Bitcoin was created to stand as a decentralized medium of making transactions from one person to another without the involvement of a third party or the government which is a good initiative towards privacy and maintaining anonymity while performing transactions but i have also thought of it in the other way round, don't we think that politicians who loot government funds can use bitcoins to hide huge amount of money such that when the EFFC want to probe them for mismanagement of funds it will be difficult to recover looted funds since they might not be able to trace it due to the fact that they have converted the money to bitcoins. Can decentralization really help us at this time when there are so many financial crimes in the society?
One thing I like about Bitcoin is that it was not created for politicians to do their evil deeds because they can be exposed. It's not possible for money to go missing in Nigeria just like that, there must be a source and there must be a receiver.
Let's say a politician stole ₦1b and want to use Bitcoin to move the money, it's going to be difficult because you can't send the money from one bank account which is going to be coperate or business to a random person, it will raise suspicion, banks ar going to know.
If they plan to distribute the money into several account, they will get exposed because how many accounts are you going to use and how many sellers are you going to meet, the money can't be moved easily, you can't steal governments money and think of using to buy Bitcoin.
What this politician do to steal money is move with physical cash. They withdraw the money from the bank and accounts and hide them because it's difficult to see offline Bitcoin vendors. Instead of this stress, they go for burewa D change to launder the money to dollar Currency. Reason is that, the conversion is higher, a dollar to Naira is ₦1530, if you convert 1bn to usd, it will amount to $653k which they can hide physically.
Remember when dollars were uncovered in a secret completed building in 2017, about $43 ar currency, and some other currency, that money was hidden by one politician and the information to the where about was definitely leak by someone who knew the house was there.
https://guardian.ng/news/efcc-uncovers-another-massive-stash-of-monies-in-lagos-apartment/