Is Bitcoin helpful for illegal activities?

[Braga13]

Bitcoin is money, and money has always been used both for legal and illegal purposes. Can u tell about the illegal purposes btc could be used for ?

 

[Suba]

Even though illegal transactions using fiat money are greater, but you ask about the illegal purposes BTC could be used for? So I will just answer briefly, namely money laundering, buying weapons, drugs, terrorist financing. You will know more if you visit the darkweb.

 

[Anis Boukezzoula]

as @Suba mentioned, they use it for hacks and thefts, drugs, pornography, and the list still long...

 

[Niftyyem]

Another thing bitcoin can be illegally used for is ransom demand, since it is difficult to trace, they are mostly able to get away with it.

 

[Monster Masterpiece]

Even though illegal transactions using fiat money are greater, but you ask about the illegal purposes BTC could be used for? So I will just answer briefly, namely money laundering, buying weapons, drugs, terrorist financing. You will know more if you visit the darkweb.

Most of btc wallet holder are KYC verification compulsory like coinbase, coinpayments, spectrocoin so you have process verification otherwise service interruption anytime this may let illegal uses of BTC less than people expect.

 

[Ehizzy1]

Bitcoin can be used for illegal activities like money laundering and its mostly from the government i think

 

[ivanr01]

Btc is used for illegal activities. You can buy with it everything you want in dark web.

 

[greenie]

that's right .. in the online environment, in the dark web you can buy what you want through btc.

 

[Trojan8]

I think the issue of bitcoin and its illegality has been on for a while. If you are looking at the fact that wallet addresses are supposed to be untraceable, one can only agree that it helps. The fact that it is decentralized also supports the argument that it can help fraud.

 

[Dubai]

Bitcoin is money, and money has always been used both for legal and illegal purposes. Can u tell about the illegal purposes btc could be used for ?

No doubt, bitcoin can be used for fraudulent activities just like the regular money. Many people have used it as a means of saving their ill-gotten wealth in order to prevent FBI, CIA or the Interpol from tracking and tracing their electronic scams. The case of HushPuppy that was caught in Dubai is still great in the news.

 

[Ltherman]

I guess because of the great level of decentralization and anonymous nature it can be used to receive funds as payment for any transactions. Same as people use fiat as a form payment or exchange of goods and services, same can be done with crypto generally.

 

[Lagazine]

Bitcoin is a cryptocurrency with good value. Either legal or illegal, it works for legal purposes. The illegal purpose, I can talk of is using the crypto coins is online transaction whereby the sender deceive the buyer with greater advantages.

 

[Kinglegend01]

I dont get your question, are you asking if bitcoin has been used for illegal activities or what illegal activities it is been used for?. Bitcoin and the whole idea of cryptocurrencies been untraceable makes it a currency that can be used as payment for illegal goods and services rendered. These illegal activities involve human trafficking smuggling of goods,money laundering, buying weapons, drugs, terrorist financing and others

 

[Sake]

Since it was often used and as the media portrayed before for illegal transactions in deep dark web, it was used to secure their identities and to be untraceable as they like to say. But i don't think it's still like that anymore Bitcoin is more being used as an asset investment

 

[Nurudeen]

Bitcoin or any other altcoin can be used for Illegal activities. For example if a person is kidnapped and the kidnappers are tech savvy and they don't want any security agencies to trace the source of the transaction, they can easily use Bitcoin to receive their money with any traces been left behind

 

[WhiteHouse]

Yes.
Generally, opponents of Bitcoin argue that the network is used to launder money more easily than the current financial system.


They also argue that Bitcoin is favored by drug cartels for illegal transactions. Similarly, the network is allegedly used for arms sales.

Finally, it would be heavily used on the Darknet for all types of illegal transactions.

The fact that Bitcoin is also used for illegal transactions shows that it is considered a real currency.

However, the reality is not so simple.

If Bitcoin is indeed used for illegal activities, it is nothing compared to the US dollar, which is still favored by money launderers.

The banking system is opaque while Bitcoin is transparent.

It is therefore easier to launder money through the banking system with the complicity of unscrupulous bankers.

 

[GoldenLady]

The advantages of Bitcoin are also the weak points that can be explored to commit illegal activities with it.

It's untraceable and anonymous to transact with, it's international without any limitations on it's use, and decentralized too.

Money laundering, fraud, paying for drugs, pornography and so.much more just became easier.

 

[George10640]

The Twitter scandal is a good example. You can remember one texting people and luring them about the investment. It is upto us to be keen as people get scammed a lot.Even with great payment method like PayPal people are still being scammed.

 

[Ojonuyo]

Yes, bitcoin can be used for laundering money most especially from government and government companyies.

It is one of the currency of exchange used by system hackers. Personally, I think this affect the rise and fall in bitcoin crypto currency.

 

[ahmedo24]

Bitcoin has level of annoymity so it can be a good agent of money laundering which is unhealthy for every government. The only way is the security Exchange commission for each countries monitor the transaction closely.