Concern of illegal use of crypto

[SirLancelot]

I am aware that Bitcoin has been used by people engaging in illegal activities and it does bother me. However, I have never done anything illegal with crypto so it’s not that relevant to me personally. I guess I’m concerned it gives the entire crypto space a bad reputation when this kind of thing happens. I fear people may start blaming BTC over a few bad apples and that’s potentially bad for long term investors like me.                                                      

This should not be of any concern to you or to me. People who are making news about how much energy bitcoin uses, or how illegal activities uses crypto, and many other bad sides of things that are irrelevant to us are just after making bitcoin look bad and nothing more.

I personally do not feel any responsibility over this because it is clear to me that bitcoin is not something to care about like that if you are doing it the right way and not use it in any bad ways. And this means that we should be capable of ignoring it since fiat has been used for bad stuff at all times. I mean it is said that majority of dollars have cocaine traces on them, that is how much it is used, so there is really no reason why crypto should be blamed for it now.

[Abiky]

Money laundering? Seriously, we're now blaming cryptocurrencies for that? For years, people were creating offshore companies or even non existent ones just for show in order to launder money for decades. Cryptocurrencies have been around for a few years compared to fiat, but suddenly they are to blame for everything.

Yes, I don't deny that they're being used in illegal activities, such as the darknet markets whatsoever, but they're certainly not accountable for this world corruption.

Criminals use Fiat more than crypto for money laundering activities. But governments keep pushing the narrative that crypto is used for illegal purposes in order to lure people away from it. Can you imagine what will happen if people began using crypto on top of Fiat? Governments and central banks will lose power, putting an end to bureaucracy for good. These entities still want to stay in power, so they'll do everything they can to spread misinformation and false propaganda against crypto in order to minimize its use in the mainstream world. As long as decentralization prevails, there should be nothing to worry about. Who knows if crypto gets to live alongside Fiat for generations? Just my thoughts

[Ultegra134]

Money laundering? Seriously, we're now blaming cryptocurrencies for that? For years, people were creating offshore companies or even non existent ones just for show in order to launder money for decades. Cryptocurrencies have been around for a few years compared to fiat, but suddenly they are to blame for everything.

Yes, I don't deny that they're being used in illegal activities, such as the darknet markets whatsoever, but they're certainly not accountable for this world corruption.

Criminals use Fiat more than crypto for money laundering activities. But governments keep pushing the narrative that crypto is used for illegal purposes in order to lure people away from it. Can you imagine what will happen if people began using crypto on top of Fiat? Governments and central banks will lose power, putting an end to bureaucracy for good. These entities still want to stay in power, so they'll do everything they can to spread misinformation and false propaganda against crypto in order to minimize its use in the mainstream world. As long as decentralization prevails, there should be nothing to worry about. Who knows if crypto gets to live alongside Fiat for generations? Just my thoughts

It infuriates me when people claim that cryptocurrencies are the root of all evil. I fully understand that they are used in illegal activities, such as buying/selling drug substances, guns, illegal accounts etc. on Darknet markets, however, fiat is still the primary currency being used for this kind of illegal activities. Alright, ban cryptocurrencies to avoid such incidents, because that should do it!

[TimeTeller]

Money laundering? Seriously, we're now blaming cryptocurrencies for that? For years, people were creating offshore companies or even non existent ones just for show in order to launder money for decades. Cryptocurrencies have been around for a few years compared to fiat, but suddenly they are to blame for everything.

Yes, I don't deny that they're being used in illegal activities, such as the darknet markets whatsoever, but they're certainly not accountable for this world corruption.

Criminals use Fiat more than crypto for money laundering activities. But governments keep pushing the narrative that crypto is used for illegal purposes in order to lure people away from it. Can you imagine what will happen if people began using crypto on top of Fiat? Governments and central banks will lose power, putting an end to bureaucracy for good. These entities still want to stay in power, so they'll do everything they can to spread misinformation and false propaganda against crypto in order to minimize its use in the mainstream world. As long as decentralization prevails, there should be nothing to worry about. Who knows if crypto gets to live alongside Fiat for generations? Just my thoughts

It infuriates me when people claim that cryptocurrencies are the root of all evil. I fully understand that they are used in illegal activities, such as buying/selling drug substances, guns, illegal accounts etc. on Darknet markets, however, fiat is still the primary currency being used for this kind of illegal activities. Alright, ban cryptocurrencies to avoid such incidents, because that should do it!

