The most stupid tool for criminals to use is Bitcoin

[Marvell1]

OP, I just wanted to ask. If bitcoin is such a dumb tool for criminals, why are there more and more bitcoin hacks, thefts or extortion cases happening, and why do governments have such a hard time catching criminals? Like the recent hack and theft of over $1.4 billion from Bybit, no agency or government has been able to track and recover the hacked funds.

Bitcoin transactions are transparent and public but its decentralized nature allows us to hide our identities better and that benefits criminals. We need to admit that bitcoin does not make it easier for governments to detect crime.

[shinratensei_]

OP, I just wanted to ask. If bitcoin is such a dumb tool for criminals, why are there more and more bitcoin hacks, thefts or extortion cases happening, and why do governments have such a hard time catching criminals? Like the recent hack and theft of over $1.4 billion from Bybit, no agency or government has been able to track and recover the hacked funds.

Bitcoin transactions are transparent and public but its decentralized nature allows us to hide our identities better and that benefits criminals. We need to admit that bitcoin does not make it easier for governments to detect crime.

That hacking is actually traced already, but yeah decentralized blockchain tracing isn't as easy as OP pictured it out to be but apparently bybit's hacking has been tracked 24/7 and that's the reason why some platform can halt the money from escaping, take it, and give it back to bybit.
There are some share of money that can be reclaimed and some that are still in god knows where because the the blockchain is decentralized and irreversible, the hacker's money just sitting there most of the time because there's many eyes lurking.

Main takeaway here is it's still 50/50 whether the transaction can be traced or not.

[Cryptmuster]

Criminals are now realising that Bitcoin is not on their sides, atleast not like the likes of Fiat currency.

It's easier to get bursted doing your crime using Bitcoin as your means of payment, it's only criminals with zero knowledge that will choose Bitcoin as their money for funding their crime.

The power that Bitcoin gives us has never been seen before, if someone told you in 2005 that sooner we will start seeing the worth of our leaders you will say impossible.

Today we can know how much Trump Bitcoin wallet is worth, the more popular you are in this world the easier it is to figure your Bitcoin worth, unless you don't share your address at all, this is the only way your identity remain unknown.

Who dares go to the bank and ask for a governer's bank account balance? But now we can know because BTC is open source and traceable, isn't Fiat the perfect one for crime than Bitcoin? With power you can be dirty with Fiat, but not Bitcoin, you will eventually be bursted.

Making it the wrong place for crime to exists.

Probably, for this purpose, one could use not just a single address but create many and split the funds into a large number of transactions and addresses. Of course, this makes things more complicated, but the address won’t become large enough to attract the attention of platforms that monitor big wallets. I think scammers can use both fiat and Bitcoin for their schemes. The most important thing is to plan everything carefully and act cautiously. But the crucial point is that traces will still remain, and later it’ll be possible to follow them back to the origin.

[batang_bitcoin]

@OP, you probably have an idea on where Bitcoin was used for before it was used in the mainstream, right? Also, don't put a lot of bold to your text. It doesn't have to be bold the entire thing you've written on this thread. Bitcoin is used widely for any use and we can't deny that before it was and still used for those purposes that you've mentioned for criminals. However, nowadays, Bitcoin is now used as a store of value and those who wants to keep their privacy are using privacy coins like monero.

[traderethereum]

If you don't publish your Bitcoin wallet address to public, no one will know if you have Bitcoin. You can use non-KYC site to use your Bitcoin so those who use Bitcoin for crime can still use it. If those criminals know how to use Bitcoin, that will not be a problem for them. Bitcoin and fiat is only a tool but the reason why they select Bitcoin or fiat will be depend on how know they with that.

[AprilioMP]

Who dares go to the bank and ask for a governer's bank account balance? But now we can know because BTC is open source and traceable, isn't Fiat the perfect one for crime than Bitcoin? With power you can be dirty with Fiat, but not Bitcoin, you will eventually be bursted.

Making it the wrong place for crime to exists.

All transactions are recorded and all can see and spread, which is called a node.
If an ordinary person without an important position came to the bank to find out how much a governor's balance was, I believe that person would be sent home by the bank. The wrong person will be questioned.

