Crime rate is on the increase as a result of the exclusivity and anonymity using bitcoins gives its users.
modern day kidnappers have advanced in their ways demanding for bitcoins in exchange for their captives. Unlike with regular currency which can be traced and the kidnappers brought to justice, bitcoins are untraceable. As the probability of catching these kidnappers making use of bitcoins is very low, the rate of kidnapping is increasing.
Ransomeware crime is also becoming very rampant. Ransomeware is a type of crime that involves making people’s documents or computers inaccessible to them until a random is paid. Although ransomeware is not a new type of crime, it has gained popularity since the onset of bitcoins. This particular crime doesn’t seem like it’s going anywhere and the untraceability of the bitcoin transactions works to the advantage of the culprits. Ransomeware crime has increased drastically from 3.8million in 2015 to 638million in 2016 and is still steadily on the increase.
Crimes involving terrorist sects have increased tremendously since the bitcoin was introduced. Acts of terrorism such as use of bombs, guns, missiles etc on various countries are funded by these terrorist sects who buy this ammunition using bitcoins. Purchase of terrorist ammo is not a thing of today but with the introduction of bitcoin, the purchases are now easy and less strenuous than it use to be. This purchases can not be traced so the person funding this acts of terrorism cannot be caught and the crimes will be increasing.
You know how it used to be easy to catch the culprits of money laundering, well those days are long gone. Bitcoin has given the money launderers a way out. They convert their dirty money into bitcoins and their money is safe. This has however become a reason why money laundering is now a crime that is steadily on the rise.
Ever heard about the Dark Web?, well that is the part of the Internet where black market trading, prostitution and human trafficking crimes occur. The official currency used in the dark Web is the bitcoin. This transactions are obviously illegal but they do not seem like they are stopping anytime soon.
Crime is obviously nothing new but with the introduction of bitcoin, all these various crimes are steadily increasing. Proper measures should be taken to avoid these crimes from increasing to the extent where they cannot be controlled anymore.