A Story i saw on the net got me thinking when Cryptocurrency becomes well known worldwide and its generally accepted, can transactions be traced or tracked
A South African teenager was found Thursday four days after he was kidnapped by a gang who demanded a ransom in bitcoin cryptocurrency worth about $123,000 (105,000 euros), police said.
Police declined to say if any ransom had been paid after the 13-year-old boy was taken in the eastern province of Mpumalanga while playing near his home and driven away in a car.
Local media published a ransom note left at the scene demanding 15 bitcoins and giving an address for a bitcoin “wallet” — an internet location where the virtual currency can be stashed.... Etc you get the point.
A South African teenager was found Thursday four days after he was kidnapped by a gang who demanded a ransom in bitcoin cryptocurrency worth about $123,000 (105,000 euros), police said.
Police declined to say if any ransom had been paid after the 13-year-old boy was taken in the eastern province of Mpumalanga while playing near his home and driven away in a car.
Local media published a ransom note left at the scene demanding 15 bitcoins and giving an address for a bitcoin “wallet” — an internet location where the virtual currency can be stashed.... Etc you get the point.
Yes, bitcoins is traceable, this is what the programs is intended for, although this is normal in cryptocurrency, i would say its better to be traceable than a secret bank transactions which anybody cannot trace, unless the owner itself, there is no hide transactions when it comes to bitcoins, if you know the wallet address then you can trace it right away. While this is called transparency, it has some disadvantages, like the situation you have stated on your statement. And if this would become worldwide accepted, possibility of having this incidents may occur in due time, lets be more careful with our wallets. Its better to be safe than sorry.
