Busting the myth; Cryptocurrency are used for illegal activities

I took interest in this topic, because of the recent scenerio that happens between me and my uncle few days ago, this afford me more explanation to further tell him the actual meaning of cryptocurrency, main purpose, it potential and usage. If you haven't heard about how cryptocurrency trader are treated in my country, this an opportunity. In respect to this topic, our government also agreed that, it's a means to fund illegal activities and therefore put a ban on anything related to buying or selling cryptocurrency. Crypto traders aren't given opportunity to trade fair into our fiat currency, many account has been frozen or blocked, our government fight against crypto look like it is drive by hidden motive but let forget about that.

In many countries, the statement is accepted by many people because their government also accepted it, this give no rooms for parents to leave the olden system and go against their children when they are involved in the buying and selling cryptocurrency. in my previous article "bursting the myth that Bitcoin can't buy anything", I stressed that the view might be fight of rivalry, maybe due to fear that it might lessen the value of their main legal tender fiat, or reduce their power because cryptocurrency pose better future and has the potential to give many people financial freedom.

The saying that cryptocurrency are used for illegal activities is just an arrow against it and the impression of people is that all transaction is anonymous and aren't traceable. The transaction of cryptocurrency are very traceable without the interference of third party, every transactions can be found on the chain, the amount sent or received, the time sent or received as well as the sender and receiver address (Blockchain save every transaction forever Even department of justice say so). The advantage is that we are privileged to operate it as our own bank and be the custodian of our own money.

Furthermore, statements such as cryptocurrency are only use by criminals, a ransomware, means of fraud and so on is just a popular statement which is applicable to virtually everything. As we all know the act of criminality have no bound, it is seen in every sectors and every possible places and before the emergence of cryptocurrency all this act has been in existence. So why alleging cryptocurrency for that? what happened to other things used before cryptocurrency, are they not in use anymore? if you still believe in that, you have to answer these questions.

Research indicates that the illicit act that is related to cryptocurrency record one percent and the portion it occupies are scam alone, not the so called money laundering, trafficking, kidnapping and unlawful act. Source . Therefore, cryptocurrency isn't the problem because the olden paper money transaction has no restrictions to be used for the crime either. I can boldly say paper or physical money is majorly used for these activities because, it has been in use for over Decades and any transaction carried out with it aren't traceable, though, we can't exempt crypto only in rare Case. The only solution is to curb what attracts criminality.

Cryptocurrency has pave a way for better individual and economic empowerment. I have benefited alot from cryptocurrency and it has help me to tackle my financial hardship. There are lots of good in the cryptoverse compare to the bad and when the good supersede the bad side of a thing then the good prevail.

Many initiative do exist In crypto world which which are geared towards community development, for example eatbch is intiative of BCH lover that feed kids and adults with crypto money #Bitcoincash in particular, and other charity programs that aim for growth.

In 2019, when Nigerian protested against SARs (Nigerian police) intolerable act, million dollars worth of crypto were donated which raise the fear of government that it can Hunt them as well, they therefore see cryptocurrency as enemy and decided to put end to it, which they do by banning it in the country. This is just a plain truth that cryptocurrency is working and it's not only meant for crime.

Another recent occurrence that happens in Philippines is a critical example, because Bitcoincash community stand-up and help by being able to fundraised some amount of crypto for their fellow members affected by the typhoons to cater their losses.

To this end, we supposed have little shift in thought that crypto are not the instrument of crime, there are lots of usage and benefits when dealing with cryptocurrency, which are projected towards development. cryptocurrency is never an enemy of community development but a tool to root out financial hardship.

Thanks for reading.

@SofiaCBCH This another entry for myth-busting challenge 2021. Happy new year in advance.

MY SLP ADDRESS

simpleledger:qrd23y6hylj6ya4f47ll0ltdmq6aeevsusecw2rsft

SBCH ADDRESS

0xE44D380321A3f2D286048a265a3834a2B995E6A5