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Author Topic: do you know about improper use of bitcoin?  (Read 1456 times)
malikusama
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November 25, 2017, 04:36:31 PM
 #41

Seems that you may have a wrong perception about the peer to peer transaction network, there isn't anything like you are stating that any dishonest person can scam so easily, rather this network is much more secure than others.
Hackers are always present on the online networks no matter which platform it is there is always a risk over online network. You are enjoying the nontaxable anonymous transactions and also want insurance for your funds, that's insane seriously your expectations are too high.


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November 25, 2017, 05:04:14 PM
 #42

according to different observation i think few ways are available for abusing bitcoins transections such as Technical weakness , Greedy peoples ro dishonest people , proper management. i would like to describe above mentioned quotatin in briefly
1. technical weakness: we know its a peer to peer transection system throgh confirmed way. within a few second a dishonest  person can get more money by fast  clicking when submit second payment of different recipient.
You don't know what you are saying and you can't even construct a proper spelling, have you even try sending or receiving a Bitcoin transaction before telling that someone can breach into the Blockchain?

Bitcoin is almost 9 years now and there is no record in the history of it that it was hacked before, Bitcoin exchanges is the hack-able though because it is centralized.
Quote
2. proper management: there is so many lack of proper management of human or account holders. so many hackers want to hack system for getting money because bitcoins holder don't have any insurance like bank account holders. even government don't follow rules and regulation for virtual currency holders.
So what you think about it ?
Let a person own discretion be their tutor, it is 2017 now and the guide to everything in this world is on the Internet so it is the same when securing someone else's Bitcoin wallet. Governments doesn't need to follow any rules and regulations for cryptocurrency holder because there is none.
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November 25, 2017, 11:49:06 PM
 #43

Some people use the special feature of anonymous transactions provided by Bitcoin in a improper way .They know that their identity will remain hidden and the government will not be able to track them and this encourage them more to use Bitcoin for criminal activities.They use bitcoin as a mode of payment in drug dealings,illegal ammunition dealings etc.Hackers hack the confidential data of a company and ask for money in the form of bitcoins. Now days people who want to send their money from one country to another use bitcoin because they don't want to pay taxes.
This could be some disadvantages of using bitcoin, is it very safe if they are using it for criminal activities and there is no proven identities that can lead to the authorities for having illegal transactions made. This is also a reason why some countries trying to contradict this kind of system because it could give them a lot of unsolved problems. And if they just let this to happen, the more illegal activities spread to the entire community and it could totally affect the safety of their people.
You are right I didn’t have a lot of knowledge about the improper use of bitcoin but I can say that some people use bitcoin for negative activities which can irritate normal people life, people use bitcoin is many ways like in drugs, alcohol like bad things and that are why some countries didn’t prefer bitcoin to be legal.

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November 25, 2017, 11:50:04 PM
 #44

I don’t think that this is imbed to the bitcoin only. Every other asset and currency in the market or even the physical money is having improper use. They are hacked, stolen, beaten with digital system and much more in the reality and they then put it into bad projects or for the purpose which is not a good cause. That way they also disrespect the creativity of humans and the direspector is other human only and no question about that. I am more or less not fond of such bad happening because the is very common thing on the face of the earth and we always see that in the news. The banks are robbed and they will be robbed always, the bitcoin is getting hacked and it will be tried again and gain no matter what if the victim gets caught or not. So the improve use will continue and we cant do anything about it.

You are right, there are many people who use bitcoin in bad ways and improper which can tease those people who had done nothing and that’s why they feels scared in using bitcoin and these bad people who do improper use of bitcoin make bitcoin down in the people sight and that’s the reason I think some countries didn’t legal bitcoin.

