Opinions

The Dark Side of Cryptocurrencies – Bitcoin Will Never Recover

Since the beginning of cryptocurrency, world has been introduced to the new era where nothing is impossible and people have authority over their own affairs without involving anyone else in the equation. People have started to take interest in anything and everything related to cryptocurrency but what was the main purpose and how it had all started?

People often believe in anything without doing research. Bitcoin became famous overnight but initially it was known to only few and specific people for purpose we all neglect to see. It was not a pizza that made Bitcoin famous, it was not Satoshi but something beyond our imagination, something that was forbidden and something that many did not understand. Welcome to the Dark Side of Crypto World!

Crypto holds a dark secret that was not revealed before. You should ask yourself that who would want to avoid banking system and what would be its benefit? Answer is simple: Underworld.

For long people on dark web were becoming targeted by the officials because their each and every transaction was recorded and monitored. Large sum of money could not be traded for goods (such as; drugs, weapons and illegal activities on internet) without authority’s interference as banks would notify security personals for transactions over $10,000. Money was kept underground so no one would know and we are not talking about few thousand dollars but millions and millions of dollars. And without reason you cannot just walk to the bank and deposit million dollars. Since transferring, depositing and withdrawing large sum of money was an issue among people of underworld and on top of that they already had millions or billions of dollars in cash on them which they could not declare as it was all illegal. They had come to a solution and this was how cryptocurrency started.

Cryptocurrency gave them an opportunity to convert their black money into white money. Initially Bitcoin and rest of cryptocurrencies had no value as no one knew except who were dealing with illegal goods. But the words got out and Bitcoin became superstar. Since it became famous, many investigations started and that made people on dark web to switch from Bitcoin to other currencies. Because of interest of normal public, the value boosted in thousand within days.

For a normal person, cryptocurrency is just another way of transaction without paying high fees of banks but for underworld it was a way to declare their black money so they could finally keep it in the bank. Underworld has not stopped their billion dollar deals on daily basis but fame of cryptocurrency gave them another opportunity to legalize their earnings with everyone else.

Cryptocurrency has not given anything else so far except promises of future and mean of transaction. Now, people from underworld don’t carry millions of dollars in cash to deliver but they carry simple coins hiding somewhere on the web. Before they had fears of getting caught during delivery of cash of illegal goods but now thanks to cryptocurrency, that one fear has gone down the drain.

Bitcoin is slowly fading away as it has become center of attention and this is something no one from underworld wants; so, they are slowly switching from Bitcoin to other currencies.

This is the reason each country wants centralized transactions so they would know who is sending money to who, how much and for what purpose. Once everyone switches from Bitcoin to other coin in underworld, price would not be same as it is now and Bitcoin will never recover.

This was an untold truth and secret story of cryptocurrency which we all know today as ‘development in technology’. Happy Trading!

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Ammar Alvi

Ammar is a mechanical engineer by profession and holds some investments in blockchain startups like Newtoncoin, Zcash and Monero. Contributes to the opinions. Email: editor.opinions@blockpublisher.com

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