Report: Less Than 1% of Bitcoin Used for Illegal Purposes

[Guvn0r]

Cryptocurrencies are regularly accused of causing “deaths in a fairly direct way” (as Bill Gates put it). A report released by The Foundation for Defense of Democracies found that less than one percent of Bitcoin is used for illegal purposes.

Bitcoin Not as Criminal as Some Might Think

“the report demonstrates the transparency of the Bitcoin blockchain, and the analytical techniques that can be used by law enforcement to trace and apprehend cybercriminals, and by financial institutions to prevent the reintroduction of this dirty money into the mainstream financial system.”

Crime has existed long before Bitcoin and will continue to leverage new technologies to its own benefit.

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[wanted sliter]

I'm sure of that. 1% of Bitcoin is enough money to make the Bitcoin market go down if bad people want to sell their bitcoin.
Bitcoin is a popular and easy-to-use swap tool for converting values. Money in the world can not be managed, that is the truth.

[kimochidesh]

Honestly, 1% of the Bitcoin makes a huge amount. It is a cause of worry if this amount is being used for illegal purposes. Actually Bitcoin can be easily used for illegal transactions because of its anonymous nature. Being not controlled by central authority, the chances of frauds and scams also increases. Also currently the victims cannot seek relief from the courts which further encourages the scammers for doing illegalactivities.

[apoorvlathey]

Honestly, 1% of the Bitcoin makes a huge amount. It is a cause of worry if this amount is being used for illegal purposes.

It does make a huge amount but considering the fact that fiat and gold have been used for hundreds of years for illegal activities makes it small.
It should not be taken as a demerit of Bitcoin as it is in the hands of people as to how they use the technology.
Such Criminals also use mobile phones to communicate but that doesn't mean that the majority of the population stop using mobile phones.

Actually Bitcoin can be easily used for illegal transactions because of its anonymous nature.

Actually, Bitcoin is pseudo-anonymous and does not guarantee 100% anonymity because each and every transaction gets registered on public ledger.
Though, one might use coin tumblers or other cryptocoins with improved anonymity features.

Being not controlled by central authority, the chances of frauds and scams also increases. Also currently the victims cannot seek relief from the courts which further encourages the scammers for doing illegal activities.

This is one sphere where because as most governments don't accept bitcoins as legal tender of money, court cases might not work out, but increasing awareness amongst the people should be the driving force for the government to accept bitcoin and do justice accordingly.