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Although the reputation of cryptocurrency as a means of buying medicines and laundering money is gradually being usurped by its role as speculative badet (or perhaps becoming a platform for payment useful), it is still used tremendously to avoid taxes, circumvent penalties, and in 2018, the use of Bitcoin in the Darknet network markets actually doubled. Crypto's troubled past is not over yet, it's growing in tandem with most people's acceptance.
Forbes today published an article in which it is noted that while speculation is currently the predominant use of cryptocurrency, it is not even the most widespread use. In fact, a plurality of cryptographic transactions are more in a gray area or are clearly illegal.
Read more: McAfee: "Confidentiality coins will be an obsolete income tax"
Tax evasion and the avoidance of international sanctions have proven to be a popular use of crypto. According to Telegraph, a Kremlin economist has explicitly stated that Russia would invest in Bitcoin to avoid US sanctions, and many have predicted the same for Iran, which creates its own secure cryptocontin. A recent Ciphertrace report pointed out that cryptocurrency, especially in countries with weak anti-money laundering regulations, was an absolute boon for criminals or those trying to avoid paying taxes.
According to Reuters, the use of Bitcoin to buy drugs, fake identity cards or badgraphy has actually doubled over the last year. Using Bitcoin, about $ 2 million is injected into different markets every day.
The bottom line is that people use Bitcoin where it is needed, and they do not use it where it is useless. The volatility of Bitcoin makes it an attractive investment for day traders or speculators, who try to buy it at a low point and sell it when it becomes more valuable. On the other hand, its ability to help make anonymous transactions makes it useful to avoid government regulations and taxes. This leaves out what people regard as the crypto so precious: a way to revolutionize the financial system and introduce a new way of trading money, alienated by the extreme volatility to which fight Bitcoin and other crypto-currencies.
Chainbadysis makes a good point: Bitcoin does not care about the legality or illegality of human action. This is useful, and therefore its use is growing.
"Bitcoin network transactions continue at a brisk pace in Darknet" https://t.co/HfyWZ59cSI pic.twitter.com/irFvMBFioN
– Yuri de Gaia (@Y_deGaia) January 19, 2019
Bitcoin solves its stability problem slowly but surely, with volatility at its lowest level for some time. Nevertheless, it should be noted that even though cryptography may become a stable store of value, it still has a long way to go before becoming a competitor of centralized fiduciary money. There are issues of staggering transactions and ease of use, as well as security. Even if these problems can be solved, it is hard to imagine that black-market transactions, tax evasion and circumvention regulations will suddenly disappear. In fact, as crypto solves its fundamental problems and improves as a currency, its use as a vehicle for illegal activity will only grow.
Read more: ShapeShift cooperates with law enforcement not well taken by the crypto community
While many cryptographic marketers do not care who uses cryptography or what they use it for, the reality is that companies that want to earn money by encrypting are motivated to stay in the good graces of the government. This means that even if Bitcoin becomes more stable, expect the exchanges, those who provide portfolios and other cryptographic companies probably develop their cooperation with governments and introduce an increased number of KYC and AML procedures. .
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