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Author Topic: do you know about improper use of bitcoin?  (Read 1459 times)
honeyb0y
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November 23, 2017, 02:00:14 PM
 #21

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.

Have you experienced it personally that you can send your coin to two different addresses and both transactions was confirmed? On my experienced when this happened one of the transaction will cancel and won't be sent twice, that is the use of confirmation by the block chain.

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 ?

Because bitcoin is a decentralized currency no need for a bank to regulate it, it is everyone's responsibility to protect themselves from those culprits who wants to get rob their coin. Same as having a fiat money with no one controlling it.

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November 23, 2017, 02:00:36 PM
 #22

Cash has improper uses also, more so than Bitcoin. This is nothing new. Money will always be used improperly in some way, shape or form. This is unavoidable.

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November 23, 2017, 02:10:28 PM
 #23

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 ?
You're right, it has a lot of drawbacks as to what you set out . But actually it is a lucrative prey when you hack it , no one can find you and may accuse you for transactions that are anonymous with no real identity. Now that more and more cyberattacks have surfaced, I advise people to protect their own accounts.
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November 23, 2017, 02:13:42 PM
 #24

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.

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November 23, 2017, 03:30:29 PM
 #25

Evil is everywhere, if a person chose to use bitcoin in a wrong way they will do it, same with any other currencies it is vulnerable from people who wants to get it from you.

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November 23, 2017, 03:46:54 PM
 #26

Evil is everywhere, if a person chose to use bitcoin in a wrong way they will do it, same with any other currencies it is vulnerable from people who wants to get it from you.

It is not enough to just whine and hope people will change. People are upgrading, even people who improperly manipulate bitcoin upgrade their schemes. Sometimes we should also know how to deal with this certain type of things. Our knowledge should be upgraded and not just them. It could be accepted as normal because thats how life works, some people will always find an easy life wether it is done in a good or bad way.

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November 23, 2017, 04:32:04 PM
 #27

I think it's like improper use of power, like using it for crime or by abusing it. I think the question has so many answer because a person who uses bitcoin may actually know what's right and wrong, the only problem is what will that certain person choose.

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November 23, 2017, 05:24:40 PM
 #28

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.
Learn the blockchain before you come up with technical weaknesses because double spending is not possible here. Delayed response to your GUI can give you a chance to send btc to another address but that would not be confirmed based on my experience so that is not applicable to do that, did you try that for yourself? probably not.

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 ?
What do you mean by proper management? that is important you're right but the most critical aspect of bitcoin is the security. That's right there are so many hackers then why do we need to prioritize proper management over security? secure your coins first in a cold storage before managing it that's convenient, even bitcoin don't have an insurance the positive volatility of this coin already beaten it.

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November 23, 2017, 06:36:31 PM
 #29

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.

Have you experienced it personally that you can send your coin to two different addresses and both transactions was confirmed? On my experienced when this happened one of the transaction will cancel and won't be sent twice, that is the use of confirmation by the block chain.

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 ?

Because bitcoin is a decentralized currency no need for a bank to regulate it, it is everyone's responsibility to protect themselves from those culprits who wants to get rob their coin. Same as having a fiat money with no one controlling it.
I agree with you that never have case that we can send coin to 2 different address with a few second( milion second cannot two) and both of them confirmed if we dont have enough "mining fee". One more, i have seen some on try to cut their transaction: Mean that, all of coin sending but they never confirm @@. So when we trading or receive BTC, we have the rule like that all of transaction at last must be 1 confirmations.

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November 23, 2017, 07:08:47 PM
 #30

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.


Bitcoin has possibility to use in illegal transactions like buying weaponry and drugs. Even we know that some are become abusive and greedy when it comes on money but sometimes they do it because they really need it and that's okay just do not use it improperly, in things that we know that is not good not only for the community but to oneself or yourself.

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November 23, 2017, 07:54:48 PM
 #31

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.


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November 25, 2017, 07:11:01 AM
 #32

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.

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November 25, 2017, 07:32:35 AM
 #33

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.
in my country, Bitcoin has not been banned,
it's just that the government in our country does not recognize Via Bitcoin payments,
actually, things like this they need to discuss because Bitcoin I think is very safe, fast and very profitable ...

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November 25, 2017, 07:48:28 AM
 #34

There are lots of improper use of bitcoin , mainly its related to cyber crime ,few months ago a world was hit by wanacry 2.0 ransumware which encrypted pcs and demanded bitcoins to unlock it , bitcoin is also used in kidnapping blackmailing etc
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November 25, 2017, 01:23:46 PM
 #35

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.


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November 25, 2017, 01:42:10 PM
 #36

Bitcoin use is wrong if Bitcoin is used for criminal matters such as drugs, funding crimes such as terrorist financing, or it may also be misused for money laundering. That's what's worried about.
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November 25, 2017, 01:43:07 PM
 #37

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.
You want to say that extortionists demanded a ransom of Fiat. Lol. Criminals not matter what form they take ransom. It seems to me that ransom in bitcoins is not the best option. If law enforcement will work well then they always have the ability to detect traces of criminals on the Internet. Never procreate governmental fakes. Bitcoin is no more dangerous than Fiat.


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November 25, 2017, 01:55:07 PM
 #38

I think OP regards this issue in some technequlities that bitcoin users faces, which is really true, the securities that users encountering
But peolpe leads to the improper use of bitcoin, on how people spend and use it and where to use it, whih people involve in some criminalities that pays using of bitcoin.
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November 25, 2017, 02:27:15 PM
 #39

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.


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Domenc
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November 25, 2017, 03:49:13 PM
 #40

In simple way, improper use of Bitcoin can be termed as illegal use of Bitcoin and that mostly happen in money laundering cases or extortion due to anonymous transaction feature. Expect that I don't see any improper use of Bitcoin. I have seen Bitcoin being used as primary payment option on dark web to buy stolen phones, illegal medicines, to hire Hit-man and probably every possible illegal activity. Bitcoin potential is enormous but currently used more in cases like illegal works rather than normal transactions for daily products.
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