Cryptocurrencies: A Criminal Element

Do Criminals Love Bitcoin?

 

The Banks say yes, governments say yes, and technology data service providers say yes. I suspect that criminals are sitting on the fence. Why?

Because, just like the large organizations mentioned above, established criminal organizations also have a “proven” and functional infrastructure in place. They cannot switch easily either. That will of course change over time. They'll catch up.

Keep in mind that when it came to cell phones, text messaging, emails, (emailing money!$#?) and of course the internet, the biggest naysayers always tended toward regulation citing the criminal element. They were wrong, again and again and again.

There are a few points missed in this argument of advocating regulation to control any new technology based on preventing criminal activity.

First, the percentage of criminals on the planet as a percentage of population has probably not changed. There are more of them, because there are more people. Most people are fundamentally good. If that were not the case, humanity would not have survived – and thrived.

bitcoin criminal

>Second, throughout history, criminals – just like business people – have adopted new technologies. No one has a choice. Have to go with the flow. A criminal can no longer easily find a coin operated phone booth – they must have a cell phone. But he or she was a criminal to begin with. Cell phones and the internet did not create more criminals. Both of these technologies liberated people. Blockchain technology and cryptocurrencies are doing the same.

And third, it's interesting to note that the CEO of  blockchain compliance company Coinfirm and former head of global AML for Royal Bank of Scotland in Europe suggested that the rates of illegal activity are very similar between the crypto world and traditional finance. So nothing has changed in that arena.

But things do change in the world. They always do. It will once again be reshaped, but it has already been transformed so many times since we invented the wheel, it's nothing new – and more importantly, it can't be stopped. We have to accept certain things. And change is one of them.

The only questions is – what your crystal ball says.