Unfiltered

The Truth About Bitcoin and Money Laundering

Bitcoin has enabled so many criminals to come up with new ideas.

No, it has not. Criminals always think of ways to find a way around the system to have their way, especially with the new businesses and technologies, like the internet itself.

Because cyber crime exists nobody put a ban on the internet or the social media. Do you know what kind of governments ban technology to keep people aloof? The Arab regimes during the Arab spring. No this is not to further any religious, sentimental or Islamophobic ideas. This is just the truth. Only the dictatorial regimes, that not necessarily (almost never) represent their people resort to such repressive apparatuses like banning.

And yet we have the (still so communist) China ban cryptos, India try and look into banning and other smaller countries which micro manage the people ban and limit the proliferation of the revolutionary stuff.

Bitcoin has 99 issues in itself like its slow speed and scalability problems. And yet people fear it, when it becomes bigger, what will become of it then?

It is nothing to worry about, money laundering for example through bitcoin is so slow that it does not suit the needs of loan sharks and mafia families. They would switch back to regular laundering anyway. Plus, how can a crime that exists otherwise too exist primarily because of cryptos?

Well, the truth behind governments banning cryptos is that they are scared and confused as to what they are, how they work and how to regulate them. Social stigmatizing and legal banning means that the government which obviously of any country, can not afford to resist it forever is trying to buy itself some time.

So tax evaders are now looking at alternative ways of laundering money like cryptocurrencies. Of course they are! Does not mean cryptos are to blame!

Alright yes, since cryptocurrencies make it hard to regulate such transfers, they could attract lots of people who want to evade taxes in their respective countries. However, some startups like Chainalysis are actively trying to come up with solutions to track Bitcoin transactions as they are available for everyone to view on its public ledger. The good will outweigh the evil, you do not judge a baby when it is four on the choices they make! It is quite young considering all the time that the internet took to become the powerful and large organism of global and micro politics that it is today!

Khunsha Javed

A Filmmaker, PR enthusiast & Editor of BlockPublisher-Unfiltered. I like things that make my brain tingle. Email: khunsha@blockpublisher.com or editor.unfiltered@blockpublisher.com

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