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Author Topic: do you know about improper use of bitcoin?  (Read 1459 times)
nursahath07
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November 16, 2017, 01:12:30 PM
 #1

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 ?
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There are several different types of Bitcoin clients. EWallets such as Coinbase are like banks -- a central organization has complete control over your money. You shouldn't put much money in EWallets.
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November 23, 2017, 05:49:01 AM
 #2

Improper use of bitcoin can be ascribed to criminal activities, cyber theft and attacks and other such hideous things. Because there is no identification of the buyer or seller other than there wallet adress, it is very popular among criminal minded cyber-active peoples to get away with it. Same is the case for cyber security threats and different kinds of ransomwares. Recently in the ransomware attack, the money asked was to be given in forms of butcoins only.

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November 23, 2017, 06:18:31 AM
 #3

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 ?
The issue is that there are more than few ways for the improper use of bitcoin so far its money. People all over the world don't take morality as others have taken it. A lot of people even on the forum can scam for as low as $50 and still get away with it and most times, the newbies are the one that fall prey of such unscrupulous actions.

On the part of account management sometimes that is beyond individual control because you don't know who is targeting you and other times, it might be on the platform of people who you hoped that they would keep your funds safe ended up betraying you.

Another improper way are the ones who asked for ransom in bitcoin just because they don't want to be traced and made to pay for their unholy activites.

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November 23, 2017, 06:23:39 AM
 #4

Yes man, in the traders community at my local, bitcoin are becoming more  improper and they are using it like a normal currency in exchanging even my goverment banned the Bitcoins.

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November 23, 2017, 06:27:17 AM
 #5

Yes man, in the traders community at my local, bitcoin are becoming more  improper and they are using it like a normal currency in exchanging even my goverment banned the Bitcoins.
Bitcoins were originated as a annynomous currency which does not keep any track on its transaction. Even now bitcoins are used in most illegal activities and that is causing a huge damage for the future of bitcoins. Most of the countries have even not legalised bitcoins because of the use of bitcoins in illegal payment ways.
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November 23, 2017, 06:38:58 AM
 #6

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 ?
Double spending? No its not easy as it sounds and that technical weakness you do mention do really have a very slim chance to go through since it cant really be broadcasted twice in the network once the transactions has been made.Lack of proper management then its our responsibility to take care of our coins.If you do set high security then hackers wont able to get those bitcoins that we do store. We are our own banks and thats the beauty of bitcoin among others.This thing do really depend on how sensible we are on managing our coins.


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lordquanta
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November 23, 2017, 08:43:58 AM
 #7

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 ?
Work on your grammar seriously. Greed has nothing to do with abusing bitcoin transaction. People with less technical knowledge will always be easy prey. Irrespective of whether it is bitcoin or netbanking or banking. proper management comes from the proper understanding of technology or task you handle. Which in turn mean awareness and smartness.
Hacker(in this scenario it should be cracker) will take advantage of lazy, ignorant, naive people. No matter whether they use bitcoin or network-banking.

A fool and his money are soon parted.
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November 23, 2017, 10:12:43 AM
 #8

Improper use of bitcoin can be ascribed to criminal activities, cyber theft and attacks and other such hideous things. Because there is no identification of the buyer or seller other than there wallet adress, it is very popular among criminal minded cyber-active peoples to get away with it. Same is the case for cyber security threats and different kinds of ransomwares. Recently in the ransomware attack, the money asked was to be given in forms of butcoins only.

It's not an improper use of bitcoin, as one of the biggest advantage of bitcoins, what makes bitcoin what it is, is that you can process payments without the need of revealing your identity.

Most of the people who uses bitcoin complains about it's use at the darknet markets and it's use to buy drugs, what they don't understand that bitcoin became what it is because of the darknet use.

It wouldn't become useable if people wouldn't have accept it for their drugs( using the feature that bitcoin is anonymous.)

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November 23, 2017, 10:32:38 AM
 #9

The only improper way to use bitcoin that i know is that it is being used for illegal activities among the deep web users, they use bitcoin to buy and sell drugs,guns and even a service as a hitman.
The latest thing i know that is hit by this was bitmixer.io because almost all of the dark web user use this to erase their track.

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November 23, 2017, 11:00:29 AM
 #10

Improper use of Bitcoin comes when the reason for using Bitcoin is dubious or for criminal purposes.
Since Bitcoin provides an anonymous means of payment, so many people leverage on that to use it for criminal purposes because they can't be traced, such as in the deep web.