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November 25, 2017, 11:53:35 PM
 #45

Some people use the special feature of anonymous transactions provided by Bitcoin in a improper way .They know that their identity will remain hidden and the government will not be able to track them and this encourage them more to use Bitcoin for criminal activities.They use bitcoin as a mode of payment in drug dealings,illegal ammunition dealings etc.Hackers hack the confidential data of a company and ask for money in the form of bitcoins. Now days people who want to send their money from one country to another use bitcoin because they don't want to pay taxes.
This could be some disadvantages of using bitcoin, is it very safe if they are using it for criminal activities and there is no proven identities that can lead to the authorities for having illegal transactions made. This is also a reason why some countries trying to contradict this kind of system because it could give them a lot of unsolved problems. And if they just let this to happen, the more illegal activities spread to the entire community and it could totally affect the safety of their people.
You are right I didn’t have a lot of knowledge about the improper use of bitcoin but I can say that some people use bitcoin for negative activities which can irritate normal people life, people use bitcoin is many ways like in drugs, alcohol like bad things and that are why some countries didn’t prefer bitcoin to be legal.

Um where di you hear Bitcoin was routinely being abused with alcohol? I'm pretty sure that drugs are a big issue, although those people have now switched over to Monero anyways so really there isn't more to discuss about it.


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November 26, 2017, 05:26:16 PM
 #46

Bitcoin has many flaw ,that's why my government still not legalize it although bitcoin is on high demand at the moment.
If government legalize bitcoin, it will broke bitcoin as decentralized currency also they will apply tax on them.


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November 26, 2017, 06:25:44 PM
 #47

according to different observation i think few ways are available for abusing bitcoins transections such as Technical weakness , Greedy peoples ro dishonest people , proper management. i would like to describe above mentioned quotatin in briefly
1. technical weakness: we know its a peer to peer transection system throgh confirmed way. within a few second a dishonest  person can get more money by fast  clicking when submit second payment of different recipient.
2. proper management: there is so many lack of proper management of human or account holders. so many hackers want to hack system for getting money because bitcoins holder don't have any insurance like bank account holders. even government don't follow rules and regulation for virtual currency holders.
So what you think about it ?
I have no knowledge about using bitcoin in an improper way, and when i say improper i mean criminal acts or payments for weapons, drugs or enithing else that can do harm the people.

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November 26, 2017, 07:00:36 PM
 #48

Hi and Welcome to Bitcoin Forum! Smiley

As Bitcoin is a cryptocurrency which operates without a single administrator i-e Government therefore it has many problems regarding it's Improper use. Some of the Improper uses of Bitcoin are as follows:
-Used for Money Laundering.
-Used for Cyber Crimes.
-Used for Drugs.
-Used for ill-legal transactions by Hackers.

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November 27, 2017, 08:28:24 AM
 #49

according to different observation i think few ways are available for abusing bitcoins transections such as Technical weakness , Greedy peoples ro dishonest people , proper management. i would like to describe above mentioned quotatin in briefly
1. technical weakness: we know its a peer to peer transection system throgh confirmed way. within a few second a dishonest  person can get more money by fast  clicking when submit second payment of different recipient.
2. proper management: there is so many lack of proper management of human or account holders. so many hackers want to hack system for getting money because bitcoins holder don't have any insurance like bank account holders. even government don't follow rules and regulation for virtual currency holders.
So what you think about it ?
I have no knowledge about using bitcoin in an improper way, and when i say improper i mean criminal acts or payments for weapons, drugs or enithing else that can do harm the people.
Technical weakness, what he said there isn’t correct in anyway. Miners are the ones that confirms every transactions, and there is something they call block, every transactions you make is mined from the blocks and confirmed by miners, without them confirming it, the sent Bitcoin won’t be received by the receiving party.

I don’t think there is anyway for a miner to confirm more than one transaction at a time. I believe it’s once every 10 minutes (I’m not quite sure how many minutes it takes for a block to appear) if miners we’re allowed to confirm more than one transaction at a time, then there would be no need for them to confirm mostly transactions made with high fees and neglecting those that were made with low fees. I’m not a miner so I don’t really know how it works.

