Cryptocurrency has become so popular these days that a person who does not know but it sure has been living under a rock. Huge profits have been made through investments in bitcoins. Invented in 2013, cryptocurrency has taken the market by storm in these six years. With almost every person knowing about this revolutionary digital money to it being a decentralized system, cryptocurrency has sure broken records. However, reports have been made citing the usage of bitcoins for illegal activities.
To what extent is Bitcoin used for illegal activities?
A report by an Australian group mentioned that around half of the total Bitcoin transactions are those associated with certain kind of illegal activities, also about a quarter of the total Bitcoin users re-engaged in illegal activity. The report also mentioned how $72 billion worth of illegal activities each year is associated with Bitcoin. The chances of Bitcoin being used for illegal activities is quite high due to the Cryptocurrency market being the largest of all unregulated markets across the whole world. One needs to ask themselves the question,’ can you choose when to exercise deribit option’ and analyze the power of cryptocurrency today.
However, the respective share of illegal activities from bitcoin is expected to decline as the interest of bitcoin slowly fades away in people. United States Drug Enforcement Administration (DEA)’s special agent has confirmed that the percentage share of bitcoin usage in illegal activities has considerably fallen from 90 per cent to 10 per cent. I am thus showing the changing pattern and a path towards betterment.
Two major observations were made by the DEA regarding Bitcoin. These two observations are,
- The respective ratio of illegal to the legal activity of bitcoin has completely flipped. That is, the illegal activity initially on the peak was found to have reduced to 10 per cent
- The major share of Bitcoin of transactions is successfully used for price speculation.
Thus we conclude that although initially high, the chances of using Bitcoin for illegal activities has declined considerably with time and is expected to completely demolish in coming times.