Is it true that crypto can be used for illicit/illegal acts?

[TOZZIBLINKZ]

Absolutely yes, it is true that cryptocurrency can be used for illicit or illegal activities. The decentralized and anonymous nature of many cryptocurrencies makes them attractive to individuals and organizations engaged in illegal activities such as money laundering, drug trafficking, and terrorist financing. Cryptocurrency can be used to facilitate anonymous transactions, making it difficult for law enforcement agencies to trace the flow of funds and identify the parties involved. Additionally, the use of privacy-enhancing features, such as mixing services, can further obscure the origin of funds.

Additionally, the use of cryptocurrency in darknet markets and other illegal online marketplaces has become a significant problem. These markets often use cryptocurrency as a means of payment for illegal goods and services, such as drugs, weapons, and stolen identities. However, it's important to note that not all cryptocurrency transactions are illicit or illegal, and the vast majority of cryptocurrency transactions are used for legitimate purposes. Furthermore, many blockchain analysis tools, and regulations are being put in place to combat illegal activities and trace the origin of funds. It's also worth mentioning that the use of cash and other traditional financial systems have also been used for illicit activities, and it's not exclusive to cryptocurrency.

 

[CALVINDOL]

Most expectedly, it is definitely true that majority of crypto are used for illicit and illegal activities and according to one source in cryptocurrency it is assumed and finalized that tens and billions of thousands of Dollars are being stored in cryptocurrency by hackers and by scammers who generate this world from scamming and defrauding individuals on various cryptocurrency scamming and different schemes in which they have been plotting right from the time in which cryptocurrency was being initiated as a staple method of investment especially in the viral leading cryptocurrency token known as Bitcoin.

Nowadays there is absolutely a whole lot of scheme created by hackers when it comes to bitcoin investment that is why it is very much important that we become very careful and very alert when it comes to bitcoin investment or any other form of cryptocurrency investment. We do not want scammers to defraud us, however we need to be careful of any kind of Bitcoin investment we engage ourselves in.

 

[Axis]

It is literally nothing new, but they have today we hear about BTC scams and fraud. Bitcoin scams and fraud is possibly as a result of scammers and fraudsters looking for ways to steal bitcoin from investors who own Bitcoin in large value and in large amount also scam and fraud in cryptocurrency does not only exist in Bitcoin but also can exist in other future value having cryptocurrency tokens such as, XRP Shiba Inu zcash zcoin monero etc. We have to be careful when we come across any form of investment in cryptocurrency and the reason is because there are so many scamming and fraudulent cryptocurrency platforms in the internet in which we need to stay away from if we want to make money online sufficiently and adequately.

It is absolutely very necessary that we conduct our own research as well as feasibility studies about a particular cryptocurrency investment platform in order to make sure that the investment we are about to invest in crypto is worth our time as well as our money.

 

[Shaf]

Cryptocurrency provides the perfect opportunity for those who do illegal activities to hide their tracks especially if they use Bitcoin or privacy coins like secret and monero. It's the main reason why government are very adamant about not legalizing it's use.

I can remember a time here in Nigeria when kidnappers were requesting for ransom through cryptocurrency, making it hard for security agents to trace them. They can also use it for transactions of illegal weapons and substances wherever they are in the world.

While cryptocurrency is indeed goo, it would be nice if such illegal activities are not done with it.

 

[Jakeso]

Yes of course it can be used for illegal or naferious activities.
However all new technologies can be used illegally and the benefits of Cryptocurrencies outweigh the downsides

 

[Jakeso]

Off course they can be but the benefits far outweigh the negative.
This can be said of most industries or new technologies.
Fiat is mostly used for regular goods and services purchases but can be used to do all sorts of illegal activities