The development of bitcoin provided several unique benefits to its user. However, corresponding to these benefits are some risks and costs as well. Due to the distinctive nature of cryptocurrency, it is widely used in a variety of crimes. As the entire world is facing this huge involvement of crime due to cryptocurrency, therefore it is not possible to specify which part of the world is going through such a situation.
Bitcoin is actually a cryptocurrency; therefore, it plays a huge role in a variety of crime. Moreover, it is not possible to track the path of a cryptocurrency user. This is making the situation even worst. First, discuss a little bit about what actually a Bitcoin is and how it involves in crimes. Its other important feature is bitcoin sportsbook, which helps a player transfer money easily on a specific bet.
What the Bitcoin is?
A bitcoin is the world’s first and widely known cryptocurrency initiated in 2009. Until date, it is the most known the easiest form of exchanging currency. Cryptocurrency is the medium of exchange used widely in digital marketing. As well as for protecting personal information a process called cryptography is mostly used.
As it is the easiest way of exchanging money and most popular, however, criminals started using it in various crimes. Within one year, the value of bitcoin drastically dropped down. Due to its unique characteristics, and easy exchanging process between the peer and innovative, however, there are still some people who think that it is the best way of transferring money.
Even after these fluctuations in the pricing of bitcoin most experts or investors assume that bitcoin is not going away. The major issue here is that criminals are using it in various ways for transferring money for different types of crimes.
This article will deal with some of the ways and factors of Bitcoin in use of crimes. Moreover, how it appears as a weapon for criminals.
Why Bitcoin tremendously being used in Crimes?
Due to anonymity and untrackable behavior of Bitcoin, it is widely used in crimes around the world. Most of the criminals over the internet do crimes and exchange money in the form of Bitcoin (cryptocurrency) for this purpose.
This is the way criminal find most suitable for transferring money for each crime. Therefore, the use of cryptocurrency in crimes tremendously increased over a large extent.
Use of Bitcoin in some Major Crimes
However, there are so many crimes in which bitcoin is getting used but some major crimes using bitcoin widely are as follows:
The Dark Web
Most of us probably do not even know what actually a dark web is. The Websites, which you cannot approach by ordinary search engines, those websites usually, need passwords for getting access. Some sort of people or hackers tries to get their access illegally, which is known as Dark Web.
The criminals use Dark Web for different crimes including buying and selling things illegally. This illegal way of buying and selling might involve murders as well. In order, to pay a murderer, a criminal makes use of Bitcoin for transferring money.
For Terrorism and Weapons
The fastest and smooth use of bitcoin makes it use for deadly purposes like Terrorism, in Wars and exchanging weapons. A well-known incident about weapon exchange is still present, where a 19 years old person was arrested for exchanging highly toxin ricin through dark web market. That deadly toxin used in wars; as a result, that person arrested for 110 months.
Moreover, the terrorists find it much easier to transfer and exchange money through bitcoin as it left with no tracking data and information about the user.
In Drug Trafficking
Talking about illegal way, how can someone forget to mention drug trafficking. Due to its wide, use in illegal crimes the drug suppliers find it as the easiest way of selling drugs online through dark-web. In 2013, the largest drug-selling website Silk Road that earned up to $8 million shut down due to tremendous drug supplying.
According to a report based on 2017s, research the number of drug buyers online in America is greater than any other country. Thanks to the lawmakers and agencies who are still helping n reducing and overcoming this issue.
How to reduce the use of Bitcoin in Crimes?
Although there are millions of websites and millions criminal using Bitcoin in several crimes, therefore, overcoming this situation is quite difficult and complicated. However, by making some rules and applying restrictions on the usage of Bitcoin can reduce this cause up to a great extent.
This can also be performed by adding a pattern that requires the complete information about the sender and of the buyer. As well as inserting location on it. This way can help reduce this illegal.
Some non-criminal uses of Bitcoin
This is not always possible that bitcoin is only used for crimes. Due to its smooth working, it can also use in several useful ways. Some of the ways are as follows:
- For Air traveling
- For videos, games, movies and electronic services online.
- For online Tuitions
- Buying online gifts
Hence, else than crimes it is widely used for so many good purposes and have the number of benefits. Serving in this best and easiest way to its users.
Bitcoin being a fastest, smooth and easiest way of exchanging and transferring money gets widely used in crimes as the greatest weapon. The criminals use it for several huge crimes due to its intractable location and anonymity. The government and the authorities must take some necessary steps to reduce this drastically growing issue. Otherwise, the world has to face some crises!