As of late, crypto has become extremely popular due to the negative effects of COVID-19 in the mainstream economy. People are starting to consider crypto to be a safe-haven against the traditional monetary system empowered by banks worldwide. Yet, the vast majority still relies on Fiat for day-to-day transactions because of its price stability and widespread acceptance in the mainstream world.
With the advent of privacy coins, people can enjoy true financial freedom like never before. Privacy coins can become attractive tools for illicit activities because of their untraceable blockchain ledger. Despite all of the benefits privacy coins provide, criminals still rely on Fiat for all of their nefarious actions. I'm starting to wonder why, since Fiat (physical cash) is not as anonymous as one thought it would be. Privacy coins are truly anonymous (especially those that are private by default like Monero and Grin), as there is no central authority behind them. Maybe criminals prefer Fiat because of its high level of adoption in the mainstream world? Or maybe because Fiat has an easier learning curve than crypto?
If by any means criminals start adopting crypto in mass (especially privacy coins), we could expect a full government crackdown on the entire industry. Which is why I think it's best for criminals to continue using Fiat for the sake of the crypto/Blockchain industry's growth worldwide. But we'll never know what will happen in the future. Thoughts?
It's easier and more convenient to use fiat than you buy a coin then convert to fiat and now exchanges are mandating KYC for those who trade with a large volume of transactions every day or by means of fiat money. For P2P convenience, another big problem is that when converting to fiat money on the exchange, you have to KYC. In fact, using the internet nowadays is very easy to leave traces and locations I think criminals have the mindset that fiat money is more convenient than cryptocurrencies, which carries a higher risk for them.With the advent of privacy coins, people can enjoy true financial freedom like never before. Privacy coins can become attractive tools for illicit activities because of their untraceable blockchain ledger. Despite all of the benefits privacy coins provide, criminals still rely on Fiat for all of their nefarious actions. I'm starting to wonder why, since Fiat (physical cash) is not as anonymous as one thought it would be. Privacy coins are truly anonymous (especially those that are private by default like Monero and Grin), as there is no central authority behind them. Maybe criminals prefer Fiat because of its high level of adoption in the mainstream world? Or maybe because Fiat has an easier learning curve than crypto?
If by any means criminals start adopting crypto in mass (especially privacy coins), we could expect a full government crackdown on the entire industry. Which is why I think it's best for criminals to continue using Fiat for the sake of the crypto/Blockchain industry's growth worldwide. But we'll never know what will happen in the future. Thoughts?