By Davis Byrne (US)
Bitcoin Engaged in Unlawful and immoral Acts
Every aspect has its two sides, one is positive and other is negative. Similarly, it is also true in the case of Blockchain technology.
On the one hand, it is used as internet money to buy and sell things for good purpose and trade but on the other hand, many people who are involved in wrongful acts are misusing this cryptocurrency. They are using this digital money for their dark web network.
Report of Transactions of Illegal activities
According to a report by Chainalysis, the use of Bitcoin for dark web is increasing day by day. According to their estimate, it will reach to $1Billion in 2019.This is a shocking and bad news for all of us as this is not the main goal of Bitcoin.
While the traders and investors are satisfied by adaptation of virtual currency by many institutions and firms throughout the world, criminals are busy in their dark business of trading in wrongful acts.
Now the question arises that what are these wrongful acts on the internet. These illegal and immoral acts include child pornography, dealings of drugs and similar kind of acts.
Also read:The Direct Relation Between bitcoin and these Illegal activities
This usage Bitcoin in spending such kinds of acts already exceeded $515 million. This usage was high in 2017 when Bitcoin was touching its upper points and was moving in uptrend.
This spending declined in 2018 with a crash of Bitcoin prices. Now the bulls are again in control of crypto market, it is expected that illegal spending will also increase in 2019.
Hydra is marketplace for dark web where these unlawful activities are currently in progress. Chainalysis checked out the data of all these transaction. They find out that most of the transactions were of buying drugs and these transactions are on the top of the list.
Transactions of Child pornography and information of stolen credit cards are second and third on the list respectively on this platform.
Bitcoin is the most popular cryptocurrency used for these purposes. The coin Monero is the second using for these purposes. The transactions occurring for this purpose make 1% of all transactions of Bitcoin.
They said the amount of these illegal activities increased with Bitcoin’s prices. Whenever the prices of Bitcoin increased, the ratio of these lawless activities also increased.
Suggestion
The findings tell us that there is need to navigate these acts in Blockchain and should improve regulatory policy of Coin. This is only way to stop these kinds of activities.
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