How Cyber Crime Rate Is Increasing Due To The Use Of Cryptocurrency

Cryptocurrency, the name, is popular enough to state its craze these days. Bitcoin, Ethereum and other online currencies are getting so famous in the market that people are enjoying this era of online practices.  

Trading with Cryptocurrency brings us two things in a row. One is a huge profit, and another is a risk. Here ‘risk’ does not only signify the trading opportunities and loss of market but also the risk of crime. Cybercrime was there already, and now with Cryptocurrency, they are getting more vulnerable.  

Well, Crypto for us was never annoying, and Bitcoin has been roaming the market like a boss for almost 7years. If you want to try trading, you can go for the secure trading app bitcoin era.  

But if you look around, you will find that the advantages you get are untraceable and anonymous transactions; criminals also get the same benefits. This article will trigger the discussion about the increasing crime rate with the presence of Cryptocurrency and also decrease the negligence of this crime.

How Is The Crime Rate Triggered By Cryptocurrency?

Networking and computers are lawless, and there is a bigger opportunity to roam around any home or any factory to steal a massive amount of data. With Cryptocurrency, the online presence of criminals is becoming more anonymous and more flexible and thus increasing rapidly.  

For instance, sources suggested that the crime rate in 2020 with Crypto was 0.34%, and the Crypto crime report of 2021 indicates that the illicit activity raised to 0.62%. Now we need to understand how they are becoming more successful using the path of Crypto. 

1. Burglary

Burglary is a type of criminal activity where the criminal steals something from you without confronting you. Suppose you are not home and someone broke into your house and stole everything they wanted. 

For instance, in Crypto crime, the criminal might hack your computer and steal all the essential data from you. So, your data is lost, and they will work on it to get their profit.  

The question is, how would you get the money or data back?  

Well, there is no way because once the transaction is made, there will be no trace of the transaction. That doesn’t need direct confrontation, and Bitcoin can be easily converted to any currency.  

Think of it! You are allowing someone to get your data or purchase your data, and they will disappear after the transaction is made. From anywhere in the world, the transfer can be made, and this is the profit as well as loss of using Cryptocurrency while you consider the criminal activities in line.

2. Robbery/Ransomware

Now it is time for you to overcome the shock of burglary because there is something more dangerous for you. Robbery is like someone pointing a gun at your head and asking to give you money or jewels or your life. Obviously, you will want to live another day at the expense of cash and jewelry.  

In the digital era, robbery is known as ransomware. We all know the devastating nature of ransomware as it has existed in the digital world for a long time. But with the Crypto process, the fierce nature of ransomware is getting worse.  

For instance, cyber attackers may hack your computer and take complete control of it and run it to let you know that your privacy and other essential data will be permanently deleted if you do not consider their demands.  

Before, the process of ransom attackers was difficult because there was no way to collect the victim’s money without revealing the credit address. But now! With Cryptocurrency! They are able to hold the transactions by not revealing the address because it is a coinbase, and anyone can use an anonymous Bitcoin address to digest every demand from you. 

To Add More!

Though Cryptocurrency has not transformed the field of criminals, it is the ‘positive venom’ for cybercriminals.  

What do you think! Should Cryptocurrency be appreciated in the future?  

From our point of view, we should encourage Crypto, but there also comes the security purpose. We are secured with Crypto unless we explore the dark, anonymous field.  

The developers should reconsider the process of Crypto to add some verification process. If you have other thoughts, we would appreciate you sharing them with us.

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