is Bitcoin used to extort people?

[gorodi]

Bitcoin is not used to blackmail people, and if there is extortion and charging with bitcoin, it is actually very easy to trace, due to the nature of the decentralized bitcoin.

I also do not see any connection between Bitcoins and extortion. BTC is the greatest cryptocurrency that can change the world for the better and help many countries to improve their economy.

[1714152003]

1714152003

[1714152003]

1714152003

[1714152003]

1714152003

[jona]

Although it will be said that it a decentralized system and transactions can,t be control by any one but it dose not mean that it used for fraudulent transactions all time.

[cizatext]

Every other financial system are some time instrumental in the hands of thief's who always manipulate the system to favor they own personal criminal aims, but even at that bitcoin technology is very hard for any body to manipulate it due to it high tech security software which always make it almost impossible to be manipulated and if any of such happened it most come through the holder of such account.

[stayeduptolate]

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.

Invention of bitcoin is a boon for the humanity as it has enormous advantages but there is very old saying that if you have a single bad habit then people will judge on this bad habit only and they will underestimate all your good habits and same is with bitcoin, bitcoin has several advantages but due to its decentralization people are now not considering it trust worthy and decentralisation is the reason some social defaulters are using it for illegal purposes such as ransom killing, terrorism but not to worry only centralization is required to make bitcoin very successful without any disadvantages.

[Doge dealer]

i don't know about anyone else but in this situation this a positive for me , no matter what we come up as a means of exchange these criminals will always find ways and means to use it to do their transactions but as can be seen these payments and transaction can be followed all you need is someone with the time, motivation and the right set of tools.

[Wipro]

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.

Invention of bitcoin is a boon for the humanity as it has enormous advantages but there is very old saying that if you have a single bad habit then people will judge on this bad habit only and they will underestimate all your good habits and same is with bitcoin, bitcoin has several advantages but due to its decentralization people are now not considering it trust worthy and decentralisation is the reason some social defaulters are using it for illegal purposes such as ransom killing, terrorism but not to worry only centralization is required to make bitcoin very successful without any disadvantages.

If you think bitcoin is being used by the darkweb. I would agree for it but there is no attack on blockchain firewall or bitcoin wallet. There is not possible to hack the wallet at all unless you are a careless person in giving security for your private key.

There are people looking to invest the fund bitcoin and altcoins all the time but fake news spreaded like hacking attack over various exchange and many places still not give the tx id of the transaction has been taken out.

[thesmallgod]

yes it can be use to extort someone because of it anonymities features which mean I can hold an important thing you need and tell you to send me 2BTC before I can release it. and if this is paid the person might not be trace like using some other payment method which can be centralized and the fugitive can be traced easily be the person that is dubbed.also this same factors make money laundry feasible using bitcoin but many block chain based platform now conduct kyc verification to prevent money laundry charge

[onnz423]

Bitcoin transactions are becoming increasingly easy to track, so it would probably be a poor choice in the long run to extort people using bitcoin. Technically I'm not sure it's actually illegal though, as many countries don't even recognise BTC as an asset, and certainly not legal tender. I wouldn't say BTC extortion happens anywhere near on the scale that cash extortion does.

[Gen-8]

I do not think this is true, and it is impossible, because Bitcoin has a good system of work and safety. If this happens, of course this is a crime !, and this should be anticipated soon !, because this will make the name Bitcoin back bad. I hope no one has done this kind of thing, because of this Bitcoin for the welfare of all people in this world to be better in the future.

[GregoryPorter]

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.

Cant you still remain anonymous if you are extra careful not to link up accounts and then by sending your coins into a mixing service? Is this not the technique they use?

[nellakarisma]

if bitcoin is perceived as a blackmailer. that is not true and impossible. because investing in bitcoin there is no loss if we do not rush to sell bitcoin that we have when the price of bitcoin again down. if if the price dropped from my purchase price. then I remain patient waiting for the price to rise again. if i have the capital i buy bitcoin again. if not forced to be silent watching and seeing without investing .

[newgal2017]

It is very possible for bitcoin to be used to extort, scam and do fraudulent schemes to people. Yet, we cannot determine who are doing this, because of the user's anonymity there is in this system. People, with this kind of intention, will take advantage of the attributes of bitcoin like being decentralized to exploit things that would benefit them from letting other people be deceived into their wicked schemes.

Bitcoin is a weapon of choice of a user either to do good and be fruitful or to do actions that would result into prosperous success yet a fall down, broken heart and dreams for other people.

[Gatot84]

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.

[Getmon]

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.

Hospitals and schools? Where did these crimes happen? This is the first time that I heard of such incidents. I only heard about the case of HBO's hackers who got very important files from the network even the script of Game Of Thrones, held them hostage until their Bitcoin ransom demand is paid. Yes, everything is recorded in the blockchain but it is definitely harder to trace them rather than with fiat.

[WillBe]

Behind this incident, it turns out I can take the lesson that is, because there is a ransomware attacks that carry bitcoin in the action, bitcoin become better known by the public.

[cp3mc]

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

[pimkobai]

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.

Hospitals and schools? Where did these crimes happen? This is the first time that I heard of such incidents. I only heard about the case of HBO's hackers who got very important files from the network even the script of Game Of Thrones, held them hostage until their Bitcoin ransom demand is paid. Yes, everything is recorded in the blockchain but it is definitely harder to trace them rather than with fiat.

That is not possible to happen in a country where there are many criminal elements such as kidnappings and ask for ransom where payments should be done using cryptocurrency like bitcoin. In my opinion, countries that are technologically advance may happen to track down and get rid of this criminal elements using cryptocurrency technology.

[fipper]

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.

let's do for bitcoin blackmail to do it is still too far and long because bitcoin is also not fully recognized by the whole country as a means of buying and selling or financial transactions directly, so the question is what might happen and do

[jpespa]

I think bitcoin is being used in crime even before especially the time when technology is a little bit undeveloped. Since bitcoin is decentralized it is not owned by any countries to keep track of records and criminals would be hard to trace because of proxy server to hide their IP addresses. Criminals now favors now bitcoin more since they can do it anywhere than the usual fiat currency where they need more people to organize regroup and do their operations physically.

[Turkish88]

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