They are stupid, but they are not. Instead, they are good at fooling.
If they use this transaction system, then all their transaction history can be known by anyone. Okeh because of that, they still deify fiat currency instead of switching but they are framing it as if this decentralized system is a crime.

[Danica22]

Bitcoin is used widely for any use and we can't deny that before it was and still used for those purposes that you've mentioned for criminals. However, nowadays, Bitcoin is now used as a store of value and those who wants to keep their privacy are using privacy coins like monero.

Bitcoin was created by Satoshi to be a peer-to-peer currency, helping us reduce our dependence on third parties like banks or to protect our privacy. But in the early days of its development, it was exploited by criminals and used as a tool to carry out their evil deeds. Bitcoin was never created to be used for criminal purposes.
And even if bitcoin is used as a store of value, it still cannot prevent criminals from using bitcoin for criminal purposes. It's all human behavior, nothing to do with bitcoin.

[batang_bitcoin]

Bitcoin is used widely for any use and we can't deny that before it was and still used for those purposes that you've mentioned for criminals. However, nowadays, Bitcoin is now used as a store of value and those who wants to keep their privacy are using privacy coins like monero.

Bitcoin was created by Satoshi to be a peer-to-peer currency, helping us reduce our dependence on third parties like banks or to protect our privacy. But in the early days of its development, it was exploited by criminals and used as a tool to carry out their evil deeds. Bitcoin was never created to be used for criminal purposes.
And even if bitcoin is used as a store of value, it still cannot prevent criminals from using bitcoin for criminal purposes. It's all human behavior, nothing to do with bitcoin.

Yes and that's why it's for any use that any person who owns it. We're all free to do use it based on what it can be used for. But the majority of us here are holding it for safe keeping purposes and as an asset. I'm holding it for the hope of a greater future and that's why it's best for all of us who holds it to keep it to the next better ATHs that we might encounter. And for those who are using it for their intended purpose that we can't stop them from doing so, it's only a matter of time until they get busted.

[Ambatman]

Who dares go to the bank and ask for a governer's bank account balance

Anybody that sees the account would know is that of the governor especially the bank itself.
Now Bitcoin may be public but it's also pseudonymous, meaning your real identity is not tied
Except you chose or accidentally show it.


Yeah, Cash still remains king when in comes to anonymity but it faces some issues especially mobility when it's large.
It's easier to move Bitcoin via countries than it is would cash
Hence why Bitcoin remains terrorist favorite means of funding agendas.

[dumpsterhawk]

Who dares go to the bank and ask for a governer's bank account balance? But now we can know because BTC is open source and traceable, isn't Fiat the perfect one for crime than Bitcoin? With power you can be dirty with Fiat, but not Bitcoin, you will eventually be bursted.

This is not really true. You can track also fiat, it can just be hard depending on the setup but in many cases it is easy. An average criminal is not going to be able to set up offshore businesses and networks that make it hard to track the money and discover who is behind it. An average criminal can learn and start using Bitcoin very soon. As long as they don't do KYC, they can do a lot of things while hiding in the crowd so to speak.

[Leahized]

It is possible to use Bitcoin everywhere. The use of Bitcoin has been doing good as well as bad as well. Just as big companies are doing the matter, the criminals are doing bad things through Bitcoin. For example, why different types of weapons are used to smuggle money and money. Because Bitcoin is much higher than the Fiat coin. However, these things are always done in secret. However, the government's strict law should be directed to catch these criminals. So that Bitcoin cannot do any criminal act. In my country, such criminal acts are done. But Bitcoin is legal illegal, so no action is taken from the government.

[SATWAT]

Bitcoin is used widely for any use and we can't deny that before it was and still used for those purposes that you've mentioned for criminals. However, nowadays, Bitcoin is now used as a store of value and those who wants to keep their privacy are using privacy coins like monero.

Bitcoin was created by Satoshi to be a peer-to-peer currency, helping us reduce our dependence on third parties like banks or to protect our privacy. But in the early days of its development, it was exploited by criminals and used as a tool to carry out their evil deeds. Bitcoin was never created to be used for criminal purposes.
And even if bitcoin is used as a store of value, it still cannot prevent criminals from using bitcoin for criminal purposes. It's all human behavior, nothing to do with bitcoin.

