People always use money in both legal and illegal way. It is inevitable that bitcoin as a digital currency would involve in illegal use. Bitcoin is designed to be a huge step toward making money more secure by reducing the risk of corruption and fraud, however one of the significant risks of digital currencies is the ability of criminals and terrorists to use the technologies for their own benefits.
Digital currencies have been investigated for involving payment between criminals. It is not surprising that criminal would use digital currencies in illicit transactions because it offers similar benefit of trust and credibility. Also, as reported from cyphertrace, most crypto related crimes are caused by hacking the system in order to interfere with the process of trading companies.
However, in 2019 the criminal and illegal activity involving bitcoin has reduced tremendously with new security features such as encryption, back ups, and multiple signature options. The number of illegal activity shrunk and people consider bitcoin now more as an asset for speculation than a financial criminal vehicles. Still, bitcoin’s benefits in the worldwide payment system are considered to far outweigh their possible drawbacks.
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