Cryptocurrency: Criminal's Cyber Money

Avatar for meitanteikudo
2 years ago

I can still remember clearly back in the early days of cryptocurrency, specifically bitcoin, there were a lot of speculations that cryptocurrency's main purpose is to fund and help operate criminal activities.

Sure, the mind of the masses is pretty creative when it comes to imagination and conspiracy theories, and scandalous materials.

Back then, the most popular aspect of cryptocurrency that the public knows is that it is untraceable and is not monitored by any government.

Then the speculation began. Since cryptocurrency is untraceable and the government could not touch the money, people believed that its only probable application is by using it in the dark trade and availing of illegal products and services.

This belief was only fueled and was strengthened when the news of the underground market Silk Road on the darknet was uncovered.

Silk Road was an online marketplace where you can buy or sell goods and /or services and where everybody is anonymous. The buyers are anonymous, the sellers are anonymous and the transactions and the traffic are not monitored.

You will need to use a specialized browser to access another layer of the internet to be able to log into the market and avail of the products and services.

The seizure of the site sparked a new kind of hell when it comes to media publications, news, rumors, and just rocked the whole world. And of course, people had more reasons to believe in the saying that cryptocurrency is used for illegal activities. Mainly because the primary currency used in the site Silk Road was Bitcoin.

Now here's the thing, motorcycles and cars are just wonderful inventions, right? They were just good things that changed the whole world for a better place in terms of convenience, transportation, and our economy. But these things are massively used in crimes. Different kinds of robbery, murders, abductions, and just about any other crime may also be associated with these marvelous things. So what does that mean? Are these things made for illegal activities too?

Don't even start me off with guns. LOL

I guess what I am trying to say is, whatever thing it is, a criminal mind can use it if he wishes to. No matter how beautiful or innocent that thing could be, no matter how progressive it is, they can associate it with their repertoire.

This belief may just be a product of the ignorance of the masses. You know how we humans do. We are always afraid of what we do not understand and we have that lingering fear when we do not understand something.

Cryptocurrency, the Good Money

Just as real money, cryptocurrency can be used to buy and avail things that make us happy and makes everyone else around us smile.

Earlier this year, I was able to celebrate my birthday to the fullest, from my own pocket with the use of the cryptocurrency I was able to save up from using this platform.

From the few parts of a BCH I was able to earn from months of being on this platform, I was lucky enough to treat my whole family to a sumptuous and joyous celebration. I was able to splurge a little bit without worrying about tomorrow's bill because the expense didn't come from my usual salary. I was really grateful to the platform and to all the sponsors that made it possible.

And through the same efforts, I am glad that I was able to save a little amount to make my family's Christmas a little bit merrier. It's really imperative to celebrate every time we get a chance because if there's a lesson this pandemic taught me, that is "everything could end in just a blink of an eye". So I think that it's a really good idea to spend a little bit more, share a little bit more, and be happier even if it's just a little bit more.

Also, if you browse long enough across the platform, you will read from time to time about charity drives and effort that is powered by cryptocurrency too. If that's not a good use of cryptocurrency, I don't know what is.

Epilogue

  • Cryptocurrencies are used for illegal activities

I just hope that with all that said, this myth is considered to be BUSTED. Anything can be used in illegal activities, and on the other hand, cryptocurrencies can be used in anything and one day, it may even help us achieve unbelievable heights of progress.

Nothing is made for good or evil, it is the hands of the holder that could make it bad or a good thing.

Hi!

This article is my entry to 2021 road map: Busting small blocker myths about Bitcoin and others. Many good and well-written articles were already submitted and if you haven't participated yet, what are you still waiting for? There are only a few days left to submit an entry. Let's go!

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Series    : Competition Entry
Title     : It Hurts
Published : 05-Dec-2021
Author :  © RB

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2 years ago
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Comments

https://explorer.bitcoin.com/bch/tx/94f69f638be7afda385f6736b5e8360bbdb3a11649212ebcc8e60846631dbd5c

I like this, whenever I'm in a BCH class I get asked this kind of question, it's a good point.

For You: 150 MH 2021

$ 0.00
2 years ago

Oh yeahhh!!! :) thank you very much.

$ 0.00
2 years ago

Encryption or masks can hide identity and face. During the pandemic-induced usage of face masks, it has been proved that some criminals are using them to hide. The same is true for encryption and cryptographic tools in cryptocurrencies. And cryptocurrency is just one application of distributed computing and blockchain. So many other beautiful real-world applications are possible with distributed ledger technologies.

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2 years ago

Ah, the never-ending FUD wars in all their various guises ... (The FUD is most often spread by Boomers and they're the ones most likely to believe it, too. I wrote a post about this, based on a conversation I had with one and my efforts to provide fact-based counter arguments. However, I don't think I convinced him of anything.)

Here's a site that links to articles that can help to combat crypto FUD: https://endthefud.org/

$ 0.00
2 years ago

We cannot deny that their some instance that cryptocurrencies can be use into illegal kasi mahirap ma trace but it will depends on the holder.

$ 0.01
2 years ago

Cryptocurrency has certainly been used for illegal activities (such as money laundering), but it constitutes only 3% of all crypto activity. Most illegal financing is conducted in USD, but you don't see reports of politicians decrying dollars as "the currency of criminals" (although, lets face it, most of them are, depending on your perspective).

https://endthefud.org/justice

$ 0.00
2 years ago

this is for real!

$ 0.00
2 years ago

I had a conversation with an American Boomer friend, about him possibly posting content here and earning a little BCH for himself as a potentially lucrative side hustle (since he's a professional author). He wasn't interested and threw out a lot of FUD and criticism of crypto. Of course, I countered with facts and links, but I'm certain I didn't convince him of anything. That conversation was the basis for one of my writings here (FUD Wars: Rich American Boomers Edition).

$ 0.00
2 years ago

ganun din naman ang real money... kahit ano pa yan,, kung gagamitin talaga sa masama,.. pwde pa rin..

$ 0.00
2 years ago

Kaya nga Sir😊

$ 0.00
2 years ago

Silk Road was a drugs market. When it was running drugs in the USA were illegal. Now in most of the USA it is legal. Shouldn't there be leniency shown to Ross Ulbricht I wonder? I think the time he spend is too much so far for a non violent crime.

$ 0.02
2 years ago

I wonder that too, maybe they were just scared because they witnessed how a dark net marketplace could be so profitable and convenient at the same time.

$ 0.00
2 years ago

I suspect the overly harsh sentence he received was intended to make an example of him to discourage copycats, rather than taking the nature of the crime into consideration when meting out punishment.

$ 0.00
2 years ago

This platform has really been helpful for me too since day one.

$ 0.02
2 years ago

very much.. eh :)

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2 years ago

I agree, Crypto currency is a good money, but we cannot avoid other people to use it in a bad ways.

$ 0.02
2 years ago

Yes, it's up to us humans...

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2 years ago

What a nice post, after i read this glad i got some ideas. I am a user for one month and i am after to understand crypto so that i could understand more...

$ 0.02
2 years ago

you can really learn a lot from here. :)

$ 0.00
2 years ago

I wish I could write something about Crypto myths busting, but I ain't confident to write something specific and factual yet. What if I use wrong analysis, and mislead? Char, kabado lang.

$ 0.02
2 years ago

haha kaya yan.. :) Ikaw pa ba? Ako nga walang alam eh haha

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2 years ago