Cryptocurrencies are used for illegal activities
02-08-2022, Tuesday
This content is originally for the mythbusting challenge organized by @SofiaCBCH. Athough she organizes mythbusting challenges every year, this is the first time I am participating in his event.
Despite entering the developed era, some countries and some people are still failing to keep up with the times, becoming economically unstable. Mentioning the list of those countries and some people may not be exhaustive. They basically call cryptocurrency illegal and they are showing and spreading several myth on cryptocurrency. I wrote this content to break their misconception on cryptocurrencies. My content will be completely opposite according to the topic I write! And I believe you will not be surprised. So let's just say that my topic is not what you see, but cryptocurrency is blessing for us.
The people of Ukraine have suffered the most in the war between Ukraine and Russia that lasted for about 5 months and 1 week. Many ordinary people of Russia have given their lives in the way Russia has brutalized Ukraine, as well as Ukrainian soldiers have given their lives to defend their motherland. Due to the lack of food, medical care and basic necessities for the common people as a result of this war, people from other countries have donated billions of dollars in humanitarian aid to Ukraine, and 80% of their donations have been made through various cryptocurrencies.
For example, Binance donated about $10 million USD worth to BNB Ukraine.
You will be surprised to know that it takes less than 1 minute to send this money to Ukraine. Cryptocurrency transactions are faster than any other medium on the blockchain.
There is no thing created by man that only benefits man, it is natural that there will be harm. The same is true of cryptocurrencies. Just because you're using cryptocurrency for bad things doesn't mean that cryptocurrency is fu*king illegal to use.
Just like Binance gave 10 million to Ukraine, people all over the world are taking money from one person to another in seconds. And the main purpose of creating cryptocurrency was to build P2P networking system. So why call such a technology 'illegal' when it was never illegal.
"Suppose you buy a knife from the market to cut vegetables for cooking, but you use that knife to kill a man." So who do you blame right now? the knife or the man?
Cryptocurrencies work exactly the same way as knife. It was born to expose people to advanced technology, to give people freedom over their money, to take a step forward from boring systems like banking. But that cryptocurrency is considered as "thieves" to most us. Alas!
While no other asset can hold onto the tradition of cryptocurrency, Bitcoin Cash is trying to hold on to everything. So I think, cryptocurrency is not illegal but some people are illegal to live in the world, and those who are born to work illegal.
While it is safe and easy to complete a transaction in cryptocurrency, the only way to make cryptocurrency 'illegal' is to evade government taxes. But today almost everyone in the developed world is paying tax on the exposure they consume. It's not that tax evasion has increased after the advent of cryptocurrency, rather tax evasion was already there. So we should never blame a technology when it is doing us more good than harm.
This is my SmartBCH address
0xabc5F74CEa5DD1b136557ec63C7d0A2C45910e35
My BitcoinCash address
bitcoincash:qp9kmw62ydttff2kfuvf0lsetfnp5lu7cvq40lhawt
Your analogy of the knife explains it all and I really like it. Before, I used to think that crypto is illegal because that's what people around me have said. Yet when I entered here in this platform, I realized it indeed do us more good than harm.