Post
Topic
Board Nigeria (Naija)
Re: Can Bitcoin help to reduce crime?
by
Bitco55
on 23/08/2024, 04:57:08 UTC
I'm not really sure Bitcoin has turned many youths away from criminal activities though, except when you talk about criminal activities and you're talking about kidnapping, armed robbery, and other physical crimes. Bitcoin in itself is a generation of crimes, just that it's only a couple of people that are smart enough to discover and use Bitcoin in criminal activities ( that excludes direct buying of illicit materials on the internet). Bitcoin in itself is used for money laundering, to find terrorism and many others. I've seen many people who are ' apparently ' into Bitcoin and are criminals, CYBER criminals. They literally do their stuff and invest the money in Bitcoin. So, I think the thing about Bitcoin reducing the crime rate in this country is not totally true. It's probably even making them smarter and shifting the youths to cyber crimes.

But the thing is anything that has its disadvantages also has its advantages. Blockchain technology. If Bitcoin has contributed something good to crime rates, then it's through this. Of course, if utilized. Blockchain technology can tackle crimes, especially cyber crimes, effectively, through its transparency, decentralized verification of identity, and transaction traceability with timestamps. If the Nigerian law enforcement agencies tackle this technology then it'll really help reduce crime rates in the country.