Blockchain is revolutionary, unprecedented & mostly untapped considering its unfathomable potential. Industries across all domains were quick enough to latch onto the opportunity and made significant strides in their respective domains. BitQT are an integral part of digital currencies that can be used as an avenue to carry out transactions while operating under cryptographic protocols. This process is quite helpful when it comes to verification & regulation of funds.
Furthermore, the development of new currency units is also facilitated by such processes. However, the new & aerodynamic technology paved the way for a lot of pseudonym users to stay behind the curtains without revealing their identity. The enhanced difficulty of locating such pseudonym users seems to have caused some significant problems for the governance system. So, does blockchain come with a price? Does it act as a haven for cybercriminals and other miscreants proactive in the digital realm?
Anonymity: A Stigma or Stimulus?
With the resurgence of heavy-duty crime in the digital realm, it has become incredibly challenging for the incumbent authorities to put a halt to nefarious activities. Criminals go untraced and the ones outside of the prison are way worse than the ones inside. Can you imagine? Later in this blog, you will read some of the criminal activities that are going rampant through cryptocurrencies. Money settlement & deals get signed way faster than they used to but it has a downside to it as well which is being heavily exploited by the new-age criminals.
Below mentioned are some of the prevalent challenges that cryptocurrency has entailed especially for the incumbent governments:
#1 Assassins Marketplace
The proliferation of illicit content available on the crypto digital platform is appalling on many fronts. The activities of underground run rampant in this digital realm and the prevalence of private sites that offer entirely unexpected goods & services for anonymous users was an astonishing revelation altogether. The unprecedented level of anonymity ushered in by blockchain technology has made it easier for mercenaries & private killing contractors to solicit money and fix the nefarious deals without ever being traced.
#2 Businesses under attack
The increasing incidences of businesses being attacked is indeed a worthy concern to alarm the governments across the geographical boundaries. Such attacks might involve a serious threat to the intellectual property of the business, malware generation & distribution, seizing the entire bank account, and similar disruptive activities. These illegal services are perpetrated by the hackers who demand bitcoins & other cryptocurrencies in return.
#3 Rampant exploitation of children
A nightmare indeed! The exploitation of underage children & diabolical abuses perpetrated on them goes completely untraced. Cryptocurrency operates on a decentralized format which makes it incredibly easier for anyone to go on and off the platform untraced. The perpetrators of such heinous crimes are still out in the open that will continue to repeat them under disguise in the prevalent digital realm. The payment system remains anonymous, so does the identity of the culprits.
#4 Corporate Espionage
It is yet another factor that needs to be addressed as corporate espionage is being carried out on a very large scale. The aerodynamic technology equips the person with subtle tools & devices that come in handy while stealing intellectual property. Such documents represent some of the vital information regarding economic stability, jobs & peace in society. There has also been a surge in the total number of arrests made in corporate espionage.
#5 Drugs
Drug trafficking gained significant momentum and cross-border activities continue to prevail despite increased security. With the proliferation of such websites in the digital world, it is indeed a formidable challenge for governments to eliminate this stigma.
#6 Fake Passports & IDs
The increased incidence of counterfeit passports & IDs is also on the rise which makes it easier for underground people to remain untraced & unrestrained. The buying & selling of items/ products like bikes, cars, motorcycles, boats, etc., is usually done in cryptocurrencies. Hence, the money can be withdrawn from anywhere.
Hence, anonymity is indeed a stigma that requires an antidote from the governments if they want to ensure the safety of their citizens at all times.
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