Hello crypto bros.
Today I want to discuss a pretty big problem that bitcoin adoption is facing.
Bitcoin is great in means of anonymous transactions and getting away from the banks and government control, but the problem is, it's the exact problem why criminals are using it. And it's a pretty big one. I'm not saying that criminals use bitcoin more than fiat, but we all can see that illegal services are widely accepting bitcoin.
The problem here is that the system should have some way to fight these criminals because we don't want bitcoin to be associated with drugs and sex trafficking, but the problem is, by solving these problems we should get rid of anonymity which is a pillar for the bitcoin technology, so it can't be done. And this problem might be a big obstacle in mass bitcoin adoption and regulations that are coming.
So I want to hear your opinion: how to make bitcoin technology "safer" so we could fight a crime committed with crypto and help with bitcoin adoption without taking away the main features of bitcoin like decentralization and anonymity?
The fiat has been fully backed and controlled by the government and yet some elites were able to use it for fraud and crime, what do you think of Bitcoin that doesn't have any control and it is censorship resistance? Bitcoin, of course, is primarily designed without any middleman where there is a center of authority, and seeing these features is a green flag for the bad guys who are into kidnapping, money laundry, and other forms of illicit activities, there is nothing governments and authority can do to stop these guys even with the implementation of KYC on exchanges, they still make use of decentralized exchanges without anyone stopping them.