Good News: Criminals Are Fleeing Bitcoin

One of the most popular myths perpetrated by the media is, "Bitcoin is only used by criminals."...  

This is a lie. 

You can click here to read our full coverage on criminal activity related to BTC, how less than 1% of the Bitcoin network is used for crime, and why this myth is simply untrue. 

Fortunately, there is more good news about Bitcoin and crime... more criminals are fleeing the network to avoid leaving a 'digital paper trail'. 

Here is Bitcoin Magazine's explanation for why criminals do not want to use Bitcoin for transactions: 

Each coin has its own history, and that history may be accounted for when a user tries to use his coins. That history could also lead to the user getting in trouble when using/holding coins that were used in a criminal manner, for example drug trade or an exchange hack.

In darknet markets, privacy is of high importance. Sellers and buyers want to protect their privacy in order to guarantee their safety when transacting. Law enforcement is not too kind to these types of markets and constantly monitors the websites and merchants for privacy leaks.

By default, bitcoin has weak privacy, and therefore is not fungible. Data and metadata from the Bitcoin time chain can be linked together with off-chain data to form solid evidence against a defendant in court. There have been cases that relied on bitcoin's lack of privacy as conclusive evidence of what the government sees as “wrong-doing.” Naturally, darknet markets were looking for solutions... Continue reading here.

Law enforcement agencies and regulators are becoming more sophisticated and are better able to track movements on the blockchain. 

This means once an agent discovers a wallet address of a criminal, it's game over.

Normally, we would never link to a VICE video on The Crypto Christian... But this is a pretty good story of how the government caught 12 Russian spies using their Bitcoin wallet addresses: 

Cash remains the preferred currency and monetary tool of criminals. As the world continues to integrate Bitcoin into our economy and legal system, law enforcement agents will make it more difficult to commit crimes using Bitcoin.