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November 27, 2017, 08:53:16 AM
 #50

I have never used bitcoin illegally or improperly. I have come across bitcoin getting used into dark web, corruption, money laundering, for services that require anonymity in transaction. Now the improper usage of of bitcoin has decreased a lot and as a holding is getting more preferences.

karnwillbit
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November 27, 2017, 11:03:47 AM
 #51

I only knew a little things about improper use of bitcoin. First is using of more than one account in claiming free coins or airdops and joining in bounty campaigns and second is using the bitcoin for illegal transactions and criminality. That is the only thing i know.

In this world, it has been the way of humans from the beginning that they misuse everything for their personal benefits. People rather criminals have made deals using digital currencies in dark or deep web and everyone knows this But we cannot do anything about it.

However it will also be unfair to accuse bitcoin and altcoins for this. Internet is misused more with every passing day but we must not get influenced by bad people.

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November 27, 2017, 12:14:52 PM
 #52

Talking about whether it's a proper or improper use of bitcoin people can practice is a matter of perspective since it can be used to send out charities and this would be seen from some people's perspective as money laundering despite that being irrelevant to what really happened .

One thing we should know and understand that bitcoin loves privacy and not being under the control of any party or government , yet if you are under no authorities or laws implicates that you can't rely to them whenever problems occur ( such as stolen wallets or scam ICOs .. ) .

But bitcoin did indeed serve as a great tool to lots of criminals around the world making their trades , money thefts and laundering and of course corruption much more easier than it used to be , but even the moon has a dark side so we need to accept it as a full system .
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November 27, 2017, 12:43:56 PM
 #53

Yes even on the forum in much older topics you will find people posting * have you ever brought drugs using bitcoins*
Well those were some people who literally tried it and succeeded.
Bitcons are decentralized thus there is no check on anyone..you can buy sell..  and on one hand it can make transactions more transparent decreasing corruption but on the other hand its making matter worse ..


Some people are also converting their all property and savings in bitcoins to evade taxes..
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November 27, 2017, 12:58:33 PM
 #54

according to different observation i think few ways are available for abusing bitcoins transections such as Technical weakness , Greedy peoples ro dishonest people , proper management. i would like to describe above mentioned quotatin in briefly
1. technical weakness: we know its a peer to peer transection system throgh confirmed way. within a few second a dishonest  person can get more money by fast  clicking when submit second payment of different recipient.
2. proper management: there is so many lack of proper management of human or account holders. so many hackers want to hack system for getting money because bitcoins holder don't have any insurance like bank account holders. even government don't follow rules and regulation for virtual currency holders.
So what you think about it ?

Yes we can consider it as an improper way of using Bitcoin. A lot of scams are continuously spreading in the web and a lot of people are still believing from it. This is a serious problem because it involves stealing of money. It breaks even the law so that violators should be punish because it is also a crime.

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November 27, 2017, 01:20:51 PM
 #55

Bitcoin has many flaw ,that's why my government still not legalize it although bitcoin is on high demand at the moment.
If government legalize bitcoin, it will broke bitcoin as decentralized currency also they will apply tax on them.
Even fiats have flaws and they have been so good enough to always cover it up by making the masses suffer for it. You think there is nothing in this life that does not have a flaw? Taxing bitcoin does not make it centralized by the way and does not give any government control, as long as you are exchanging to fiat and making use of their own currency in exchange, then I do not see any reason why you should not be taxed. P2P transactions cannot and which is one of the reasons why government will not give up fiats. USD, gold, etc as long as they are mode of payments can be and are being used improperly, not just bitcoin.

