is Bitcoin used to extort people?

[robbietobby]

ex·tort
ikˈstôrt/Submit
verb
obtain (something) by force, threats, or other unfair means.
"he was convicted of trying to extort $1 million from a developer"
mga kasingkahulugan   force, extract, exact, wring, wrest, screw, squeeze, obtain by threat(s),

(Reference: Miriam Dictionary via Google)

------> I think it is possible that some authorities used bitcoin as a form of attack in which they are subconsciously monitor, manipulate and control people thru manifestation of moneys. Offering a lot of deal bears a lot of concentration to mass [people] and grab attention in this poverty. Therefore, the means to manipulate people is somehow critical in nature, but people will obviously grab which are tended to make them life easier.

[ajiejot]

Bitcoin has negative effects and positive effects on society, it will depends on how people using it. But for me, Bitcoin is really a negative effects on human. Because in Bitcoin, you can send payments without going to any banks nowadays, as long as you have internet connection.

[CryptoSmile]

It should be known that whatever has a certain value there will be people who carry out illegal activities or acts of crime for their benefit, including cryptocurrency or bitcoin. But with the existing technological advancements, of course every crime action will be known who the perpetrator is, bitcoin is a cryptocurrency that is quite high in price so that many people are interested in investing in bitcoin, bitcoin is something positive and useful and able to provide benefits for every user. because of the notoriety and strength of bitcoin which is quite large, so that there are people who take advantage of the existence of bitcoin for an act of crime and extortion, those people are the criminals who use bitcoin, so that it can damage the good name of bitcoin.

[btc78]

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 a confidential issue and before putting this kind of matter you must have a proof or some links about that illegal used of bitcoin and how this establishment's being victimized of this hackers or scammers

But this will be a isolated cases and not happening daily ,because it seems like i have not encountered here in forum that even hospital become a victim

[qwerty12]

Well ... let's look logically. Although Bitcoin has a very high level of anonymity, I still feel it is possible to uncover irresponsible actions that cut its existence.

If someone tries to extort, data such as names, valid e-mails, addresses and telephone numbers of those who make bitcoin wallets can be used to track people's identities. Also tracking IP addresses can be done to reveal the identity of individuals involved in such extortion, except when the whole process seems to be a conspiracy.

In conclusion, there is the possibility of someone doing extortion and getting away but I believe it is subjective to the factors wherever the authority is needed to check the actions in carrying out their duties.

[detector]

Remember about ransomware ?
Yes. it's evitable because it may happen and will keep happen in the future with different way and shape.
All we can do is prepare as much as possible before too late

[mendra_2009]

The purpose of bitcoin is certainly for something good and positive, but because bitcoin has a high price and is very valuable, so there are some people who take advantage of the existence of bitcoin to commit crimes through bitcoin such as money laundering and extortion or others for their benefit. Hopefully those who commit crimes and extort by using bitcoin will get punishment for their actions, so that bitcoin will remain well protected and no longer be used as a crime or extortion by those who are not responsible.

[Moblie_Legend]

The purpose of bitcoin is certainly for something good and positive, but because bitcoin has a high price and is very valuable, so there are some people who take advantage of the existence of bitcoin to commit crimes through bitcoin such as money laundering and extortion or others for their benefit. Hopefully those who commit crimes and extort by using bitcoin will get punishment for their actions, so that bitcoin will remain well protected and no longer be used as a crime or extortion by those who are not responsible.

you're right, everyone must use bitcoin only for something good and positive, but there are people who use it the wrong way. as you say, there are those who use it only to use and commit crime. in that case we must always be careful and must be wise in dealing with it

[tarable]

It really can happen that Sandra is currently doing, usually they prefer bitcoins, since the method of payment can be related to the ease of existing ones in bitco-transactions.

bitcoin is not to blackmail people but to invest and online payment methods is not to be negative but we take the positives

I also believe that the use of bitcoin is not to blackmail people, because until now I have been involved in bitcoin, I don't feel it has been squeezed. instead I can get to know online payments and investment from bitcoin. moreover until now bitcoin is very useful for us.

[anthonytcm]

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.

While this is true, I'd like to expand a little bit on it. It's easy to track when big chunks are moved as a whole, someone that splits it up and buys goods with bitcoin directly would be more difficult to track, though not impossible. Because of this its a bit difficult to prove that the person cashing out is the same person that requested the ransoms, of course it depends from case to case.

It is becoming relatively easier to track bitcoin transactions especially if they eventually cash out through exchanges which normally would require KYC procedures of the user.Bitcoin is certainly a tool of choice to extort people who want to remain in the 'dark'.This is the main argument against adoption bitcoin as a legal tender especially from government circles.

