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old Is Bitcoin safe?

khaled1968
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While watching YouTube videos about the darknet and related topics, a recurring subject that comes up is Bitcoin security. Sometimes people claim it's the safest currency, away from government monitoring. But other times, there are people who advise against it, saying it can be tracked.

If Bitcoin can be traced, why do people take the risk of using it for illegal activities? Aren't they worried about getting caught?

On the other hand, if Bitcoin can't be traced, why do governments allow such currencies to exist? Doesn't this potentially encourage criminal activities?

old Re: Is Bitcoin safe?

Gaios
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While Bitcoin transactions are recorded on a public ledger called the blockchain, the identities behind those transactions are pseudonymous, not directly linked to real-world identities. However, with certain investigative techniques, it is possible to trace Bitcoin transactions to some extent, especially when individuals engage in activities that allow their identities to be revealed.

People engaging in illegal activities using Bitcoin are aware of the risks involved. Some may use additional privacy-enhancing measures, such as mixing services or privacy-focused cryptocurrencies, to try to obfuscate their transactions. However, no system is completely foolproof, and law enforcement agencies have been successful in tracing and apprehending individuals involved in illegal activities using Bitcoin.

Governments generally allow cryptocurrencies like Bitcoin to exist because they recognize the potential benefits they offer, such as decentralized transactions, financial inclusion, and technological innovation. However, they also aim to strike a balance by implementing regulations to prevent misuse and combat illicit activities. Governments have been working on enhancing their ability to monitor and regulate cryptocurrency transactions to address concerns related to money laundering, terrorism financing, and other criminal activities.

old Re: Is Bitcoin safe?

SQ
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Why do we need discussions when we can use ChatGPT @user Gaios:

Having crypto is like having cash in the bank, except instead of a teller, you get a rollercoaster ride of emotions with every transaction.
edited 1×, last 15.07.23 11:15:12 pm
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