Cryptocurrencies are used for illegal activities! (myth debunked)

Publishing an article after a long time, it's been 2 months I did my last article. this article I will try to debunk a crypto myth that still exists. I know there are already many great articles on the topic. It's just an little effort from my side, hope you will find it helpful :)

"Cryptocurrencies only used by drug dealers , money launderers and other criminals"

"People use it to buy illegal guns and drugs"

Ah okay! Crypto is a spawn of the devil and only used by the criminals!

~~~~~

To be fair I see this typo statement a lot less compared to a few years ago because most of us now realize how ridiculous it is! But some people still believe in it.

Firstly, when you say 'it's only used by the criminals' would mean 100 percent of the transactions are illicit, illegal.

But a study finds that less than 1% of the total transactions to the exchanges platforms are illicit, so there's that!

Secondly, it's not the smartest move to perform illegal transactions over a network that saves every transaction forever. But that's actually what the Blockchain does. All the crypto transactions are saved on blockchain. While addresses can't be linked to the identities per sue, if either the sender or the receiver exposes his address in connection with his identities somehow he has a problem in it. So it's not a good idea to commit crime with crypto currency because at the moment when you have a single weak link in your operational security,then all your history is now exposed. It's not just traceable , it's trivial to trace these things.

A medium that's way better for illegal activities,is of course plain cash! Because it can't be tracked & once the transaction is over it is not recorded in any way.

Also, the network itself is not the problem,so what's the problem! The problem is the criminals,inside of the network. Saying <crypto is the problem where illegal transactions happen>, is like saying all the mobile carriers should be shut down because one can hypothetically blackmail you over the cellphone network! So instead of getting rid of networks that do more good than harm, the goal always needs to be to change the incentive structure of the society to make the criminal activities less attractive. This of course is an impossible task because there's always cheaters in any system. But getting rid of it won't solve anything.

Cryptocurrencies are the instrument for economic empowerment. This instrument has been used in many liberating ways where censorship resistance was the game changing feature like by freedom protesters in BELARUS, protest in NIGERIA against the police brutality and corrupted government, Teaching afghan women & help them to earn seizure resistant money in a country where only 7% of women have bank account lastly we seen on the COVID pandemic, Billion's dollar worth of crypto were donated as an act of support!

So no! Bitcoin or any cryptocurrency itself is not criminal or bad in any way, it depends how you use it! It can actually be a force for peace and freedom. At the end crypto and the internet both can be used by the bad guys and good guys alike. But the good guys always dominate! Technology can be a force for good and evil.But there are more good people profiting than criminals profiting.

And there's another claim that ' Digital currencies are basically used for money laundering'

Before I end I want to mention a better way for all your illegal activities, there's a better money laundering instrument for large scale money laundering!

Dunno if you ever heard about them! They are called…. Banks haha. Here you get some snap,, how banks stay one step ahead of criminal activity

So what we can say,, it's not easy to make the society corruption free! Cheaters and criminals are everywhere, no matter it's even on the internet or real life. But if we explore all the activities, we will find most of tasks are for good cause. We can't blame the whole process for some leaches. Cryptocurrencies are not only used for illegal activities, we have thousands of good cause against one single illicit work.

Votes are appreciated. Her is my SLP address :)

SLP address : simpleledger:qpn3gv3qrrtenuny6707cg9yeufvsg2s65ncclmkw3

@SofiaCBCH

smartBCH address:

0xb4450e071ab199C88A942fd682b9273d8dD0816E