Bitcoin and cryptocurrencies is for criminals

Many people I meet say: “bitcoin is for criminals” — maybe because they’ve heard that it has been used to buy drugs on deep-web services such as Silkroad. Just like criminals use Danish Kroner or U.S. Dollars to trade illegal things with.

Heres’ some wise reasons why I believe the title of this post couldn’t be further away from the truth.

  • Of all the currencies that criminals have preferences for the U.S. Dollar is king.
  • It is way more difficult to do money-laundering with Bitcoin compared to e.g. U.S. Dollar
  • Bitcoin is a tool to safe humanity from tyrans and oligarchy (the real criminals), today just covered up as a “get rich scheme”
  • Mafia clans in random countries such as Russia, Venezuela, Zimbabwe and so on uses U.S. Dollars
  • Bitcoin, per the specifications today, is probably the only monetary system that is most anti-criminal, given how open it is.
  • “Yeah but cryptocurrencies are anonymous and that enables criminal behaviour”, she said, handing a €50 bill over the counter at Starbucks that only hours before was used to buy meth cut with knock-off ritalin from a dirty cop outside an underage nightclub”

Data, data, data…

Given we have data on everything when using Bitcoin, in the case that we need to investigate a serious crime, we have very good data analysts and tools, to solve the issue, of even the most complex money laundering going on.

A crime done with cash would be untraceable. One in bitcoin would not.

For further reading, have a look at Why Criminals Can’t Hide Behind Bitcoin