How hard is tracing crypto currency transactions?

Bookwormlux

Valued Contributor
Some countries have continue to express concern with the way crypto currencies tend to provide a safe haven for criminals to carryout transactions without getting caught and some of these countries have even gone to the extreme by banning crypto currency transactions because they are afraid there would be a surge in crime if criminals can continue carrying out their transactions using crypto currencies which are believed to be intractable.

However, I still think that banning crypto currencies transactions because of this reason is not fair. I believe that it would not be hard for security agencies to trace and detect criminal and fraudulent transactions done via crypto currencies. What do you think?
Is tracing crypto currency transactions very hard that security agencies won't be able to handle?
 

Mishi

New member
We call bitcoin digital currency or money, but really it is just a computer program. People trade bitcoin with each other directly, or buy and sell through online exchanges. At current prices, one bitcoin is worth about $9,000, but it can be divided and sold in smaller slices.
 
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Deleted member 28127

Guest
Some countries have continue to express concern with the way crypto currencies tend to provide a safe haven for criminals to carryout transactions without getting caught and some of these countries have even gone to the extreme by banning crypto currency transactions because they are afraid there would be a surge in crime if criminals can continue carrying out their transactions using crypto currencies which are believed to be intractable.

However, I still think that banning crypto currencies transactions because of this reason is not fair. I believe that it would not be hard for security agencies to trace and detect criminal and fraudulent transactions done via crypto currencies. What do you think?
Is tracing crypto currency transactions very hard that security agencies won't be able to handle?
Most of crypto wallets requires user KYC like coinbase, coinpayments, spectrocoin, blockchain so not meaning that you have a bitcoin wallet means you are anonymous because you have to pass KYC to prevent account interruption. Additionnally all exchangers sites in most of case requires KYC to start trading crypto currencies or electronic wallet so your transactions are tracable by your wallet provider and not you are anonymous. So they may be a collaboration between wallet providers and gouvernement in the future for the tracability of suspicious transactions.
 

Ahmedo24

Verified member
We call bitcoin digital currency or money, but really it is just a computer program. People trade bitcoin with each other directly, or buy and sell through online exchanges. At current prices, one bitcoin is worth about $9,000, but it can be divided and sold in smaller slices.
I don't think you updated as regards to bitcoin price because the current value of one bitcoin is $46000 or less little. In my opinion burning cryptocurrency is not the solution but the government of different countries should insureall exchange platforms running their country are registered and this should ensure that members subscribe to those platforms do their KYC verification I'm sure with this illegal activities using cryptocurrencies with definitely be reduced.
 
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