Cryptocurrency in the black market

[BrolySSJ]

The black market is an illegal trading site where people exchange goods and services for a specific amount of money and generally these are not of a nature that can be allowed by the law. As a result cryptocurrency has become increasingly popular on the black market and people are able to transact with each other without revealing their identity to each other. This anonymity is provided through cryptocurrencies.

However this is also the concern when it comes to cryptocurrency because it is being used for illegal actions. This is extremely dangerous and it is one of the reasons why the government is not willing to accept it. What are your thoughts on how cryptocurrency is being used within illegal trades?

 

[Niftyyem]

Illegal trades still happen without Cryptocurrencies although, I must admit that Cryptos just make it more convenient. I believe if the use of cryptocurrencies is regulated, it may curb the high rate of these illegal activities.

 

[Goodday]

The black market is an illegal trading site where people exchange goods and services for a specific amount of money and generally these are not of a nature that can be allowed by the law. As a result cryptocurrency has become increasingly popular on the black market and people are able to transact with each other without revealing their identity to each other. This anonymity is provided through cryptocurrencies.

However this is also the concern when it comes to cryptocurrency because it is being used for illegal actions. This is extremely dangerous and it is one of the reasons why the government is not willing to accept it. What are your thoughts on how cryptocurrency is being used within illegal trades?

It's true crypto currency trades are mostly forms of illegal trading and they follow the principle of the black marketing. But if we check even when crypto currencies were still not invented, black marketing was popular and most governments were able to control it. So I too believe the government can also control the illegal activities of crypto currencies.

 

[Suba]

Similar to fiat money (USD, Yen, Euro etc) Cryptocurrencies (BTC, XMR etc) are also used as a means of payment for transactions on the black market or darknet. During 2020 about 45% of market players on the black market used cryptocurrencies from crypto exchanges that do not require KYC and most of them use a Bitcoin mixer service so it will be more difficult for the authorities to detect.

 

[ossai]

Nowadays, it's crypto traders that dominate the cryptocurrency market, and illegal crypto uses only account for 10%. To give you a clearer picture of the proportions, sources estimate that black market deals by means of cryptocurrency could go as high as $1.5 billion this year. This sounds like a huge deal.

 

[Ralphjoe]

As far as I am concerned there's nothing like cryptocurrency being used for illegal trade because the only way that I know that cryptocurrency is being used that is illegal is for are mostly pornography sites and that is not illegal in the real sense of it because pornography is strictly for adults.

 

[BrolySSJ]

As far as I am concerned there's nothing like cryptocurrency being used for illegal trade because the only way that I know that cryptocurrency is being used that is illegal is for are mostly pornography sites and that is not illegal in the real sense of it because pornography is strictly for adults.

This is true, and porn can be viewed and paid for by adults. However the illegal sense of crypto is more in the sense of money laundering and trading in illegal goods that are not supposed to be sold.

 

[FreshKaz11]

The black market is an illegal trading site where people exchange goods and services for a specific amount of money and generally these are not of a nature that can be allowed by the law. As a result cryptocurrency has become increasingly popular on the black market and people are able to transact with each other without revealing their identity to each other. This anonymity is provided through cryptocurrencies.

However this is also the concern when it comes to cryptocurrency because it is being used for illegal actions. This is extremely dangerous and it is one of the reasons why the government is not willing to accept it. What are your thoughts on how cryptocurrency is being used within illegal trades?

I think crypto currency is still the easiest when it comes to trading online,but as for the illegal use of it,that's bad tho,but I don't think because of that's government should go against it in anyway I guess. So what I should suggest for the government is to regulate the trading of all crypto currency on any platform then.

 

[BrolySSJ]

I think crypto currency is still the easiest when it comes to trading online,but as for the illegal use of it,that's bad tho,but I don't think because of that's government should go against it in anyway I guess. So what I should suggest for the government is to regulate the trading of all crypto currency on any platform then.

Regulation of crypto is a good way to go and that would combat the use in illegal activities, however this may result in there being a lot of people leaving crypto as well because it will be controlled by the government in essence.

 

[btaliat]

The irregularities that happen in the crypto market led to the intervention of the third party application that sell and buy coins which make the process less illegal and less stressful. Still it still exists.

 

[Eodine]

Crypto currency generates enough profit already for those who are patient so why bother with black market when you can originally have what you want.

 

[BrolySSJ]

The irregularities that happen in the crypto market led to the intervention of the third party application that sell and buy coins which make the process less illegal and less stressful. Still it still exists.

What do you mean by third part applications that are able to make the transactions less illegal? Crypto has a standpoint as a whole and therefore despite the application being used, if a country deems it illegal crypto would still be considered to be illegal.

 

[Senator]

Long before the advent of cryptocurrency, illegal years occur with the use of fiat currencies. And it is still occuring as we type. The government only have to up their game in catching these criminals instead of baning cryptocurrency

 

[BrolySSJ]

Long before the advent of cryptocurrency, illegal years occur with the use of fiat currencies. And it is still occuring as we type. The government only have to up their game in catching these criminals instead of baning cryptocurrency

It is true that fiat currency does result in illegal activities as well, however at teh end of the day these activities still do tend to leave a paper trail that can be followed in catching those offenders. This is not the case when it comes to crypto users.

 

[Chibson]

Black market has been in existence since many years ago, even years before the advent of cryptocurrency. There are so many cryptocurrency black market.

 

[Nomad]

One of the reasons why people are scared of crypto currencies is for their anonymity. Due to this feature, governments are suspicious of allowing crypto currency, but the crypto currency transaction can be viewed publicly in the blockchain.

 

[BrolySSJ]

One of the reasons why people are scared of crypto currencies is for their anonymity. Due to this feature, governments are suspicious of allowing crypto currency, but the crypto currency transaction can be viewed publicly in the blockchain.

The currency transaction can be viewed in terms of the blockchain website however at the same time you are unable to try and think that specific cryptocurrency wallet address to a specific person and as a result you still are able to maintain anonymity despite there being a public record of the transaction. But I think that the link between finding who actually operated a cryptocurrency wallet is the main concern that the government is facing currently.

 

[Kingstone]

The black market will always continue to exist before and after the existence of the crypto world. In my country, the central bank seized the money made by some banks over illegal charges on their customers. So it can only be regulated but not eradicated. Crypto does not do much in using the platform for illegal activities

 

[BrolySSJ]

The black market will always continue to exist before and after the existence of the crypto world. In my country, the central bank seized the money made by some banks over illegal charges on their customers. So it can only be regulated but not eradicated. Crypto does not do much in using the platform for illegal activities

You are correct in saying that cryptocurrency does not do a lot in terms of illegal activities because a lot of research has been conducted into this and analysing the amount of illegal activities with the different monetary values and it seems that Fiat currency is actually being used much more than cryptocurrency for the illegal activities.

 

[Nurudeen]

Using crypto currency exchange Business for illegal means is very bad and that is one of the major reasons why the government said the crypto currency exchange Business is used for terrorism and need to be regulated