Up until today, fiat has still the largest illegal activities going on.
Some people are just highlighting the bad aspects where crypto can be used in fraudulent activities.
But these same people are not seeing the reality that fiat is still the major means of these illegal acts.
It is like accusing bitcoin mining of consuming much energy, whereby, other big companies can continuously waste energy.
It is now up to the people how they approach on these things, are they going to be discouraged because of this misleading propaganda?

[Mahanton]

Money laundering? Seriously, we're now blaming cryptocurrencies for that? For years, people were creating offshore companies or even non existent ones just for show in order to launder money for decades. Cryptocurrencies have been around for a few years compared to fiat, but suddenly they are to blame for everything.

Yes, I don't deny that they're being used in illegal activities, such as the darknet markets whatsoever, but they're certainly not accountable for this world corruption.

Criminals use Fiat more than crypto for money laundering activities. But governments keep pushing the narrative that crypto is used for illegal purposes in order to lure people away from it. Can you imagine what will happen if people began using crypto on top of Fiat? Governments and central banks will lose power, putting an end to bureaucracy for good. These entities still want to stay in power, so they'll do everything they can to spread misinformation and false propaganda against crypto in order to minimize its use in the mainstream world. As long as decentralization prevails, there should be nothing to worry about. Who knows if crypto gets to live alongside Fiat for generations? Just my thoughts

It infuriates me when people claim that cryptocurrencies are the root of all evil. I fully understand that they are used in illegal activities, such as buying/selling drug substances, guns, illegal accounts etc. on Darknet markets, however, fiat is still the primary currency being used for this kind of illegal activities. Alright, ban cryptocurrencies to avoid such incidents, because that should do it!

Whatever things that government doesnt really like then this is where they do really shoots or places out issues and criticisms which is not really that something new.
They would be focusing on illegal things to be attached just to make it look bad specially into those people who doesnt know crypto which is really safe but
sooner or later they would really be that able to realize on whats the truth but there are people who do really believe on what media or government
do say but we shouldnt bother out ourselves because people would find out no matter what on whats the truth.

[Ebede]

Does cryptocurrency have illegal process of using it? If bitcoin should have illegal form of using it that should be money laundering and importation of high drugs to the country without the awareness of the government, and it going be those people in the government that will use it to spoil the good reputation of cryptocurrency because I'm seeing government like group that hate cryptocurrency and the group

[Desmong]

That's bullshit. They can't accept the fact that cryptocurrency is revolutionary. Fiat money has been used in money laundering for all these years. They have been using for illegal deals. Now cryptocurrency is the problem? How funny does this sound!

We all know that money laundering can not be stopped and the government should not use that means to criticize Bitcoin that it is supporting money laundering. We know that fiat is the major concern but bad people choose crypto because it is be secure and safer for them. That is not the reason why cryptocurrency was created and hijacking it be bad people for there businesses should be used for criticism

[MARK21]

It seems absurd to me that they always blame cryptocurrency when it is one of the safest economic systems, however, nobody talks about the money laundering carried out by NFTs, where everyone leaves with clean hands.

[Dumbsize]

Illegal use of currency is not only related with crypto currency but it is a general problem with all types of assets. However, the government has full authority to check such problems. So, due to such problems we should not demotivate traders using rumours.

[Abiky]

It infuriates me when people claim that cryptocurrencies are the root of all evil. I fully understand that they are used in illegal activities, such as buying/selling drug substances, guns, illegal accounts etc. on Darknet markets, however, fiat is still the primary currency being used for this kind of illegal activities. Alright, ban cryptocurrencies to avoid such incidents, because that should do it!

It's just an effort from governments in order to spread FUD (fear, uncertainty, doubt). After all, they don't want people using crypto on top of Fiat. I've said that many times already. You and I know that Fiat is heavily used for illegal activities (not crypto). Which criminal would want to use something as widely unpredictable and unstable as crypto itself?

