Post
Topic
Board Bitcoin Discussion
Re: Bitcoin, Crimes, and Terrorism
by
Sled
on 08/04/2017, 05:46:33 UTC
Bitcoin's anonymity is really a great characteristic. It enables users to use BTC in any transactions with nearly no traces. But is this really a good thing? Let us consider utilizing bitcoin in a negative way. Since bitcoin is considered currency, there is no doubt that a person that needs money will not reject bitcoin even if it involves unethical or illegal act.

Due to the anonymity of bitcoin, some uses bitcoin in a negative way [citation needed]. They can easily use bitcoin in paying others to commit crimes. They can even use bitcoin in bribery and/or money laundering. This characteristic of bitcoin are abused [citation needed] and it will never end well.

For the case of terrorism, terrorist can easily purchase weaponry from other country. With the use of transaction using bitcoin, authorities will have a hard time tracing that transaction thus, will give advantage to the side of terrorists.

This is not an impossible scenario. People can now use bitcoin in any way they want to. It's inevitable.
This is not new because even the fiat is being used in doing illegal transactions, but bitcoin is more prone to that illegal transactions because of the feature of being anonymous. I don't think that bitcoin anonymity is a good feature because it is more on a bad side than a good side which the criminals can take advantage of. I hope the team will do something to make bitcoins transactions at least traceable for government authorities.