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November 23, 2017, 11:07:11 AM
 #11

before we are talking about proper and improper,lets talk about the fact in here :
1.Bitcoin is a decentralized currency which mean there are no authorities behind it,
which mean it's no authorities and goverment can not control Bitcoin,what will it be and how far it will be.
2.Bitcoin is a form of a freedom in people opinion because of it(no authorities).

so it's not about improper and proper way to use it,
Bitcoin was born due to 'freedom' and 'decentralized' thing,in other words people have their own way to do it.
even if they used it for terrorism,criminalism and something like that which mean there're no improper and proper way.
it's all about how they use it.

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November 23, 2017, 11:15:06 AM
 #12

Buying liabilities is a way of improper use of bitcoins. One can also gamble bitcoins or trade it in a wrong way with other alt coins.

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November 23, 2017, 11:18:00 AM
 #13

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 ?
The issue is that there are more than few ways for the improper use of bitcoin so far its money. People all over the world don't take morality as others have taken it. A lot of people even on the forum can scam for as low as $50 and still get away with it and most times, the newbies are the one that fall prey of such unscrupulous actions.

On the part of account management sometimes that is beyond individual control because you don't know who is targeting you and other times, it might be on the platform of people who you hoped that they would keep your funds safe ended up betraying you.

Another improper way are the ones who asked for ransom in bitcoin just because they don't want to be traced and made to pay for their unholy activites.
hate to admit it but sometimes people will do anything just to have money, even the lowest of all the lowest possibility they will make just to earn, not all people would like to earn with a hustle, some people would like to earn hassle free, its even scarier that sometimes the ones you trusted will be the ones that will betray you.

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November 23, 2017, 11:25:42 AM
 #14

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 think you are rubbing it in the wrong way OP. Instead of calling it improper use of bitcoin, call it misuse because it ain't improper if they used it for transactions. About you first point, it is technically impossible for now to gain more money fast by submitting double payment with different recepeint unless you are talking about double spending. Your second point though is right but hacking the system is impossible, I would instead call it as hacking others' wallet that will be technically be the same as pickpocketing. Since users doesn't have insurance, all they need to do is tto make their wallets secure.

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November 23, 2017, 11:31:31 AM
 #15

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 ?

a lot of the actual use of bitcoin is not right, one of which is using bitcoin as a place of extortion to pay for stolen or crime in cyberspace, such as yesterday's stormy problem when the crime of spreading the virus in the computer requesting ransom with bitcoin payment.

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November 23, 2017, 11:37:33 AM
 #16

It is actually a currency which is just like fiat.

Mostly I see it used for investment scams to avoid traces of transaction records that could make their improsenment much longer.
But the company itself could still be sued if ever they were proven guilty.
Lateltly I have been seeing more and they are just using websites which makes it harder to catch them

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November 23, 2017, 01:22:38 PM
 #17

It is actually a currency which is just like fiat.

Mostly I see it used for investment scams to avoid traces of transaction records that could make their improsenment much longer.
But the company itself could still be sued if ever they were proven guilty.
Lateltly I have been seeing more and they are just using websites which makes it harder to catch them

phihing sites were used now to get private keys and get savings on that wallet,so we should be careful as well as attentive in everything we do. We should see the details and know what were we really look at.


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November 23, 2017, 01:27:26 PM
 #18

I would highlight the use of Bitcoin in the criminal activities. The perception of the world about Bitcoin is positive at the moment but it won't take a single confirmed news if there is any involvement of criminal mafia in the Bitcoin. This kind of situation would be helpful for the governments to show the causes to put a ban on the Bitcoin/Fiat conversions. I know it's difficult but we need some kind of control to avoid the misuse of Bitcoin in criminal activities.

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November 23, 2017, 01:45:46 PM
 #19

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 ?

Their will always be two ways of use of any think same goes to bitcoin, good way is to do investment in Bitcoin and earn high returns in long term, Bitcoin be used for so many good ways and for jobless users it is a boon to earn income through online. bad ways (improper use) of bitcoin is using bitcoin for illegal activities, gambling, paying for medicine which are banned in usage through legal way. So their are equally proper and improper use of bitcoin it is upto the users way of using it.
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November 23, 2017, 01:59:02 PM
 #20

Improper use clearly defines as a lack of knowledge of a person. But in another case, it can also be defined as crime like using it in any illicit activities. People who use bitcoin in their shady or scam activities are just giving stained to bitcoin's reputation in the eyes of some uneducated people. And once a bad impression is planted in their brain, that'll be hard to be change.

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