Bitcoin has often been referred to as a favorite tool for internet and offline criminals, particularly when drug dealing and trafficking is concerned. There are a lot of people under the illusion of how Bitcoin will protect them from being caught while it is only a matter of time until the digital money trail on the blockchain leads to their arrest. That being said, the Russian Federal Drug Control service feels Bitcoin poses a real threat to the country as it becomes an even more preferred method of payment.
Also read: Bitcoin Price Weekly Analysis – Can Buyers Make It? Bitcoin Makes It Easy To Move Funds Quickly
What many people see as one of the major strengths for this popular digital currency can also be viewed as a potential weakness. Moving funds around the world in a matter of mere seconds – and at little cost – is a trait that could make Bitcoin a major contender as a new global currency in the coming years.
But at the same time, this also makes it easy to move funds around quickly in the underground circuit. While it is impossible to track cash payments, it is rather suspicious to see people walking around with envelopes filled with notes, or sports bags which could contain millions. Bitcoin does not offer those “easy to spot” giveaways of criminal activity, as people can send the money somewhere else with a few taps on their smartphone .
It should come as no surprise to find out Bitcoin has attracted a lot of attention from [Internet] criminals over the years as well. With no personal information associated with transactions, as well as the convenience Bitcoin offers to move funds around, a breeding ground for misconception and confusion has been created.
Even though Bitcoin transactions do […]
