is Bitcoin used to extort people?

[yuukireit]

meh, bitcoin have an anonymous system that can make people don't know who the person behind who giving an address and that using some unresponible people to getting advantage of it for their own profit

[pixie85]

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.

It is but so is any other currency. If people are able to use something in crime they will do it. It's not something new.
Bitcoin is using to extort and squeeze because it's money and criminals being the most innovative group right after startup investors are quick to learn about its possibilities.
We should learn to adapt to the circumstances instead of whining how this or that is bad.

[hatshepsut93]

The fact that Bitcoin is used in illegal activities means nothing - fiat is used way more than BTC, yet no one makes a big deal out of it. We shouldn't stop the progress because some wicked people would benefit from it, if people were doing so, we would still live in stone age.

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.

Mixing makes transactions pretty hard to trace, so chain analysis is usually used only in big investigations. Also, there are some developments that can potentially add new privacy features to Bitcoin, meaning it will be nearly impossible to trace transactions. I think that honest people would benefit from it way more than criminals, so it's not a problem from moral point of view. The government might use is as an excuse to attack Bitcoin, but that's another topic.

[BCSHonda]

meh, bitcoin have an anonymous system that can make people don't know who the person behind who giving an address and that using some unresponible people to getting advantage of it for their own profit

Yes. Because of the incognito mode, they have extorted money through the BTC, and now I do not think it can make BTC go out of incognito mode. They move from one person to another often.

[bling-bling]

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.

Just like cash, Bitcoin has gained flexibility in terms of its usage. Unfortunately, it has also become a tool to bribe or force people into doing something. Dark forces will always be around to seek for ways in order to enforce their objectives. And Bitcoin has become one of their weapons!

[Mentari78]

Yes, as cyber criminals do, with Bitcoin being a decentralized currency, one can make transactions without intermediaries such as banks or other financial institutions, this lack of intermediaries makes bitcoin users gain anonymity and uninterrupted level of confidentiality third-party hands. Bitcoin is often used by ransomware hackers, a type of malware or virus that takes windows based computer data, then they ask for ransom, which is sent via Bitcoin.

[elygil2022]

Extortionists accept bitcoins as ransom payment. I don’t have any idea on how bitcoin can be used to extort people.

[aryaadikariyansyahsuwarto]

In my opinion, it depends on who does it, if you are making negative words, if we are good people, we will not do that .. However, bad guy, he could have done that ..

[TravelMug]

meh, bitcoin have an anonymous system that can make people don't know who the person behind who giving an address and that using some unresponible people to getting advantage of it for their own profit

Although bitcoin address has no name association, it doesn't mean that you are complete anonymous. They can still track everything on blockchain. If criminals is going to take advantage of crypto, bitcoin is not the best suitable coin to hide their money.

Yes, as cyber criminals do, with Bitcoin being a decentralized currency, one can make transactions without intermediaries such as banks or other financial institutions, this lack of intermediaries makes bitcoin users gain anonymity and uninterrupted level of confidentiality third-party hands. Bitcoin is often used by ransomware hackers, a type of malware or virus that takes windows based computer data, then they ask for ransom, which is sent via Bitcoin.

Its because bitcoin is now a household name. The price skyrocketed and criminals prefer it as a ransom or sort. Its been taken advantage of criminals that's why we witness how government dislikes its decentralize nature.

[HSRP]

meh, bitcoin have an anonymous system that can make people don't know who the person behind who giving an address and that using some unresponible people to getting advantage of it for their own profit

That is the highlight of btc that many people have liked about this point. In my opinion, we should be careful above all, because the BTC anonymously should attract many people to invest. They are free to hold the BTC because they do not have their identity revealed

[Bellator]

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.

Yes bitcoin can be usesd o extort people if that certain person will easily believe scammers that doesn't show proof of evidence asking bitcoin to you then anyone could be a victim specially in doing transactions without legitimacy.Anyone could be a victim and everyone must be wise and vigilant.

[Nurul_]

if anyone thinks that bitcoin is created to blackmail that person is not right.
the reason I name it blackmail it should be no compulsion. while the bitcon is present to us there is absolutely no compulsion to invest in bitcoin

[Msile]

Yes, it definitely happens. Bitcoin has made ransom deliveries even easier and more untraceable than ever for criminals because at the core of cryptocurrencies are a decentralized network of computers that collect no personal information about users. Unlike the days of duffel bags and briefcases filled with bricks of ten thousand dollars stacked a hundred at a time, Bitcoin payments can be made without an in-person meeting.

[jhache]

People can use any kind of currency to extort others. I think with bitcoin, it has kind of become easier.

Authorities have had trouble estimating the exact number of victims because many do not report their problem and quietly pay the price. The Federal Bureau of Investigation said it had received 992 complaints related to just CryptoWall alone between April 2014 and June 2015 with losses totaling $18 million. This figure does not include plots involving other programs.

[Heartbreakeren]

As long as it involves money, there will always be people who will go out of their way to take advantage of others. Sad truth.

[chillitabit]

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.

yes, this is a pitfall of bitcoin, but I believe it's possible to sort it out. There are already ways to track it, as it's purely transparent network. The questions are how to actually catch the people who you can track?

[fatimi1528w]

a great deal could be that way because blockchain is a great book that can be used to know for people who will be case by case. Just need to be extra careful, on every transaction or use bitcoin.

[MiF]

This is not a good idea if bitcoin will be used to extort people, because its been a long time bitcoin has given great opportunity to people who always think profit. Maybe there were some situations that other evil doers used bitcoin to attract people for investments, doing so called partnership which isn't a safe way to trust those middleman who promised a ghost profit. However to those who planned bitcoin investments, its recommended to have it personally and avoid being cheated by those strangers who wanted to take advantage from us.

[fatimi1528w]

a great deal could be that way because blockchain is a great book that can be used to know for people who will be case by case. Just need to be extra careful, on every transaction or use bitcoin.

Law enforcement authorities have difficulty estimating a very certain number of victims mostly not reporting their problems, secretly paying the price. The Federal Bureau of Investigation informed that it had received 992 complaint information related to CryptoWall in April 2014 and June 2015 with a loss of $ 20 million. This figure does not include plots involving other programs.

[standley940]

I think not, but it is the individual nature of the mechanism of extortion technique through crypto transactions. Why do so many people use the reason that bitcoin is often used for crime or negative transactions. in fact, the individual itself is the source of evil. When they start to blackmail we can not give them what they ask because if we do not guarantee when the money will come they will not do the same.