The use of cryptocurrency in cybercrime

Mar 11, 2019 3:30 PM ET


Cybercrime and cryptocurrency

In term of revenue, cybercrime is generating lots of income, and this income exceeds the business made by some legitimate business. The ways through which cybercriminals generates profit varies such as IP theft and ransom was and other types of online markets. Cybercrimes are as old as the internet, but there have been some recent changes in the ways use for such crime. The industry has turned into a significant revenue generating industry, and the earning of it is rivalling the earning of some traditional crimes. The most recent development is that use of cryptocurrency in cybercrime. Some cybercriminals prefer cryptocurrency over normal one because it is harder to track. Cryptocurrencies such as bitcoin and others have been acknowledged by many countries leading to the increased use of such currencies in illicit transactions.

Reasons for the use of cryptocurrency

Cryptocurrencies are hard to trace because they have no physical form and are not controlled by a government. The problem doesn’t just end there as cryptocurrencies are also used to converted dirty money into clean money making it hard to be traced. The fact should be kept in mind that blockchain technology used in cryptocurrency was made to be transparent so that everyone can have the access lever making the bitcoin traceable. According to researchers, up to 60% of the transactions done through bitcoin can be traced. However, the fact remains that 40% of the currency used is left untraced making a huge large void in the system.

Use of cryptocurrency in illegal business

According to some reports, billions of dollars are lost through the illicit transaction of cryptocurrency each year, and cybercriminals haven’t even begun utilizing the cryptocurrency to its full extent. With each passing day, the use of cryptocurrencies in the illicit market will only increase. The use of cryptocurrencies in illegal activities has led to the negative views of cryptocurrencies. Most of the people view cryptocurrency as the currency of dark internet and laundering. However, the demographics show that only a small amount of cryptocurrency used in illegal activities and laundering.

Representation cryptocurrency and how much is the truth?

Due to the representation of cryptocurrency in the mainstream media many people have been led to believe that it is only used in illegal activities. The benefits that cryptocurrency offers are not mentioned in the same ways as its adverse effects. Blockchain technology offers benefits that are not provided by other transaction systems. The blockchain technology makes the machine to machine transaction easier which can lead to other benefits such as automatic transition without any external influence. The machine to machine transaction will make it easier for both the customers and sellers with little human resources. Cryptocurrency is used in illegal business but their use is not as extensive and the perks that it offers out weight the disadvantages.

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Warren March


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