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November 27, 2017, 01:37:32 PM
 #56

Bitcoin has many flaw ,that's why my government still not legalize it although bitcoin is on high demand at the moment.
If government legalize bitcoin, it will broke bitcoin as decentralized currency also they will apply tax on them.
Even fiats have flaws and they have been so good enough to always cover it up by making the masses suffer for it. You think there is nothing in this life that does not have a flaw? Taxing bitcoin does not make it centralized by the way and does not give any government control, as long as you are exchanging to fiat and making use of their own currency in exchange, then I do not see any reason why you should not be taxed. P2P transactions cannot and which is one of the reasons why government will not give up fiats. USD, gold, etc as long as they are mode of payments can be and are being used improperly, not just bitcoin.

the only thing i could say about fiat on flaws is that their are many laws about it. Even wrinkles and with how you withdraw in the bank. Now adays, you cant even afford to be broke. One of my banks required 10k for minimum and lower than that it automatically reduces. i accessed it again and 4k only was the remaining value.
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November 29, 2017, 06:37:50 AM
 #57

according to different observation i think few ways are available for abusing bitcoins transections such as Technical weakness , Greedy peoples ro dishonest people , proper management. i would like to describe above mentioned quotatin in briefly
1. technical weakness: we know its a peer to peer transection system throgh confirmed way. within a few second a dishonest  person can get more money by fast  clicking when submit second payment of different recipient.
2. proper management: there is so many lack of proper management of human or account holders. so many hackers want to hack system for getting money because bitcoins holder don't have any insurance like bank account holders. even government don't follow rules and regulation for virtual currency holders.
So what you think about it ?

Pretty confused about your first point, I'm guessing you're referring to a bug being exploited on a third party site or something like double spend which isn't possible in every case.

Regarding your second point, the Bitcoin system is foolproof and can almost be called hack resistant, at least till the 2030 as told by cryptography experts. The only way that any sorts of losses could be incurred due to hacks would be on fragile third party sites offering exchange/wallet services.
Even the cryptography experts said that by 2030; only the supercomputers will even be able to achieve that but we may just have to wait until then. I am not sure even the Tianhe-2 can even achieve that for now.

Moreover, one thing I am sure of is that a lot of changes will always be made in technologies that would really make it hard for even some of these new devices to be able to achieve this and I believe bitcoin devs would not even sit and relax to let that happen.
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November 29, 2017, 11:38:35 AM
 #58


I agree that improper utilization on bitcoin revolves on lack of knowledge and also taking advantage of easy prey or neophyte traders. Educating oneself is always an advantage in everything.
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November 29, 2017, 11:55:05 AM
 #59

Some people use the special feature of anonymous transactions provided by Bitcoin in a improper way .They know that their identity will remain hidden and the government will not be able to track them and this encourage them more to use Bitcoin for criminal activities.They use bitcoin as a mode of payment in drug dealings,illegal ammunition dealings etc.Hackers hack the confidential data of a company and ask for money in the form of bitcoins. Now days people who want to send their money from one country to another use bitcoin because they don't want to pay taxes.
This could be some disadvantages of using bitcoin, is it very safe if they are using it for criminal activities and there is no proven identities that can lead to the authorities for having illegal transactions made. This is also a reason why some countries trying to contradict this kind of system because it could give them a lot of unsolved problems. And if they just let this to happen, the more illegal activities spread to the entire community and it could totally affect the safety of their people.
You are right I didn’t have a lot of knowledge about the improper use of bitcoin but I can say that some people use bitcoin for negative activities which can irritate normal people life, people use bitcoin is many ways like in drugs, alcohol like bad things and that are why some countries didn’t prefer bitcoin to be legal.
Do you know what really bothers me? People try to relate so many of these illegal activities to bitcoin so much, like all these things you have mentioned did not exist before now. They have always been and there is nothing we can do about it.

Bad guys have been making use of USD, finding ways to get it across borders to do their dirty deals and so on. The anonymity behind bitcoin may be of help, but you have to understand that except they get some peer to peer deals, they cannot really be anonymous when making use of exchanges

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November 29, 2017, 12:09:47 PM
 #60

Improper use of bitcoin? I think when you used it in games and you didn't know how you will win .or invest it in a sites that your not sure if it is a scam or what .

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