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Author Topic: Bitcoin on illegal transactions  (Read 1089 times)
joseafonso123az
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September 11, 2017, 09:25:10 PM
 #61

Well illegal activities do happen with bitcoin, and will continue happening ( but it can be solved if there is some tracking or something new implemented in the blockchain that can solve this problem). But this is not new, before bitcoin, you could do illegal activities with fiat currencies, so not a big problem here. A big problem may appear if instead of trying to solve these issues, corporates and government just bans the use of bitcoin( claiming that they are ending attacks like ransomware for good, and as BTC is new, people can live without it).
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CryptoScorpio
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September 11, 2017, 09:41:47 PM
 #62

Yes, illegal transactions are easy with Bitcoin to compare with Fiat currency. It will increase in the future with the increase of the usage of this currency.All transactions are anonymous.No one can trace them. Already Bitcoin is used in the dark web for this type of activities. It is easier for them to deal with.

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illyiller
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September 11, 2017, 09:53:13 PM
 #63

Yes, illegal transactions are easy with Bitcoin to compare with Fiat currency.

I disagree. Cash is far more private. And for many typically illegal transactions (i.e. the drug trade), cash is much more convenient. Instead of interfacing with banks and exchanges or Bitcoin ATMs with huge fees, you can just take cash directly to a drug dealer and get your fix.

All transactions are anonymous.No one can trace them. Already Bitcoin is used in the dark web for this type of activities. It is easier for them to deal with.

Actually, no. Transactions are not anonymous, and they can easily be traced. You actually need to be very, very careful about masking IP and UTXO selection in order to hide your identity with Bitcoin. If you plan on using darknet markets, be careful, because you are operating on some bad assumptions here.

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Altero
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September 11, 2017, 10:11:26 PM
 #64

Yes, illegal transactions are easy with Bitcoin to compare with Fiat currency. It will increase in the future with the increase of the usage of this currency.All transactions are anonymous.No one can trace them. Already Bitcoin is used in the dark web for this type of activities. It is easier for them to deal with.
Bitcoin is just a medium for any transaction be made and since nobody take control it, then we don't know that a certain transaction is for illegal purposes. Drugs and any illegal activities are exist already before bitcoin, since they found out that bitcoin is the safest way for their illegal transaction then a big possibility that they'll go for it.

Roman Abraham
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September 11, 2017, 10:17:19 PM
 #65

We can't deny it. Bitcoin now is the mode of payments on smuggling and illegal drugs both locally and international.

Indeed there are some people who use bitcoin for something illegal like buying drugs and illegal drugs provided on certain internet sites, and this is what makes the government worried if bitcoin is abused. and I think this is quite dangerous if it continues to be done because the government may be membenying bitcoin for that reason, so I hope it can be understood by everyone to use bitcoin in a good way and try to keep the good name of bitcoin.
Monnt
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September 14, 2017, 05:25:18 AM
 #66

Some people tend to abuse bitcoin due to its advantage of being able to pay money "ANONYMOUSLY". They think that by using bitcoins in illegal transactions, they would be safe from lawmakers and they won't be identified. This is wrong at every point. Bitcoins must be used properly and responsibly. It does not mean that we are allowed to do illegal acts because this hides us from the public. This is something ordinary people like us cannot control and it is very disappointing that some people view bitcoins as their way of commiting crimes.

And these set of people are the ones that ensure that bitcoin is attached to criminal activities and at the end everyone bear the brunt of such actions. Although bitcoin use for illegal activities cannot be stopped but it can be reduced to a bearable minimum if we can all make the resolution to do the right thing and stop hiding under the anonymity to commit atrocities.
There would be no possibility to illegal transaction because system is clear as glass and proper check is performed while transaction so it is not good to get doubted. Bitcoins are giving us complete freedom and we need not to worry about illegal transactions because they are already being one with paper money too.
mehcat11
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September 14, 2017, 10:14:03 PM
 #67

Fiat is using as payments on smuggling and illegal drugs too. Both bitcoin and fiat are same in that. I don't think that is mistake of bitcoin. If your reason is because transactions using bitcoin are anonymous, i think the reason is less precise because there are many cryptocurrency which are better than bitcoin in terms of anonymously transactions. That is just reason which too contrived and exaggerated.
TheGodFather
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September 14, 2017, 10:35:32 PM
 #68

Yes, illegal transactions are easy with Bitcoin to compare with Fiat currency. It will increase in the future with the increase of the usage of this currency.All transactions are anonymous.No one can trace them. Already Bitcoin is used in the dark web for this type of activities. It is easier for them to deal with.
Thats why i think bitcoin isnt be legalize by the government, because it is been the type of money that has been using in some criminality things because i think it is because of its anonymity. Thats why criminals love bitcoin too much. I hope that someday people will dont use bitcoin like that.


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AdrienneRPayne
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September 22, 2017, 04:04:09 PM
 #69

Bitcoin brings the future in currency and that is something we can not deny. We should look into the more aggressive aspects of bitcoin, which is a currency of internet transactions and some parts of the internet are inaccessible by all or by the government itself and it is what is called. Is deepweb or darkeweb where transactions always, I can not hide the fact that there is an illegal transaction with Bitcoin about drugs, guns or even on the market, BTC by doing so, their identity will not be known, all the government will know is a wallet address.
PedroLinh
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September 28, 2017, 02:24:50 PM
 #70

Government has become aggressive in regards to thwarting illicit use of Bitcoin by underground, black market actors. They are now willing to hand out warrants or conduct investigations even if the evidence is tentative, nonexistent, or amounts to a witch hunt. And Bitcoin is often viewed negatively as it has the ability to facilitate criminal activity due to the anonymity that is associated with all transactions. Moreover, it is difficult for law enforcement agencies to identify suspicious activity and users and to obtain records of transactions. If Bitcoin were to gain traction it would make sense that it would attract money launderers, human traffickers, terrorists, and other criminals in their effort to avoid traditional financial systems by using the Internet to conduct monetary transfers across borders. This is true especially considering the fact that it has already been used in the sale of illegal narcotics on the underground site Silk Road. Additionally, it provides another channel for which terrorists can move money anonymously, under the radar, and with ease.
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