I recently saw an article "Bitcoin used as main currency for computer crime"
The insinuation was that Bitcoin was the currency for crime, but they forgot the term "computer"
Like: Dollar used as main currency for American crime
Or: Euro used as main currency for European crime
As any currency it can and will be used for criminal activities (unfortunately), but it doesn't make it criminal itself - or make it therefor part of the "underworld".
Even the "anonymous" argument hold no stake. Bitcoin is NOT anonymous, but pseudonymous. Dollar and Euro bills are completely anonymous.
Topic: Why is bitcoin associated to the underworld? - page 2. (Read 611 times)
Basically , as the ideas have been coming as to the reasons the bad guys would prefer bitcoin is borne out of the positive features of the currency. It is highly secured and thus, not traceable once transaction is completed and this makes it a safe heaven for dubious follows. For instance, I read recently that armed rubbers when buggle the house instead of requesting for cash would ask for transfer because they understand it can't be located.
This is actually why the saying goes that there is always an disadvantage to every advantage
For us people do really love anonymous thing which we dont really want to disclose ourself to anybody and bitcoin is the answer on this kind of transactions which is indeed and advantage for us users and also to those criminals.I do believe that bitcoin is already being used on illegal stuffs since it was just starting and slowly boomed up and gain popularity which somehow give negative image on it for some people or into governments. This is actually why the saying goes that there is always an disadvantage to every advantage
Since the introduction of bitcoin in 2009, security expert have raise a lot of concerns about how criminals are attracted to the crypto currency. Your candid opinion on why do you think bitcoin is a prefect currency for the bad guys?
Basically because of its ability to be paperless which means that it leaves no trace and that it leaves no evidence if it would be used in shady transactions. ALSl ot can be done almost virtually anywhere wherein this gives a lot of people the capability to bot even meet face to face and do trades anonymously.
Not to mention, bitcoin's nature being decentralized makes it the perfect medium under the dark web for illegal transactions due to the anonymity it provides. No government agency, entity, or individual can ever control bitcoin, and not to mention its virtual nature adds up to the convenience of abusers in using bitcoin. There are also no laws that prohibit or limit the usage of bitcoin. Due to these factors, some countries ban the usage of it fearing that it would contribute to the problems regarding criminal activities and drugs.
Since the introduction of bitcoin in 2009, security expert have raise a lot of concerns about how criminals are attracted to the crypto currency. Your candid opinion on why do you think bitcoin is a prefect currency for the bad guys?
Basically because of its ability to be paperless which means that it leaves no trace and that it leaves no evidence if it would be used in shady transactions. ALSl ot can be done almost virtually anywhere wherein this gives a lot of people the capability to bot even meet face to face and do trades anonymously.
Basically , as the ideas have been coming as to the reasons the bad guys would prefer bitcoin is borne out of the positive features of the currency. It is highly secured and thus, not traceable once transaction is completed and this makes it a safe heaven for dubious follows. For instance, I read recently that armed rubbers when buggle the house instead of requesting for cash would ask for transfer because they understand it can't be located.
This is actually why the saying goes that there is always an disadvantage to every advantage
This is actually why the saying goes that there is always an disadvantage to every advantage
I agree there are some dark sides in bitcoin but just in fear of criminals, it should not be forbidden by laws because of this single reason.
We shouldn't assume that everybody can use of bitcoin illegally. We know bitcoin has got a large value now,so basically it is not easy to achieve bitcoins even by criminals.
We shouldn't assume that everybody can use of bitcoin illegally. We know bitcoin has got a large value now,so basically it is not easy to achieve bitcoins even by criminals.
Since the introduction of bitcoin in 2009, security expert have raise a lot of concerns about how criminals are attracted to the crypto currency. Your candid opinion on why do you think bitcoin is a prefect currency for the bad guys?
If you do know about bitcoin and its features then you would really answer this question by just common sense.Knowing bitcoin is a anonymous digital currency which is really a perfect recipe for those bad guys out there which would use this feature as an advantage for their illegal transaction would not be easily be traced by government this is one of the reasons why other governments wont really allow or adopt bitcoin into their place because the risk on rising criminality would really be there because bad guys will really see this thing as a perfect tool for their illegal doings.
Because Bitcoin was originally mainly used in the underworld. It was very easy to receive and send anonymous transaction throughout the entire world. For that reason many criminals made use of the coin.
Since the very beginning of Bitcoin, the mainstream media relentlessly pushed news about how this new virtual currency is being used on the deep web by criminals selling or purchasing ilegal stuff since Bitcoin is anonymous and doesn't have government regulation. The thing is that Bitcoin is no longer being used that much on the dark web or at least, is not comparable to lets say how other truly anonymous cryptos are being used or even FIAT currency.
So there's a confusion, Bitcoin was indeed the first cryptocurrency used on this 'underworld' for the sole reason that Bitcoin is the first cryptocurrency, and this is why it's normally associated with ilegal practices.
From a John McAfee interview to the CNBC:
Then he adds:
This is why Bitcoin is associated with the underworld, but I've seen and I expect great adoption from mainstream users and maybe in the near future everyone is going to forget about this past 'ilegal' side of Bitcoin.
So there's a confusion, Bitcoin was indeed the first cryptocurrency used on this 'underworld' for the sole reason that Bitcoin is the first cryptocurrency, and this is why it's normally associated with ilegal practices.
