There are many who might be rejoicing at the idea of decentralized transactions. That is what Cryptocurrency is known for. You are able to get through your transaction with minimal transaction fees and without the bank and any authoritative body controlling the transactions.
If you are yet to get a Crypto wallet, then use a credible source, such as quantum ai, and join the world today.
However, this decentralized method has both pros and cons attached to it. The pros are absolute control of your transaction and more freedom of transaction in your business. No geographical borders, and one just needs a Crypto wallet and a fair internet connection to carry on transactions.
The cons will include the exponential increase in crime with the help of Cryptocurrency. Over the course of the year 2021, there has been an increase of $14 billion worth of crime, which was almost double the amount we saw in 2020 when the entire world went digital with the Covid 19 pandemic.
Cryptocurrency enables a plethora of crime rates, and it is almost making it easier for criminals to conduct these illicit behaviors. Some of the common illicit activities in the Crypto crime world are as follows.
– Money laundering.
– Drug trafficking.
– Human trafficking.
– Ransomware for data.
– Dark web trading.
– Fraud & wrongful exploitation.
But why are criminals finding it so easy to carry out the transactional process with the help of Cryptocurrency?
Reasons For The Ease
After vigorous research, experts have pointed out a few reasons why criminals are finding new opportunities to carry out the illicit activity with the unethical assistance of digital currency.
1. No Third Party
You do not have to personally know that person to process a transaction with them. There is no problem knowing their bank details or other important details about that individual to send them some Cryptocurrency. All you need is a wallet and simply transfer the money from one wallet to another.
This is a golden opportunity for many who are buying and selling child pornography, drug and human trafficking since there is no record of why you are transacting the money.
2. You Do Not Need Much
Cryptocurrency transactions are probably the easiest transaction. You do not need to have a bank account or get approved for a credit card, or need to meet someplace in a discrete exchange of cash.
All you need is an account where you can save your digital currency in a wallet. Now you can also avail some of those hardware wallets, and although it is making Cryptocurrency the currency for all (without any social background division), it is also giving opportunities to the criminals trying to get most of their illicit activities done with less problem.
For example, they can have internet access and a wallet, and transactions are happening every minute, increasing the amount of crime almost every hour.
3. Lack Of Knowledge
Now coming to the cybercrime aspect of the whole matter, it is the lack of knowledge which everyone is taking advantage of. For example, cyber scams in terms of Cryptocurrency are exponentially increasing as the concept of digital currency is getting more mainstream.
Cybercriminals will either try to lure individuals with the hope of giving them a good investment opportunity by taking their money or with the promise to double the investment of Cryptocurrency. As a result, people are giving their money to sources or saving Cryptocurrencies in questionable wallets from which they do not have any chance to get it back.
4. The Anonymity
Yes, you have the Blockchain as a public ledger, and yes, you will be able to see all the transactions. However, the identification of the people involved in the transaction is always hidden.
The purpose of Blockchain is to prevent theft during transactions. By no means reveals the identities. Therefore, you can understand how criminals are making this a Hubspot for their illicit activities.
If someone is transacting Cryptocurrency for the purpose of business or if they are doing it to buy drugs, there is no way to distinguish it and understand it.
If this is your first time trying to penetrate the market of Cryptocurrency, then being naive is not a choice. Have all the knowledge you can gather from experts.
Try to understand the different cyber crimes which you might come across and everything you can do to protect yourself from it.