Considering that most merchants and businesses accept Fiat, there's every reason to ignore crypto in the first place. I'd prefer crypto to be as distant from criminals as possible in order to get the green light from governments worldwide. It's a good thing major cryptocurrencies like Bitcoin and Ethereum are transparent by design, else they would've been completely rejected by the government by now. As long as decentralization prevails, nothing else matters. Just my thoughts

[Ultegra134]

It infuriates me when people claim that cryptocurrencies are the root of all evil. I fully understand that they are used in illegal activities, such as buying/selling drug substances, guns, illegal accounts etc. on Darknet markets, however, fiat is still the primary currency being used for this kind of illegal activities. Alright, ban cryptocurrencies to avoid such incidents, because that should do it!

It's just an effort from governments in order to spread FUD (fear, uncertainty, doubt). After all, they don't want people using crypto on top of Fiat. I've said that many times already. You and I know that Fiat is heavily used for illegal activities (not crypto). Which criminal would want to use something as widely unpredictable and unstable as crypto itself?

Considering that most merchants and businesses accept Fiat, there's every reason to ignore crypto in the first place. I'd prefer crypto to be as distant from criminals as possible in order to get the green light from governments worldwide. It's a good thing major cryptocurrencies like Bitcoin and Ethereum are transparent by design, else they would've been completely rejected by the government by now. As long as decentralization prevails, nothing else matters. Just my thoughts

It certainly is a coordinated attack against cryptocurrencies. Crypto is extremely new to be liable for even 5% of conducted illegal activities. There are certainly ongoing activities in the Darknet, revolving Bitcoin, but that's just the tip of the iceberg. I never claimed myself that it's a replacement for fiat, these two could easily co-exist, with a few regulations probably, I don't get why governments are so negative regarding their adoption.

[carlfebz2]

It infuriates me when people claim that cryptocurrencies are the root of all evil. I fully understand that they are used in illegal activities, such as buying/selling drug substances, guns, illegal accounts etc. on Darknet markets, however, fiat is still the primary currency being used for this kind of illegal activities. Alright, ban cryptocurrencies to avoid such incidents, because that should do it!

It's just an effort from governments in order to spread FUD (fear, uncertainty, doubt). After all, they don't want people using crypto on top of Fiat. I've said that many times already. You and I know that Fiat is heavily used for illegal activities (not crypto). Which criminal would want to use something as widely unpredictable and unstable as crypto itself?

Considering that most merchants and businesses accept Fiat, there's every reason to ignore crypto in the first place. I'd prefer crypto to be as distant from criminals as possible in order to get the green light from governments worldwide. It's a good thing major cryptocurrencies like Bitcoin and Ethereum are transparent by design, else they would've been completely rejected by the government by now. As long as decentralization prevails, nothing else matters. Just my thoughts

It certainly is a coordinated attack against cryptocurrencies. Crypto is extremely new to be liable for even 5% of conducted illegal activities. There are certainly ongoing activities in the Darknet, revolving Bitcoin, but that's just the tip of the iceberg. I never claimed myself that it's a replacement for fiat, these two could easily co-exist, with a few regulations probably, I don't get why governments are so negative regarding their adoption.

Being optimistic isnt bad but it should really be on  that point on where it should really be realistic because fiat couldnt be replaced no matter what and as long government does exist then it would really be staying

up through ages which is something that in default.Speaking with critics then its just normal because they would really be throwing lots of issues and arguments about its con's without

even trying to emphasis the con's of fiat too which had been a tool on ages.

[lepbagong]

money laundering and terror financing and the like, are not new things, in fiat circulation it can be done and it often happens, especially with crypto which clearly has no one to regulate and control, it is very easy to do. but the state must not be negligent and can use everything to be used, so money laundering and the like, which can harm state revenues and theft of state assets and can disrupt the stability of state security not occur. the state needs and continues to make regulations and rules that allow the apparatus to be able to exercise control through policies made with legal regulations. there will always be a mechanism that can be made so that the state does not happen something that is not desirable.
so there is no need to worry too much if the regulations can be applied of course as a good citizen will not want to do something that is prohibited.

[Abiky]

It certainly is a coordinated attack against cryptocurrencies. Crypto is extremely new to be liable for even 5% of conducted illegal activities. There are certainly ongoing activities in the Darknet, revolving Bitcoin, but that's just the tip of the iceberg. I never claimed myself that it's a replacement for fiat, these two could easily co-exist, with a few regulations probably, I don't get why governments are so negative regarding their adoption.

