransom paid in bitcoin] will definite damage the image of the currency in the country and around the whole especially Africa, if it becomes a trend. What are the possible solution to avoid this trend becoming an easy way out for the kidnappers thereby spoiling the currency image. And what's your take on this issue.

In other positive news: Nigerian crypto educator returns $80k in bitcoin recieve by mistake.