- Bitcoin is not linked with criminality, and preferably it has the potential to enhance our financial life
- The early association of BTC with platforms like Silk Road has damaged its reputation
- Speculators see digital currencies moving suddenly from their deep ties with the darkest part of the internet
- Crypto literacy is too significant to help the world understand the actual potential of the industry
- Bitcoin is not untraceable instead, it is transparent
- Embracing the technology will eventually allow continued innovation in cybercrime deterrence
Bitcoin is the leading cryptocurrency created by Satoshi Nakamoto in 2009. With Bitcoin, cryptocurrency emerged as new technology. In the current scenario, the price spikes have helped gain mainstream attention globally. Many around the world have deemed that digital currency has the potential to transform our traditional financial world. Notably, the criminals are also using BTC. Still, the innovation behind the technology improves the world. Hence, some skepticisms are avoidable.
Association of Bitcoin with criminality
The use of Bitcoin by criminals adds to the shared sense of skepticism. Unsurprisingly, digital assets have and continue to be used for illegal activities globally.
After establishment, the coin was introduced as a bartending tool on the Silk Road, considered a notorious black market. Hitmans and criminals became the first users of Bitcoin, due to which the cryptocurrency faced reputational damage.
Such preconceptions of digital currencies were understandably unfavorable. If we look at the current state, El Salvadorans are encouraged to use transformational technology for daily purchases.
El Salvador’s adoption marks the positive impact
According to several speculators, cryptocurrency moved suddenly from its deep ties with the darkest part of the internet. Hence, the coin can create a brighter fate for citizens of developing nations. This was the result of a considerable amount of observation, flourishing use cases, and steady involvement. Nevertheless, El Salvador’s adoption commemorates a tiny beneficial use of a contrarily contaminated technology for many outside eyewitnesses. In failing to handle the reputational trauma caused by Bitcoin’s origins, the industry stimulates continued barricades among further optimistic use cases for cryptocurrency.
Crypto literacy is essential
Cryptocurrency education is spreading steadily. The world must understand the true significance of how digital currencies can renovate our lives. Hence, educating the world will help explain digital currencies would allow for the continued systemic innovation and growth of its underlying technology.
Indeed, the coin designed by Satoshi Nakamoto is a poster child for the potential technology. Ultimately, it is clear that undertaking fallacies are an enormous and crucial measure that regulators and the wider industry have, as yet, failed to concede.
BTC is not anonymous
Bitcoin is not used for scandalous crime possession. Many believe that anonymity and untraceable nature helps malicious actors use the coins for crimes. Many believe that cryptos can be created, moved, and stored outside the government’s control.
Notably, each of the transactions is recorded on a shared public ledger. This factor helps explain that digital transactions are out in the open for everyone to see. It is also noteworthy that United States regulators were recently able to trace some of the laundered crypto funds. Hence, the common assumption of anonymity is incorrect.
Cryptocurrency potential is being drowned out
Cybercrimes and financial fraud have become notable causes for concern. DeFi continues to get mainstream attention, raising concerns among regulators. Following the scenario, agencies illustrate how the false criminality narrative harms the general expansion and adoption of the potential technology.
Acceptance is what is required. The world should understand that digital assets are creating opportunities and technological advancements in each sector. Although criminals are using the flagship cryptocurrency, it is our responsibility to reach out to explain the actual value of crypto assets. Authorities and governments should understand that technology can help them, and banishing them will bring no good.
The world should not sever the idea of Bitcoin’s link with criminality. And understand that embracing the technology will ultimately allow continued innovation in cybercrime prevention.