Post
Topic
Board Bitcoin Discussion
Re: Bitcoin adoption and increase in crime rate, how correlated are they?.
by
mysmyle
on 18/08/2021, 15:44:35 UTC
Very related. Most people believe that since bitcoin's transaction hash is open for every one to read, it is not possible to be used for crime. I choose to differ from that. Bitcoin's user anonymity makes it very possible to be used for crime. Let's take a look at the number of scams happening around. Once a Bitcoin has been transferred, users can only read the transaction but it is nearly impossible to use that transaction to know who the recipient is. This is why most blockchain require their users to register with their full name and pass KYC. It makes it possible to track transaction and know the exact person behind a transaction in case of fraud.