There are numerous conflicting opinions on Bitcoin and other cryptocurrencies. One of the popular misconceptions is how Bitcoin is anonymous and only suited for criminal activity.
Bitcoin isn’t a Tool for Crime
Every single month, at least one story pops up which links Bitcoin to criminal activity. Miscreants often turn to Bitcoin because of its perceived anonymity, albeit the world’s leading cryptocurrency is clearly pseudonymous, which is something completely different.
The recent Russian hacking incident that exposed several inter-woven political ties poses an interesting example in this regard. Details regarding this intrusion only came to light recently, and it didn’t take long for the media to point out the Bitcoin angle.
More On the Matter
Unsurprisingly, it is the use of Bitcoin which made these developments come to light in the first place. Criminals are severely limited by the potential of Bitcoin, as pointed out by a recent New York Times article. Bitcoin is simply too transparent to hide tracks. This has been proven time and time again. It was never designed to be anonymous or offer privacy, and it still doesn’t (do this) to this very day.
Simply because Bitcoin doesn’t require a government or bank doesn’t make it a tool for unregulatable nefarious activities. Users will purposefully validate all transactions to leave a trail of digital breadcrumbs in case anyone tries to cover up their illegal acts. All transactions are public at any given time and do not require dedicated software to monitor. Linking a real identity to a string of numbers and letters requires some work, but there are firms who specialize in these types of activities.
There will always be those individuals who only perceive Bitcoin as an avenue for criminal activity. These ideas usually stem from a lack of understanding of the technology, both at its core and transaction level.
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