The biggest distinguishing feature of cryptocurrencies like Bitcoin is that they are unregulated, which means that they can be used with utmost autonomy and privacy. While this has resulted in a wide plethora of advantages for cryptocurrency users, which coin has also been used in several criminal activities. However there is a false narrative that Bitcoin is only used for committing illicit activities in making payments in the black market, but this is not all true. While all things come with some advantages and disadvantages, similarly Bitcoin also has redeeming qualities which makes it an excellent investment opportunity for people all around the globe. However, it cannot be denied that Bitcoin does have an association with criminal activities and is used in the dark web.
Using Bitcoins Legally
While people do not believe that cryptocurrencies like Bitcoin can virtually replace fiat currencies, some believe that they can be used as a simple alternative as a global currency. Since these digital currencies are unregulated and do not require a governing body you do not have to pay high transaction fees when using these currencies. However, the value of Bitcoin is high but it is on the rise because of its rising popularity amidst the covid-19 pandemic. While it is true that Bitcoin has been associated with criminal activities there is no denying that it can still be used for some legitimate transactions as well. They are now becoming highly accessible and are even being adopted by prominent brands like Tesla and PayPal.
You can easily use cryptocurrency for booking hotels and their travels using services that accept Bitcoin as a mode of payment like Expedia. There are several electronic services, movies, applications, games and more that can also be but with the help of Bitcoins. A Huge number of global merchants are now accepting Bitcoins as a method of legitimate payment, which means making bitcoin much more accessible and popular among the general crowd. In fact, a wide number of online payments have standardised the use of Bitcoins are such cryptocurrencies. Hence there is no denying that Bitcoin can be used by a well-intentioned person when dealing with Bitcoin and it is a great way for making Transactions. People have made huge gains by trading in bitcoins and exchanging them when the value is rather high. Hence, Bitcoin like traditional currencies or even the stock market can be used legitimately for trading or even for investing.
The Illegal Use of Bitcoins
While Bitcoin has been used in a number of legitimate ways by well-intentioned users, there is no denying that Bitcoins have a connection to criminal activities as well. The reason why Bitcoin is used in criminal activities because International transactions can be performed with is and with much autonomy. This is one of the driving characteristics of Bitcoin which makes it extremely popular in criminal activities. It is one of the biggest currencies that is being used in the dark web where several illicit activities take place and in broad daylight. Activities that take place on the dark web are very difficult to track or identify which is why they use Bitcoins to remain unidentifiable. Those looking for illegal services on the dark web or even on the darknet always used currency to remain concealed.
Bitcoin is also used for hiring malicious hackers. These hackers try to access personal information like bank details and even take over the computers of important individuals. There are several terrorist activities and criminal activities that have been using Bitcoins to remain under the public radar as well.
While Bitcoin has been widely misrepresented as being associated with criminal activities and having no association with well-intentioned people, it is not true. The use of which one has become popular in both legal as well as in illegal transactions. If you want to make legal transactions in Bitcoin download the blockchain technology now.