How Cryptocurrency is Being Used Illegally

0
23
cryptocurrency cybercrime hack

Cryptocurrency has become extremely large for investors over the course of the past year or so with the hope of making a large amount of money for those looking to invest. These currencies have become a hotbed for crime given the amount of anonymity that they provide amongst other beneficial reasons. Digital currency is something that is relatively unregulated across the world as well as being completely anonymous. Although local investors state that there are many legitimate ways to use the currency, the most popular has become to fund criminal activities.


Don’t Forget to Join our FREE Text list! From Your Cell Phone Text the Phrase CRYPTO to 474747


Natalie Dunlevey, the president of National Processing Solutions, a credit card processing and data security company in Dayton stated that “unsavory characters in our society often utilize cryptocurrency.” Criminals end up using digital currency such as bitcoin because they can send and receive it relatively anonymously, and there is no central bank or authority to go through. Dunlevey further stated that “it is utilized by some very unsavory people in our society and there is no regulation. The fact there is none is very worrisome.” One of the main issues is that these cryptocurrencies are not fully anonymous and transactions can be viewed through the different trading sites.


Don’t Forget to Join our FREE Text list! From Your Cell Phone Text the Phrase CRYPTO to 474747


Although it is mostly inconspicuous, all of the transactions made on the different crypto blockchains are completely anonymous but are fully public. The record is kept on what is known as a blockchain, a decentralized ledger system that records all of the transactions that happen. One law enforcement official stated that “it’s definitely a misconception that bitcoin is completely anonymous and I think there will be some dumb criminals who learn that.” The hopes are high that this incredible monetary system can be used less by criminals, and more for legitimate purposes, but only time will tell.

LEAVE A REPLY

Please enter your comment!
Please enter your name here