Bitcoin is illegal.

Bitcoin is the currency, and the use of money has always been legal and illegal. Cash, credit CARDS and the current banking system are far better than bitcoin in terms of financial crime. Bitcoin can bring about major innovations in the payment system, and the benefits of these innovations are thought to be far greater than the potential drawbacks.

The design of bitcoin is a great progress in improving monetary security and an important protection mechanism for many forms of financial crimes. Bitcoin, for example, is completely impossible to counterfeit. Users are completely in control of their payments and will not receive unverified fees like credit card fraud. Bitcoin transactions are irrevocable, avoiding fraudulent returns. With very powerful and useful mechanisms, such as backups, encryption, and multiple signatures, bitcoins can protect money from theft and loss.

Some worry that bitcoin may be more attractive to criminals because it can be used for private and irrevocable payments. However, these functions already exist in well-developed and widely used cash and wire transfers. The use of bitcoin will no doubt be constrained by similar rules that already work in the existing financial system, and it is unlikely to deter criminal investigations. In general, controversy is common when important breakthroughs are not known. The Internet is a good example of this.