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Study Indicates Illegal Uses of Bitcoin has dropped, the White House said to be Monitoring the Claim


Dec 02, 2017 Posted /  889 Views


Study Indicates Illegal Uses of Bitcoin has dropped, the White House said to be Monitoring the Claim

Bitcoin Being Continuously Used for more and more Legal Purposes than the Opposite

Regulators and authorities trying to put a stoppage on Bitcoin are citing the abilities of the currency to be used to fund or transfer funds associated with illegal activities such as money laundering and funding terrorist. Surprisingly a recent research exclusively indicates that this trend is significantly decreasing. Take it from this point that mankind think along a problem line meaning we always try to solve a problem pushing us hard. If wars had never happened in human history we would be very behind in terms of technological advancement. consider the developments in the transportation, communication and health sector which came about because man was preparing to meet his greatest fear, war. In that line the emergence of internet crime led to the invention of great internet and web tools to combat and to prevent these crimes from happening. Encryption Technologies, Tor, self destructing messaging apps and Bitcoin came about as a possible solution to the crime on the internet. Mankind will keep on developing depending on the problem it faces, without current pressing problems mankind can not prepare for critical future problems.

This was how a Researcher from the University of Sydney Dr. Sean Foley Interpreted Bitcoin connection to illegal activities. He established that almost every one in three Bitcoin Users had ever used Bitcoin for an illegal activity of some kind. According to Dr Sean Foley at least 36 millions people out of the 106 million Bitcoin Users have ever sent or received Bitcoin for an illegal activity.

What does the State Call Illegal?

One of the major questions lingering in the minds of Bitcoin users is what is the true definition of illegal. Some countries allows Bitcoin to be used for mainstream activities like paying school fees, shopping in the market and paying domestic Bills. Yet in some countries mere holding Bitcoin in your digital wallet is already a crime punishable by the state. So it is safer to assert the the definition of Bitcoin legal status depends on the country you are in.

In most Countries (may be excluding North Korea) money laundering both domestic and abroad is swifty heavily punishable by law. A Lot of Bitcoin third party platforms have developed Anti Money Laundering (AML) Protocols and Know your Customers (KYC) procedures to curb the vice of criminal money laundering.

Recently another form of crime associated with Bitcoin to emerge is the spreading of Ransomwares, a malware that can render target computer infrature locked with unbreakable encryption till a ransom is forwarded to the person who programmed the malware. Schools, Hospitals and Banks were the major targets of these ransomwares which in most cases exploited security loopholes in the Microsoft window operating systems. Updates and security patches were released by Microsoft which help in securing computers which were at risks of being attacked with ransomwares.

Some People May Be Abusing Bitcoin Just like some People Abuse Fiat Currencies

Just like it is the case with any other Fiat Currency for some individual to Orchestrate and crime ring and cause havoc to innocent victims, Bitcoin too false under such categories.

It makes no sense if the Authority ban the use of cash because some big sum of money was robbed. In that way, it is also impossible to ban Bitcoin just because one hawker successfully gained access to some wallets and stole Billions of dollars worth of Bitcoins. Just like money and crime will live side by side so is Bitcoin and cybercrime.

 


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