Yes and that's why it's for any use that any person who owns it. We're all free to do use it based on what it can be used for. But the majority of us here are holding it for safe keeping purposes and as an asset. I'm holding it for the hope of a greater future and that's why it's best for all of us who holds it to keep it to the next better ATHs that we might encounter. And for those who are using it for their intended purpose that we can't stop them from doing so, it's only a matter of time until they get busted.

Mostly peoples hold this for safety with long term saving as well because these both options are going to be workout for them and peoples are going to be enjoyed good profit or even greater profit, but hatters called as criminals heaven as well.
With this part I have never been agreed because criminals can do anything which is always helpful for them and they are surely doing for years without bitcoin its just hype or hate against Bitcoin which bring this into limelight.
Criminals are not new like bitcoin they are using different methods for years and enjoying with its never been safe heaven for them because things are still not helpful for them as many feel in near future It's going to be more troubling for them if they are feeling this could be give them any advantage.

[Agbamoni]

If you don't publish your Bitcoin wallet address to public, no one will know if you have Bitcoin. You can use non-KYC site to use your Bitcoin so those who use Bitcoin for crime can still use it. If those criminals know how to use Bitcoin, that will not be a problem for them. Bitcoin and fiat is only a tool but the reason why they select Bitcoin or fiat will be depend on how know they with that.

KYC or non-KYC site/exchange can still be traced. Every Bitcoin transaction is recoded on a blockchain, even if you use a non-KYC exchange,  your walled address can be traced through transactions, amount, and timestamps. Dont forget non-KYC exchanges till requires some person information's like phones number, email verification too. If the criminals know how to use Bitcoin, using coinjoin or Bitcoin mixers will be the tool for them.

[DeathAngel]

Mixers exist but if I was a criminal I would not be rushing to transact in Bitcoin or even think about stealing it. KYC exchanges are in bed with government regulators, there is no hiding place. You could transact person to person but not really in large quantities. Cash was & is far better to use illegitimately than Bitcoin. 

[Fivestar4everMVP]

Criminals are now realising that Bitcoin is not on their sides, atleast not like the likes of Fiat currency.

It's easier to get bursted doing your crime using Bitcoin as your means of payment, it's only criminals with zero knowledge that will choose Bitcoin as their money for funding their crime.

The power that Bitcoin gives us has never been seen before, if someone told you in 2005 that sooner we will start seeing the worth of our leaders you will say impossible.

Today we can know how much Trump Bitcoin wallet is worth, the more popular you are in this world the easier it is to figure your Bitcoin worth, unless you don't share your address at all, this is the only way your identity remain unknown.

Who dares go to the bank and ask for a governer's bank account balance? But now we can know because BTC is open source and traceable, isn't Fiat the perfect one for crime than Bitcoin? With power you can be dirty with Fiat, but not Bitcoin, you will eventually be bursted.

Making it the wrong place for crime to exists.

Until criminals, hackers and all stop getting away with stolen funds/money/bitcoin etc, I will not completely agree with bitcoin is a wrong choice for criminals to get funded through.

You are right in the aspect of the public knowing the wallet balances of top people in the industry and in the world, but then, this is only if they publicly link their self to a bitcoin address can be 100% sure that the wallet and the funds in it belongs to the said person..
And even at this, it is very possible for anyone to have as many wallet addresses as they can manage and also have funds in each of them, we can see those wallets and their balances live on chain but can not know who it belongs to until the person who owns it publicly declares ownership of the wallet address.

I am not saying it's good for criminals to choose bitcoin as a means of funding their evil acts, but I am not saying it's bad either.

[lovesmayfamilis]

The way you were posting your topic was just seeming like names are now tied to Bitcoin wallet address, but that's not what you were meaning. If I decide to scam you using my newly generated Bitcoin address from decentralized wallet, can you trace me and get me caught? You can only do so if you forcefully ask the centralized exchange I trade the Bitcoin to Fiat for the details of my information, and I doubt you won't be given.

