Currently, the ratio of legal to illegal activity on the bitcoin network has completely changed trend as the former surpasses the former. This was stated by DEA Agent Lilita Infante at the U.S Drug Enforcement Administration.
Fewer criminals in the Bitcoin Network
About five years ago, more than 90 percent of all transactions on the bitcoin network was linked to some kind of criminal activity. This was revealed by DEA agent Infante Lilita who has been dealing directly with criminal activities relating to Bitcoin. Reports from the same agent indicate that illegal activities shrunk to just about 10 percent. And also with speculations becoming a dominant driver in the bitcoin network.
This new finding contradicts sharply with the popular perception. However, that bitcoin is mostly used by criminals in executing activities such as laundering and drug trade. Initially, Bitcoin appeared as the best transaction mechanism for all sorts of illegal transactions which are hidden away from the authority. However, with time variations in the value of bitcoin led to a sharp decline in its usage in huge illegal cash transactions.
Look out for PR service? Send us the mail today at email@example.com
At the meantime, bitcoin is fairly popular with the non-geek community and non-criminal personalities who initially were the only enthusiast of the cryptocurrency. At the moment any normal investor can invest in bitcoin given the widely available investment and trading platform already existing.
Bitcoin and the Blockchain still Provides a safe haven for illegal Transactions
Just like any other normal currency, bitcoin is still dreaded with a lot of criminal activities which is normal for a monetary commodity. Bitcoin is still widely used on the dark web for transacting in a variety of illegal trades. Ranging from buying human body parts to ammunition and drugs.
DEA’s Infante at her office in Weston, Florida,said
“The volume has grown tremendously, the amount of transactions and the dollar value. It has grown tremendously over the years in criminal activity, but the ratio has decreased. The majority of transactions are used for price speculation”.
The blockchain, however, gives the authority an ability to trace the movements of illegal cash transactions made using bitcoin. This is because the bitcoin blockchain records every transaction history in a public immutable ledger. Hence making it easy for government agents to link addresses to individuals.
You can also subscribe to our newsletter and stay in tune with the latest news and updates!
Image Source: Bitcoin