From a John McAfee interview to the CNBC:
Quote
Bitcoin is very seldom used anymore on the dark web, it has been replaced by Monero as the currency of choice, because Monero is absolutely anonymous, cannot be tracked
Then he adds:
Quote
Bitcoin used to be the one because that was the only one available, but not anymore. So Bitcoin is sort of out of the dark web and into the light
This is why Bitcoin is associated with the underworld, but I've seen and I expect great adoption from mainstream users and maybe in the near future everyone is going to forget about this past 'ilegal' side of Bitcoin.
Bitcoin, like any other first mover, simply became the convenient way to pay and receive payment without the need to go through a third party. E-gold and (gasp!) even Paypal were also used by the same groups of "underworld associates". Of course, the media and movies like Dope didn't do anything to address the misconceptions.
McAfee's right about Bitcoin no longer the crypto of choice for these so-called undesirables, but it isn't that Bitcoin's out of the dark and into the light. It's that the shadows have moved away from Bitcoin. Bitcoin's always been in the light... did we forget it's transparent? How else do you think Interpol and CIA claimed their huge victories against dark markets?
P.S. Monero is still catching up. It may be the crypto most suited, but it is Ethereum that leads the way for illegal transactions after displacing Bitcoin.
When BTC initially began it was mainly used for more of underworld trading currency as it was decentral and anonymous on infamous sites like SR. Taking its roots deep from these trades, Bitcoin was able to make it to its current day's price mainly because of attracting fame from high amount of underworld trades taking place through the currency.
Since the introduction of bitcoin in 2009, security expert have raise a lot of concerns about how criminals are attracted to the crypto currency. Your candid opinion on why do you think bitcoin is a prefect currency for the bad guys?
Because they think that bitcoin is anonymous. But they are very wrong. They think they can't be track by the authorities but its not the case. Although our wallets have no name attached to it, every transaction can be view in the blockchain. So anyone, including the authorities can track transactions and they can trace it back to the owner of that said address. So there's a trail. So bitcoin is not the "perfect currency" for the bad guys. They can still used mixing services though, but I think they can still be trace if the mixing services has data logs. If they really want to be anonymous, try Monero or Zcash. 
Since the introduction of bitcoin in 2009, security expert have raise a lot of concerns about how criminals are attracted to the crypto currency. Your candid opinion on why do you think bitcoin is a prefect currency for the bad guys?
USED to. The recent price roller-coasters has basically brought it out into the open. We can say it's pretty mainstream now for a cryptocurrency. Even an aunt who's not very much into computers has asked me how to buy some.
It was easy to move money in bitcoins before but since there are now more people monitoring it, the criminal elements have to find some other ways. Monero was mentioned by one of the users. I suppose the other new cryptocurrencies coming out might work as well.
Since the very beginning of Bitcoin, the mainstream media relentlessly pushed news about how this new virtual currency is being used on the deep web by criminals selling or purchasing ilegal stuff since Bitcoin is anonymous and doesn't have government regulation. The thing is that Bitcoin is no longer being used that much on the dark web or at least, is not comparable to lets say how other truly anonymous cryptos are being used or even FIAT currency.
So there's a confusion, Bitcoin was indeed the first cryptocurrency used on this 'underworld' for the sole reason that Bitcoin is the first cryptocurrency, and this is why it's normally associated with ilegal practices.
From a John McAfee interview to the CNBC:
Then he adds:
This is why Bitcoin is associated with the underworld, but I've seen and I expect great adoption from mainstream users and maybe in the near future everyone is going to forget about this past 'ilegal' side of Bitcoin.
So there's a confusion, Bitcoin was indeed the first cryptocurrency used on this 'underworld' for the sole reason that Bitcoin is the first cryptocurrency, and this is why it's normally associated with ilegal practices.
From a John McAfee interview to the CNBC:
Quote
Bitcoin is very seldom used anymore on the dark web, it has been replaced by Monero as the currency of choice, because Monero is absolutely anonymous, cannot be tracked
Then he adds:
Quote
Bitcoin used to be the one because that was the only one available, but not anymore. So Bitcoin is sort of out of the dark web and into the light
This is why Bitcoin is associated with the underworld, but I've seen and I expect great adoption from mainstream users and maybe in the near future everyone is going to forget about this past 'ilegal' side of Bitcoin.
Why do you think? No banks being involved, that's one thing. The irreversible nature of it is another,
and being pseudo-anonymous and instantly transferable are yet two more things. That's why these
hackers are demanding bitcoin for ransom. It can be sent quickly and can't be taken back. Bitcoin is
perfect for criminals!
On the other hand, cash has always served the same purpose and will continue to. Bitcoin gets a bad
rap because one of the first mentions of it in the mainstream media was Silk Road. It'll never live that
one down. But people have been buying drugs with $20 bills since the beginning of drugs and/or $20
bills.
and being pseudo-anonymous and instantly transferable are yet two more things. That's why these
hackers are demanding bitcoin for ransom. It can be sent quickly and can't be taken back. Bitcoin is
perfect for criminals!
On the other hand, cash has always served the same purpose and will continue to. Bitcoin gets a bad
rap because one of the first mentions of it in the mainstream media was Silk Road. It'll never live that
one down. But people have been buying drugs with $20 bills since the beginning of drugs and/or $20
bills.
Bitcoin is decentralised in nature and that has made government and banks not to control over bitcoin or any other altcoins. Bitcoin can be easily transfer from country to country or from one person to another person without nobody monitoring their activities as to whether those transaction is legal or illegal and that create a smooth environment the bad guys to strive.
Since the introduction of bitcoin in 2009, security expert have raise a lot of concerns about how criminals are attracted to the crypto currency. Your candid opinion on why do you think bitcoin is a prefect currency for the bad guys?
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