It's impossible to identify the owner of a Bitcoin wallet address except the owner publicize it, only then you can track the transactions and balance on it.

Such a topic of the OP would be good for scaring off scammers from Bitcoin somewhere on hacker sites, where there are those who want to profit at someone else's expense . This is, of course, ironic. The truth is that you are right. How can you track something where there is no link to a person, and a person interested in fraud will do everything to hide themselves? Therefore, bitcoin is open to the prying eyes of those who use centralized exchanges, tell everyone about its ownership, and show their wallet. To be wiser, then someone who knows how to be modest is unlikely to have to worry about the fact that the eyes of scammers, or even other government agencies, will be directed at him.

[batang_bitcoin]

Yes and that's why it's for any use that any person who owns it. We're all free to do use it based on what it can be used for. But the majority of us here are holding it for safe keeping purposes and as an asset. I'm holding it for the hope of a greater future and that's why it's best for all of us who holds it to keep it to the next better ATHs that we might encounter. And for those who are using it for their intended purpose that we can't stop them from doing so, it's only a matter of time until they get busted.

Mostly peoples hold this for safety with long term saving as well because these both options are going to be workout for them and peoples are going to be enjoyed good profit or even greater profit, but hatters called as criminals heaven as well.
With this part I have never been agreed because criminals can do anything which is always helpful for them and they are surely doing for years without bitcoin its just hype or hate against Bitcoin which bring this into limelight.
Criminals are not new like bitcoin they are using different methods for years and enjoying with its never been safe heaven for them because things are still not helpful for them as many feel in near future It's going to be more troubling for them if they are feeling this could be give them any advantage.

Most of us holding it for our greater future. That is the reason why we're holding it because it's assuring that we'll have a good future by having it. The negative connotation to Bitcoin has never been removed and so, these criminal matters that's done by criminals can't be gone too easily. But on the other side, we're starting to see the shift and change for how it's being used nowadays. We have to embrace that truth but then, it's now for the betterment of many lives including yours and mine.

[taufik123]

Mixers exist but if I was a criminal I would not be rushing to transact in Bitcoin or even think about stealing it. KYC exchanges are in bed with government regulators, there is no hiding place. You could transact person to person but not really in large quantities. Cash was & is far better to use illegitimately than Bitcoin. 

The Bitcoin Mixing Platform is the best option to remain anonymous, but of course for the output you finally have to make transactions from person to person or called OTC transactions,
but of course with the amount split for several wallets it is not easy to trace.

Cash has no trace of digital transactions, but when someone takes large amounts of cash it needs to be suspected.

[Marvell1]

OP, I just wanted to ask. If bitcoin is such a dumb tool for criminals, why are there more and more bitcoin hacks, thefts or extortion cases happening, and why do governments have such a hard time catching criminals? Like the recent hack and theft of over $1.4 billion from Bybit, no agency or government has been able to track and recover the hacked funds.

Bitcoin transactions are transparent and public but its decentralized nature allows us to hide our identities better and that benefits criminals. We need to admit that bitcoin does not make it easier for governments to detect crime.

That hacking is actually traced already, but yeah decentralized blockchain tracing isn't as easy as OP pictured it out to be but apparently bybit's hacking has been tracked 24/7 and that's the reason why some platform can halt the money from escaping, take it, and give it back to bybit.
There are some share of money that can be reclaimed and some that are still in god knows where because the the blockchain is decentralized and irreversible, the hacker's money just sitting there most of the time because there's many eyes lurking.

Main takeaway here is it's still 50/50 whether the transaction can be traced or not.

Bybit is considered the biggest hack in the history of the crypto industry as the amount stolen is up to $1.5 billion and so far, the amount they have recovered through the help of ChangeNOW, Tether and FixedFloat platforms...is only $40 million. A small amount compared to the amount stolen.

They also cooperated with the FBI but could not do much because the money was distributed in thousands of transactions on different blockchains and through eXch.


Obviously, crypto or bitcoin is not a disadvantageous tool for criminals as OP thinks and criminals are not stupid to use crypto.