Question: Can Bitcoin be used to illegal financial activities and crimes?
Just because Bitcoin is a money on the internet and doesn’t have its own form of physical money, it doesn’t mean that Bitcoin is illegal and an be used for financial crimes more than other types of currencies.
Which can be explained with the following features of Bitcoin:
- Bitcoin is impossible to counterfeit.
- No illegal charge-backs or unapproved payments.
- All transactions are irreversible.
- Bitcoin fund is secured with backups, encryption, and multiple signatures.
- It is possible to track every transaction made in the market.
- Once Bitcoin is converted into another source, it will be registered to regulated financial systems.
Bitcoin market is maturing every day as the market expands and developers are working to renovate the features with it.
The use of Cryptocurrencies will be more clear as everyone’s understanding to the currency gets more deeper.