Most people treat Bitcoin as a potential minefield of profit, while others know the true value of this cryptography-enabled technology and what it can actually offer to the world. But the truth is that anyone with a common knowledge of this technology can take advantage of Bitcoin’s anonymous nature, including criminals.
Bitcoin’s concept first appeared in 2008 when Satoshi Nakamoto published the original white paper. Back then, people got into cryptocurrency mainly because it was anonymous, but adoption kicked-off and the community started growing.
However, there was always a chance of misuse and it started happening very soon. Bitcoin-focused marketplaces appeared online with cryptocurrency being used to purchase illegal products like drugs and guns. This type of online commerce quickly skyrocketed, giving criminals an opportunity to cash in. A virtual currency that was created to change the world’s economy quickly turned into a tool for criminals. Things got even worse when hackers started asking for Bitcoin ransoms and people started to realize that Bitcoin had a dark side.
“Bitcoin will always have a good and a bad side, but that can’t stop the technology from being in the center of a significant revolution”
The bitcoin Holders, ICO hustlers, and Lambo-owning crypto millionaires would like you to know that the cryptocurrency revolution is upon us. Before long you’ll be making breakfast on the blockchain! But as the trustless, decentralized world of digital tokens expands—and Fortune 500 companies, banks, restaurant chains, and even countries (ahem, Venezuela) cautiously wade in—a credibility problem persists. Silk Road and AlphaBay may be gone, but that hasn’t stopped fraudsters, gamblers, sex workers, and drug dealers from cashing in.