Post
Topic
Board Economics
Re: Effects of Crypto and Bitcoin on the Economy
by
kryptqnick
on 02/07/2023, 15:31:14 UTC
However, in my opinion, criminals are more interested in using cash. Cryptocurrencies are characterized by the fact that they run on a blockchain. And, as you know, on a blockchain you can track all transactions, even if the transactions are mixed. Therefore, saying that cryptocurrencies are used by criminal structures and therefore they should be banned are words that should not be heeded
Cash is more anonymous, I agree with that. But cash is also physical, which means one needs to go somewhere with it, leave it there for someone to pick up or meet up for that. And then you can't do much to legalize it because you can't just bring tons of money to a bank without any explanations, and you often need money in a bank account to pay for important things. Cryptos are digital, which means there's no need to physically go anywhere, and there are exchanges to get fiat or some places where you can spend major cryptos directly.
I don't think cryptos can be reasonably blamed for the existence of illicit financial activities, but cryptos do have some advantages over cash.