is Bitcoin used to extort people?

[Rossy Akbar]

I mean there are many kinda people using bitcoin, it's true I think some people using bitcoin to extort the another people. But there much more good people using bitcoin for their bussines and transaction, so you need to choose which kinda system do you wanna use for using bitcoin.

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[ngacengan]

Because of the semi-anonymous nature of Bitcoin, it’s used in ransomware attacks. Hackers breach networks and hold them hostage until payment is made to them. Hospitals and schools have been victims of these types of attacks. However, unlike cash, which was favored by thieves in the past, Bitcoin always leaves a trail in the blockchain that investigators can follow.

bitcoin is a digital currency so bitcoin is free to use for anything but if it is done for things like squeezing people then it is a bad action because memnafaatkan technology to do evil.

[boboking]

Being anonymous have its pros and cons, it gives us freedom on how to use Bitcoin and other people are just using its anonymity in evil ways.

These schemas was for along time before bitcoin created.
Bitcoin is one of the instruments but not the reason

 

Yes I agree regardless if Bitcoin/block chain was invented or not scammers/crooks are going to this.

I believe in the future there will be a way to trace any fraudulent account or anyone who use his btc account to do any illegal transaction will be red flag  from their system

I do not think this is going to happen, there will be a lot we need  to sacrifice if this is going to happen.

[washing.machine]

Do not blame Bitcoin. I am sick of hearing this kind of news that seems to corner Bitcoin. In this case, I take the positive value only. That shows that Bitcoin is convenient to serve as a tool for transacting by all circles even by criminals though.

[daicavung]

That's a big mistake. Bitcoin is an online job where good bitcoin is used by the surrounding community because bitcoin can change a person's better for the future.

Yes, Bitcoin is not used to extort money from others, Bitcoin created for the purpose of fast transactions, reducing costs, so there is no reason to say that BTC is a hiding place for criminals.

[Dudeperfect]

Anyone would use the payment method which is convenient for him so blaming the payment system for any illegal activities doesn't make any sense. We recently saw the case about the women caught while sending the funds to ISIS through Bitcoin and that's the benefit of the digital payment system and since it is decentralized, no one can manipulate it.

[isidrorex]

Here in our country in the Philippines,  there was this recent news about this Bitcoin Scam where a group of scammers will offer you to invest money to them and then after 16 days you will get plus half of the money you invested. It was called the NewG Company headed by a certain Arnel Ordonio and his wife, Leonady. They made NewG Company and promoted Bitcoin as their form of payment to lure their victims which are mostly rich people who wants to earn double amount of money they invested. How much money did they get from scamming people? 900 Million Pesos. That is a very huge money here in the Philippines. Luckily, they were arrested and now detained in Camp Crame, Quezon City. Their investment scheme was very similar to a pyramiding scheme wherein there was an upline, or the one who asks people to invest, and a downline, the one who invests. Be vigilant and be secure about our money.

[wtbhitlv]

Hackers use extortion software to do this. Hackers can actually choose to use VISA cards or cash to pay. Of course, using bitcoin payment will bring great convenience to hackers, but the blackmail is not a bit of a bitcoin. Bitcoin is only one way, and we should see more benefits that bitcoin can bring to society.

[Ais08]

Of course I would turn to ask if Bitcoin is used to blackmail all the people or its users, I have not seen any such case, if it exists, not because of its bitcoin but to the lax and their ignorance about bitcoin, and finally taken advantage of by people inhuman ...

[Sapphire9]

Bitcoin can be used not only to extort people, but to commit other crimes also. But we can't blame btc, it is just payment system. People are those who did it, not bitcoin

[Russlenat]

Yes it can be used to extort people because bitcoin is same as real money but it is anonymous that why is it the best tools for criminals nowadays, in fact it is been used before and until now to extort and scam.

[walemil]

Anything that has value and can be used for financial gains will definitely attract criminals. This is why we see several financial crimes today and  bitcoin and other cryptocurrencies are not exempted. To a very large extent, bitcoin transactions can be traced and if the culprits decide to route their withdrawal through an exchange, they can be nailed because the exchanges require KYC to sign on users.

[bcoin01]

There are people who use Bitcoin for good purposes, and there are people who use it for malicious purposes.
If a person has bad intentions, he will misuse everything.
There are people laundering money using bitcoin. Crypto money transfers can not be tracked. That's why governments are against it.
I find it very important in terms of technology and future crypto money.

[jhonnydeep87]

Tracking bitcoins is not as easy as you might think, plus any person's identity will remain secure, so growth in returns is also an additional incentive. With cash people can give you counterfeit money but with bitcoin you can not do it. However, there are very few such cases reported.

[richardsNY]

Tracking bitcoins is not as easy as you might think, plus any person's identity will remain secure

Tracking Bitcoin transactions is the most easy thing to do, and everyone can do it. The far majority of the people enter the market through centralized exchanges where they have verified themselves at. In other words, people's identities in most cases are not 'secure' or private at all. If the exchange hands over its data to the authorities in case they ask for it, you'll be busted for sure. Coinbase's case was an example of how the authorities are trying to give a clear warning to everyone using exchanges. It's impossible to avoid the authorities in these cases. Bitcoin's anonymity only exists in people's minds due to how the mainstream media keeps brainwashing newbies.

[Godef]

Well, I would certainly not say, bitcoin is a good and convenient coin, which is used by a lot of people, where it is of course allowed, as well as I remember the opinion of a good coin.

[David Way]

I would agree with that. So many cases where people have demanded money in bitcoin to extort others

[Argoo]

Because of the semi-anonymous nature of Bitcoin, it’s used in ransomware attacks. Hackers breach networks and hold them hostage until payment is made to them. Hospitals and schools have been victims of these types of attacks. However, unlike cash, which was favored by thieves in the past, Bitcoin always leaves a trail in the blockchain that investigators can follow.

Precisely because bitcoin is semi-anonymous, it is relatively rarely used by criminals. By tracking transactions, you can easily go to the exchange where criminals can leave their data, or simply calculate their IP addresses. I read recently that such a probability now exists and while they are considering options, how can this be removed.

[Chrystora123]

Because of the semi-anonymous nature of Bitcoin, it’s used in ransomware attacks. Hackers breach networks and hold them hostage until payment is made to them. Hospitals and schools have been victims of these types of attacks. However, unlike cash, which was favored by thieves in the past, Bitcoin always leaves a trail in the blockchain that investigators can follow.

this is what I really admire about Bitcoin, we can trace wherever Bitcoin is because all transactions are recorded in Blockchain.
even when Bitcoin will be converted to conventional money through the Bank, its owner can be traced...hopefully, the governments can think of this, the positive side of Bitcoin and Blockchain.

[jhonnydeep87]

They have an unknown currency, which they can use. Bitcoin will run as ransomware and will be easy to buy through coinbase and I think bitcoin is used to squeeze people.