Now you do mention something important, but all things considered, would cash then be approved if it weren't already a commonly accepted mean of transaction? Bitcoin at least leaves trails that can be followed all the way to the start. Cash can change ownership sooo much easily, I just don't see how it isn't a counter argument against official currency alternatives, that's all.

[bitcoindusts]

Anything can actually be used to extort from people. Any attempt for a ransom using even a cat or a dog is possible. So bitcoin should never be singled out in this aspect.

Though as of the moment, with most of the exchanges requiring a KYC, investigations could be done by tracking down the wallet's transactions. Though of course, it could be a dead end too should the criminal knew the alternatives to cashing out using a name. Or they could also stage a cash out by forcing a person to withdraw the money for them making clean their path somehow.

We could not really underestimate the creativity of these people, they have so many ways in and out of the crime they chose. And perpetrating them using bitcoin might just prove useful in many ways.

[Tashi]

Yes, it is used by criminals but because of innovation, tracking Bitcoin transactions are much easier than it was before. But, because of this, it’ll be much easier for criminals or hackers to track down Bitcoin users and ask for ransom etc. We need to be extra careful if we’re going to have crypto transactions.

[Tetutu]

Bitcoin has negative effects and positive effects on society, it will depends on how people using it. But for me, Bitcoin is really a negative effects on human. Because in Bitcoin, you can send payments without going to any banks nowadays, as long as you have internet connection.

Bitcoin is widely banned in many countries because of anonymous factors, so it is easily misused by criminals such as extortionists, terrorists and even hackers. Therefore, to anticipate extortion using bitcoin, the government is monitoring the exchange of bitcoin, because in that place the identity of the bitcoin owner must be clear.

[Trapcalledromance]

You guys have no idea what Bitcoin is doing right now. First it showed you guys that alt coins are shit.
Then it destroyed bcash from .40 to .06
Now it’s stabilizing to show that it’s the true stable coin. Basically saying fuck you to Tether, USDC and True USD. Once these distractions are cleared out, moon time.

[Kthestunner]

You guys have no idea what Bitcoin is doing right now. First it showed you guys that alt coins are shit.
Then it destroyed bcash from .40 to .06
Now it’s stabilizing to show that it’s the true stable coin. Basically saying fuck you to Tether, USDC and True USD. Once these distractions are cleared out, moon time.

so how do you explain the extremely low volume? let me help you
the extremely low volume and the stable price means it's dead as fuck and nobody is using it.

[Samemagazine]

You guys have no idea what Bitcoin is doing right now. First it showed you guys that alt coins are shit.
Then it destroyed bcash from .40 to .06
Now it’s stabilizing to show that it’s the true stable coin. Basically saying fuck you to Tether, USDC and True USD. Once these distractions are cleared out, moon time.

so how do you explain the extremely low volume? let me help you
the extremely low volume and the stable price means it's dead as fuck and nobody is using it.

Yeah, cause nobody ever said that before in Bitcoin's bear markets over the years. Wrong then, and wrong now.

[James_Cline]

Not likely, in my opinion. Because for bitcoin, aren’t all transactions recorded on a public ledger and viewable by anyone with access to the blockchain? And so these “blackmailed funds” can be traced from the moment they were mined, correct?

[enjotan]

Ransomware has aggravated the argument about bitcoin, nothing is impossible. and FIat has been used for crimes such as extortion, illegal trade and other crimes.
we need strict rules and laws.

yes, what ransomware does will further aggravate people's views about bitcoin, but actually bitcoin is far more profitable and beneficial if used positively, hopefully in the future there will be strict legal rules so bitcoin is not misused for negative things.

[MbakNarti]

I think bitcoin transactions can be tracked, and all kinds of crimes that use bitcoin will be tracked. There are always people who commit crimes either trying to steal bitcoin, or misuse bitcoin, such as money laundering and so on. But basically bitcoin is here to give us happiness and make us have a lot of money through that investment, for that I just want to say that bitcoin creates comfort and helps many people overcome their financial problems, but there are some people who misuse bitcoin for a activities that violate the law, so there is a negative view of bitcoin.

[ElvisSinatra]

Bitcoin can be exchanged directly with an Internet connection device without the need of an intermediary financial institution, meaning that your purchase transaction is free of charge to the bank or any institution. Bitcoin seems to be the perfect payment solution in the Internet age, but because it's an uncontrolled currency, the criminals have a trading tool couldn't be better.