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Author Topic: [2016-01-19] Bitcoin Is No Paradise for Criminals  (Read 198 times)
hendra147
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January 20, 2016, 03:38:22 AM
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This brief article helps to clear up a common misconception about Bitcoin. Bitcoin is frequently portrayed as the chosen currency of crooks. There is no doubt that criminal activity has been associated with the Bitcoin ecosystem, but I would argue that cash is still king in the underworld. Jason Bloomberg writes in his recent Forbes article [1]: “Professional criminals’ number one requirement is a secure, anonymous way to move and store money, and Bitcoin fits the bill perfectly.” There’s a really big problem with that statement: it is simply and provably not true. It displays ignorance in how Bitcoin really works. In fact, Bitcoin is a potential nightmare for criminals. If they want to minimize getting caught, they’ll stick with cash and the legacy banking system, but more on that later. Many people mindlessly repeat the meme that Bitcoin is anonymous, and therefore conclude it must be the ideal currency of criminals. But is this really true? Don’t forget, every transaction that occurs in Bitcoin is recorded in the blockchain—the ledger is completely transparent. The history of every Bitcoin transaction is publicly accessible. These statements bear repeating. Every Bitcoin transaction is cemented in the blockchain, which can be examined and analyzed at will by anyone with minimal technical know-how.

http://blog.cryptoiq.ca/?p=164

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