The Dark Side Of Digital Coins
Bitcoin has been riding an impressive wave since last year. but its potential for transforming the monetary system also comes with a dark side. The underlying technology of bitcoin; blockchain offers the cybercriminals with two advantages. The decentralization: whereby anyone can transact without the supervision of any middleman and anonymity.
Bitcoin can be held in a wallet that is identified only by number; according to a study as many as six million people has this kind of wallet around the world at present. They are spending this currency happily on goods and services from the retailers who accept these currencies. This is not the end they are using them to buy illicit goods like drugs and firearms on the digital black market.
Taking the advantage of anonymity cryptocurrency space is getting connected with a number of criminal activity like hacks, scams and many more.
A brief history of crypto crime
The creator of the underground digital market: Silk Road was arrested and sentenced for a life term in 2015 for facilitating $1billion in drugs.
In the same year, another person from the Czech Republic got arrested for stealing million dollars of bitcoin from another dark marketplace that had got popularity after Silk Road.
One of the most recent incidents that happened in May this year, WannaCry, the notorious hacker attack that locked the files on government and corporate networks worldwide and demanded ransom amount on a bitcoin address to unfreeze those file. The unfortunate victims had to fulfill the demands of the attackers.
Will bitcoin end?
After this kind of incidence, of course, there have been multiple calls to ban Bitcoin but it is not so easy to do. Absolute getting rid of Bitcoin money launderers is like paying $100 bill by the US government to the drug dealers to stop their dirty money.
According to some experts, the law enforcement will also not help the situation instead the criminals will continue their activities this, in turn, can affect the open technology.
The Mt. Gox bankruptcy has prompted the Japan government to regularise this currency in their country. But the rest of the world is still struggling with the regulations. European Union and Australia are discussing how to impose a rule on the online trading exchanges but the results are yet to come. Till the rules are imposed and these currencies get regularised the innocent investors have to pay if they are not careful while dealing with these notorious currencies. Click Infinity App Software to know more.