Bitcoin Forum

In recent time so many illegal stuffs or deals are done by using cryptocurrency. I think it’s killing the industry. And will drastically reduce the popularity. So we, all involved in the industry, should be aware to avoid any misleading and illegal activities done by cryptos.

I totally agree with you. We need to be cautious enough so that we are never involved with these illegal transactions. Because of all these illegal transactions, some countries are banning cryptocurrency.

Crypto currency market is a decentralized market. So it depends on the people how they are using their coin. In late time such a large number of illicit stuffs or arrangements are finished by utilizing cryptographic money. I believe it's murdering the business. What's more, will radically lessen the prominence so we, all associated with the business, ought to know to maintain a strategic distance from any deceptive and unlawful exercises done by crypto.

What is nonsense? Do you know who is talking? People who have never had a cryptocurrency. Nothing special there is not if there will not be a cryptocurrency will be another way to criminalize

If you'll go back the time when bitcoin wasn't adopted by most, it all started in the deep web where its transactions are mostly with illegal stuffs. It didn't killed bitcoin but it's the start although we are in the new beginning where it's now on the mainstream, I think people from there are using something new or they are still relying to bitcoin - I don't know.

It's not new and this is the reason why some countries doesn't have the appetite to adopt crypto's because they only think that it's main use is to purchase illegal things.
Don't worry as fiat money is also use in that way.

I agree with you that illegal stuffs must be discouraged by cryptos, because nowadays people prefer to transcact their illegal business through Crypto which will make some country to restrict or ban it in their country, moreover it also have its advantages tough especially bitcoin

The people whose spreading this negative impact is no other than the media even though without knowledge about the crypto currency as we all know media is most powerful influence now a days if they spread fake news most of the people follow too. But I think we cannot discourage those illegal things because we don't know their transactions what's going on.

I think you believe what you hear in the news too much  ;D

No one in their right mind would use bitcoin for illegal transactions. It's so easy to trace that it just doesn't make sense. I'm quite sure some illegal transactions are made using privacy coins like monero, but if you look at the daily trading volumes of privacy coins compared to crypto it's just a tiny percentage. The vast majority of illegal activities are transacted in dollars (not that dollars are getting a bad reputation for this lol).

Banks tell this lie that cryptos are used for illegal activites to put the main stream off. Just like how many have blocked purchasing cryptos using their debit and credit cards based on the lie that this is because cryptos are so risky the customers may not be able to repay the debt to the bank.

Now i see why some governments ban using it. Its because of the illegal transactions that cant be traced. Actually, if this was the case, bitcoin will be more popular with its usage. The least thing we can do is to report any illegal things we can see on this forum. Not for the popularity, but also to save bitcoins usage.

I guess decentralization is killing it much more :) I mean that the main concern of all governments not in illegal use, but that they don't have real chance to control it and centralize!


Forbidden fruit is so much sweeter that it drives even more people in crypto.

where do people get information about how many illegal transactions. I believe that all this is a deception to discredit the cryptocurrency.

Exactly!

I suspect that most illegal transactions are performed using Monero or similar privacy coins, so actually tracking the value of them is impossible. If we could somehow know I think it would be orders of magnitude less than the media purport

Frustratingly there is actually lots of good that cryptos are bringing to the world that isn't talked about. I guess this is the problem when you threaten the established financial system

This cryptocurrency depends on us to react, we take advantage of the progress of blockchain technology, and we can not avoid it in the future.
crypto as well as money cash if used for illegal transactions, of course, will be a problem

Yeah I agree, just gives the media ammunition. Bitcoin used to buy drugs etc etc. There;s a lot of popular privacy coins now though so I doubt it can be stopped.

Just so you know that legal and illegal stuff are different in every country, what you consider as illegal in your country might just legal in some countries. Even if you talk about something that generally illegal globally like drugs, human trafficking we still can't control it. If they has consumer then it would just running.

even fiat also use to illegal activies so i dont think that will be the reason why investors will leave it .there are too many reason why people interested in blockhain and even illegal activies can never stop the cryptos to be well known .

I heard the new before some peoples are doing illegal stuff for their personal benefit. I think if this happening continuously people will neglect crypto. So we need to take action against this.

The same thing with fiat right? but the only difference is that they have the convenience and anonymity if they are going to transfer wallet to wallet with their private keys, they need to cash out somehow or trade, right? then they need to use exchanges platforms to trade and the majority of exchanges mostly centralized are KYC compliant, they can be traced somehow as the blockchain is an open ledger that is open for public viewing.

Yes certainly and it is a drawback for crypto. Many country banned it as it is used to trade illegal stuffs. So, this should be stopped in anyway to save crypto from being sealed as a curency to trade illegal stuffs

i don't think so, bad people always try to find ways to do illegal stuffs or deals. they are only from their kind man. if some people are trying to do illegal stuffs or deals by using cryptocurrency that would be in a very small circle. please don't think this way.

Because of decentralization feature, crimes or drug dealings are done by crypto. But yes, we should try our best to discourage the operation. Otherwise, law controlling department will take action against cryptos. ::)

Yes, it is true that many illegal dealing are done by cryptocurrency. My personal opinion regarding this thing is, this misleading and illegal dealings are affecting the crypto industry alot and this should be solved as soon as possible.

Well there was much more illegal stuff done using crypto in the past and I still see industry much stronger than before . You can not blame the actions of individuals on to the whole industry . This has been discussed before so many time , there is much much much more illegal staff done using fiat ! so we should blame fiat for this crimes ! .

There is totally no logic behind this thinking .

I agree with this, it really needs to stop and I believe it's more of the reason why some countries fighting all form of atrocities are going against Cryptos for they might believe it could add to the amount of crime.

It really needs to be worked upon

I think coins like Monero with anonymous transactions shouldn't be promoted and should die down as these are the coins that could bring negative backlash against crypto currencies in general from the all the world governments. Also there isn't much you can do to prevent people from doing illegal things using crypto currencies.