Since its inception in 2009, Bitcoin has paved the way for cryptocurrency and exploded into mainstream consciousness in 2017. Blockchain Technology Promises to free itself from centralized banking, but unnamed nature also places it in the line of government and security agencies.
The now defunct Silk Road was an online marketplace that allowed users to buy and sell everything from drugs and weapons to information. , for Bitcoin.
Obviously, the buying and selling of illegal products will plunge you into a world of problems if you are caught. This is really the dark side of the cryptocurrency world, which allows drug traffickers and the illegal arms trade to be anonymous and intractable.
The FBI closes Silk Road and stops its founder, Ross Ulbricht. race of the greatest player in the history of the dark web trade. Ironically, one of the investigators was found guilty of stealing Bitcoin from Silk Road while he was investigating the online platform.
Encryption is not necessarily synonymous with anonymity
The infamous people to do their dirty business, even the European Union believes that crypto-currencies do not are not in favor of terrorism.
In a report released earlier this year, a European commission said that terrorist groups needed foreign currency. The intrinsic complexity of Blockchain transactions is a factor; The same goes for the public register. Every transaction made with Bitcoin is recorded on the registry so that everyone can see – giving the authorities an idea of who is sending what.
It is much easier to send money in an envelope than in a digital currency.
Using Terrorism to Forced Regulation
Terrorism has been a threat to civilized society for decades and governments have done everything to quell the most significant threats.
There is no doubt that terrorist groups are a danger to society, but the truth is that the terrorist threat has also been used as an excuse to spy on the general population and invade foreign countries.
Following the September 11 attacks on the World Trade Center in New York, America renounced the Marshall Act and finally invaded Afghanistan to confront the Taliban.
Since then, the United States has become a huge dry state of emergency – and it was only a matter of time before people like the Agency of national security be caught spying on the American people.
This example is one of the most recent cases on their own citizens, using the threat of terrorism to undermine the privacy and rights of their people.
Tax Fraud and Fraud
This is probably the biggest concern of governments and their respective tax departments. . Massive efforts are made to track cryptocurrency users who have not reported their income.
Coinbase American Stock Exchange has been ordered to deliver the details of their biggest users.
This week, Australia has ordered all trade operating in the country to register with its anti money laundering agency.
These are understandable concerns, but a line must be drawn. sand. The gains made on investments are taxable and people need to understand this
But make wild and unfounded claims about the harmful uses of cryptocurrencies as a reason to spy on and ask for information about the users is wrong.
People should use cryptocurrencies responsibly, but we also need to be wary of authorities who abuse power to force new regulations that are not based on the most important technological development of the 21st century.