Criminals Will Use It - Bitcoin Worldwide Implementation Problem

In its early days, naysayers often condemned bitcoin as a tool for laundering money or buying illicit goods. Critics argued that, because the technology is decentralized, lightning quick, and peer to peer, criminals would exploit it. Chances are, you’ve heard of Silk Road, the dark Web marketplace for illegal drugs. At its peak in ctober 201, Silk Road had 1,700 listings priced in bitcoin. Products were delivered by mail with a guide to avoiding detection by authorities. When the FBI seized the site, the price of bitcoin plummeted and digital currencies became synonymous with crime.

It was bitcoin’s darkest hour.But there is nothing unique to bitcoin or blockchain technology that makes it more effective for criminals than other technologies. Authorities in general believe that digital currencies could help law enforcement by providing a record of suspicious activities, maybe even solving a multitude of cybercrimes, from financial services to the Internet of Things. Marc
oodman, author of Ftre Crives, argued recently, “There’s never been a computer system that’s proven unhackable.”
Opportunities for crime have scaled with technology. “The ability of one to affect many is scaling exponentially—and it’s scaling for good and it’s scaling for evil.” So this falls under the category of human beings wanting to harm other human beings. Criminals will use the latest technology to do it. However, bitcoin and blockchain technology could discourage criminal use. First, even criminals must publish all their bitcoin transactions in the blockchain, and so law enforcement can track payments in bitcoin more easily than cash, still the dominant payment medium for criminals. The old Watergate adage, “follow the money” to find the crook, is actually more doable on the blockchain than with other payment methods. Bitcoin’s pseudonymous nature has regulators dubbing bitcoins “prosecution futures” because they can be tracked and reconciled more easily than cash.

After each mass shooting in America, .S. representatives whose constituents and campaign funders are card-carrying members of the National Rifle Association are uick to say, “Don’t blame guns for all the gun violence in America!” It would be very rich indeed if these same people banned blockchain technology because of the crimes some people might commit on it. Technology does not have agency. It does not want for anything or have an inclination one way or the other. Money is a technology, after all. When someone robs a bank, we don’t blame the money that sits in the vault for the robbery. The fact that criminals use bitcoin speaks more to the lack of strong governance, regulation, advocacy, and education than to its underlying virtues.

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