Of course. Governments don't want people using crypto because it removes their ability to control money. With a decentralized system as crypto/Blockchain tech, it's nearly impossible to confiscate, freeze, or even manipulate someone else's account at governments' own will. It's the first time in history where money gets separated from the state. Just like the Internet, crypto is a double-edged sword. People can use it either for good or bad things.

As much as crypto is claimed to be used for illegal activities, the truth is that Fiat is the one used mostly for said purpose. It's all an effort from governments to drive as much people away from crypto as possible. I wouldn't worry about what they're saying against crypto as long as it works as intended. Just my thoughts

[Ale88]

Recently Indian Finance minister N.Sitharaman said Money laundering, terror financing biggest concerns around cryptocurrency...
What can be the remedial step to address this concern.

https://www.bgr.in/news/fm-nirmala-sitharaman-says-biggest-risk-of-crypto-is-laundering-terror-financing-1259977/

I didn't even open the article, I'm just surprised that still nowadays there are people saying that bitcoin is used to laundry money etc etc when it's completely traceable through the blockchain. It's probably one of the worst ways to laundry money, seriously.

[Ultegra134]

It certainly is a coordinated attack against cryptocurrencies. Crypto is extremely new to be liable for even 5% of conducted illegal activities. There are certainly ongoing activities in the Darknet, revolving Bitcoin, but that's just the tip of the iceberg. I never claimed myself that it's a replacement for fiat, these two could easily co-exist, with a few regulations probably, I don't get why governments are so negative regarding their adoption.

Of course. Governments don't want people using crypto because it removes their ability to control money. With a decentralized system as crypto/Blockchain tech, it's nearly impossible to confiscate, freeze, or even manipulate someone else's account at governments' own will. It's the first time in history where money gets separated from the state. Just like the Internet, crypto is a double-edged sword. People can use it either for good or bad things.

As much as crypto is claimed to be used for illegal activities, the truth is that Fiat is the one used mostly for said purpose. It's all an effort from governments to drive as much people away from crypto as possible. I wouldn't worry about what they're saying against crypto as long as it works as intended. Just my thoughts

I'm not sure if that's the only reason to be honest. In my opinion, ignorance is also to blame, lack of knowledge often leads to these kinds of conclusions. I don't believe that any of those people in governance actually know what cryptocurrencies are, but just see what they want and simply stick to that.

Cryptocurrencies are relatively new, thus it's pretty normal to see such kind of behavior, since politicians are usually of older age, who have lived during a completely different generation.

[sklopan]

To be honest, I would also call the cryptocurrency itself gray. Many want to use this as an opportunity to make a profit without taxes.

[Newlifebtc]

Illegal use of currency is not only related with crypto currency but it is a general problem with all types of assets. However, the government has full authority to check such problems. So, due to such problems we should not demotivate traders using rumours.

where and were is cryptocurrency is been misused and misunderstood, it is people who tried to condemn the the use of cryptocurrency generally, cryptocurrency don't have illegal function or anything that related with illegalities from the size i understand the basic theories cryptocurrency. Their is when i hear that cryptocurrency is the easiest way of making smuggling money to another country but i find it very unreasonable

[Dunamisx]

To be honest, I would also call the cryptocurrency itself gray. Many want to use this as an opportunity to make a profit without taxes.

Before we could derive on a conclusion in this manners why not let's put ourselves in the shoe of those crypto companies that had exuberant tax impose on them, the government make demand of a tax rate beyond the capacity of people, this has been one of the  gear factors to manipulations by evading the payment for it, let's make things realistic, something worth affordable by the citizens, and not an extortion in disguise.

[Zlantann]

There is an adage in my country that states that if you want to kill a dog, you just give it a bad name. You would say the dog did this and did that all because you want to get rid of it. Anti-bitcoin forces would always give Bitcoin a bad name because they want to get rid of it. Money laundering, terrorism financing and other illegal financial transactions have been in existence before Bitcoin, hence Bitcoin at least is not the originator of such crimes. Although, Bitcoin can be used for some of these antisocial practices but statistics has shown that using fiat and other banking services is indeed the main tool for crime financing and money laundering.