Dark Side Of Bitcoin You Need To Know

Bitcoin is a global transaction of currency in virtual money form. Besides famous nowadays, there are some criminal cases dark side of bitcoin of it. Bitcoin is not regulated by the government or the banks. Moreover, its users can make transactions anonymously. Satoshi Nakamoto is the name of the creator of bitcoin who is still mysterious since the first bitcoin released in 2009.

Bitcoin Advantages

Bitcoin currently becomes a concern because of its advantages. This virtual money is without any ties in the transaction and ownership system. The concept applied by the inventor is bitcoin offering full ownership without ties with third parties from the private and government as its appeal.

Bitcoin becomes very useful for criminals. They can hide money from their crimes. If they save money in the bank, the money can be easily traced. Bitcoin also can be abused by people who want to hide their income from the government and avoid paying taxes.

dark side of bitcoin

Dark Side Of Bitcoin

The weakness of bitcoin is not only in the criminal acts but also its unreal shape. Although the shape is not real, it does not mean Bitcoin is free from theft. One example of the theft was experienced by Sheep Marketplace. It is an illegal drug trafficking website which lost 220 dollars in Bitcoin due to hackers of computer systems. In addition, the instability of the Bitcoin currency value if converted to other conventional currencies is very volatile.

Business Insider notes some minor events that cause huge losses for Bitcoin owners. A man had lost about 600 US dollars for doing a reset on his smartphone. He accidentally permanently removes the Bitcoin digital wallet. The other example, a man also had lost about 90,000 US dollars. when he would transact, he chose the delete button accidentally. Currently, the number of online platforms is testing Bitcoin payments such as WordPress, Reddit, Namecheap, Mega, and Zynga.

However, in some countries even ban the transactions with Bitcoin. The Chinese government, for example, forbids all financial institutions from receiving Bitcoin transactions. On the other hand, the EU considers Bitcoin more easily stolen. In terms of investment is also bad because the currency is determined only based on market demand and has a high fluctuation rate.

Conclusion

Bitcoin is a global transaction of currency in virtual money form. Besides famous nowadays, there are some criminal cases dark side of bitcoin of it.

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