Introduction
Bitcoin, a digital currency, was first introduced by Satoshi Nakamoto to revolutionize the world trading system. This currency is a currency that operates on a decentralized system. The primary purpose of the invention of this currency was to remove the need for any intermediaries. But the criminal elements of this society exploited this factor. Since the transaction cannot be tracked by anyone and the identities of the dealers are kept secret, making it the best form of currency for illegal trades, giving easy access to many criminal trades like money laundering, trafficking, drug dealing, etc. However, there are still positive benefits of bitcoin, and if you are interested in the currency, then checking profit-secret.com will help you get started.
Many countries are having debates on the banning of bitcoin. Due to its independence and no reach of government or taxation agency, it is not easy to decide whether to legalize it. Even if there are several benefits of bitcoin, making it easy for many people to trade. Criminals are also benefiting themselves in this tug of war between the central authorities and traders. Yet, many countries have legalized bitcoin, but they do not have any framework to regulate the trades through bitcoin. The bitcoin community is also looking into the ways to regulate the trades without tempering the purpose for bitcoin, i.e., p2p trading.
Money Laundering
The bitcoin trade is more transparent than any other currency. Every transaction of bitcoin is recorded and can be tracked. In money laundering, the criminals use complex government structures to make it difficult to connect their name with crimes by using several front men, registered companies in tax agencies that keep the identity secret, and law enforcement agents who have difficulty gaining access. With several layers of companies and front men tracing real criminals becomes near to impossible. Cryptocurrency in this context becomes a threat as it adds a new layer of complexity, making money trail tracking impossible. The bitcoin trade requires no more than a name and an email address to make a trade, paving the path for criminals to bypass the security threats imposed by central authorities.
Drug Dealing
Drugs are cancer that eats the roots of any society making the youth useless. Recently, drug dealers have started to use the online platform to sell and purchase drugs, referred to as digital drug dealers or new generation drug dealers. Bitcoin has offered drug dealers an opportunity to deal with drugs anonymously. Before bitcoin, drug dealers had to be cautious before making large deals and money transactions. But since the identity of the person trading bitcoin is kept secret, it becomes the best mode of trading. Several websites accept only bitcoins for the sale or purchase of drugs. Moreover, earlier, the dealers had to take care of a limit of selling and buying, but the bitcoin has allowed them to trade the drugs unlimitedly.
With the use of bitcoins, drug dealers have become fearless of the investigating authorities and were proven when an investigating agent receives an email from an anonymous person whose summary was that all the drug dealing will now only be done through bitcoin and the sale and purchase of it will be unlimited. Many of the conspiracy theorists claimed that its inventors genuinely created bitcoin for illegal purchases. But the use of bitcoin solely depends upon the owner. The use of bitcoin in illegal activities by dodgy criminals doesn’t necessarily make bitcoin evil.
Terrorism Funding
The terrorist and their helpers have also used bitcoin to promote terrorism in several countries. Pieces of evidence reveal that bitcoin has been used in financing terrorists, for the purchase of illegal weapons, and empowering the terrorist by corrupt entities of our society. Since Bitcoin users cannot claim their bitcoin back after being sent to receivers, it is easy for the terrorist to use it for their heinous acts. The dark web is teeming with offers of weapon trades in exchange for bitcoins. This dealing is dangerous in many ways because it becomes tough to trace the financers for the anti-terrorism agencies and impossible to reverse or freeze the trade. Many terror financers have been arrested, and pieces of evidence to prove that he has been using bitcoin to fund terrorism.
Final words
Satoshi Nakamoto introduced bitcoin to the market with the idea of revolutionizing today’s fiat currency system. And vision making this currency as future currency. It was invented to aid traders who had difficulty following the rules and regulations imposed by the governments, opening a whole new world for traders and giving many criminals opportunities. The use of anything solely depends on the person using it improperly doesn’t make that thing terrible or evil. before making any decision about the integrity of bitcoin, you should keep it in mind