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Cryptocurrencies then

Postby Douzragore В» 26.01.2020

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Welcome to Finextra. We use cookies to help us to deliver our services. We'll assume you're ok with this, but you may change your preferences at our Cookie Centre. Please read our Privacy Policy. In the early years of their existence, the concept of cryptocurrencies seemed like nothing more than a joke or a financial scam to the majority of the people who heard of them.

The moment you brought up the topic, you would either be considered a scammer or one who had been scammed and dismissed. We have come a long way since then. The world has learned of cryptocurrencies and most of us have come to regard it as an interesting financial asset that has been added to the very large pool of already existing financial assets. Some of us trust cryptocurrencies to be a reliable way of income and unit of exchange, while others see the technology behind cryptocurrencies as the source of the kind of breakthrough that would change the world.

Something on par with the invention of the first lightbulb or even sliced bread who could have ever thought? Despite this, one line of connection to the early days of Bitcoin and cryptocurrencies today remains the way it has, seemingly, always been. But is that the only use of cryptocurrencies? The concept of cryptocurrencies, in general, a specifically Bitcoin lends itself to criminal activity very easily. The fact that cryptocurrency transactions are impossible to track makes them the ideal candidate for online payments for things that should not be bought.

They act like cash - they do not have a name attached to them like a card, and they get transferred directly between the two parties, with the middleman being the blockchain record that remains unalterable and usually untraceable. This means that the only way to make sure that someone has sent payment is to be tracking that person, and to make sure that someone has received payment is to be tracking their account.

Otherwise, it is impossible to know who sent the money or who received it. This means the blockchain has become widely known and even more widely known in the markets for things that are illegal.

According to a study published to the Social Science Research Network in , a significant amount of all Bitcoin transactions were dedicated to the black markets. The people were seeking to purchase illegal substances ranging from drugs to specific chemicals that cannot be legally purchased without a permit in their country. There were also those who purchased pornography, weapons and other goods and services that are not legally available.

All in all, according to the report, around 76 billion US dollars worth of transactions were dedicated to such goods and services. This means that the black markets are being driven, in a major way, to the black markets through enabling e-commerce. This is not news to the majority of us who are aware of the existence of bitcoin, as there have been reports such as this for many years, but this report was published as recently as December Beyond illegal activities, it seems that cryptocurrencies are also becoming more associated with things that are not necessarily savoury for certain individuals.

Those who want to avoid being discovered to be spending a lot of time doing things like playing games in online casinos and watching pornographic videos online. It is not hard to see then why such a strong connection between the black market, illegal goods and services, scams, unsavoury activities and cryptocurrencies would create the image that cryptos have. Although all of that is not the only thing that Bitcoin can be used for, and these illegal activities should not be what is defining cryptocurrencies and their future.

This beautiful technology also enables a large number of people around the world to work with and for better purposes around the world. There are many things that can be done with cryptos and that has been part of the crypto tradition for many years as well. After all, one of the very first transactions with Bitcoin was to purchase a pizza. The tradition of using crypto for everyday things has been around for longer than the other. It has been the reason for the creation of Bitcoin in the first place and this should never be forgotten.

I am at a loss to understand why I would want to invest in a highly volatile currency to pay for simple services, such as tuition fees, shopping, buying a pizza, etc. I perceive that the only value of crypto currencies outside of purchases on the dark web, or watching pornography, is to gamble on the rate of exchange, avoid paying tax, hide income or similar.

I have a regular bank account to pay for regular purchases and have no reason to hide these activities from anyone. Why do I need a crypto currency account? The AMLD 8 also contains new restrictions on anonymous pre-paid cards. Furthermore all payment accounts in the EU need to be accessible online by the law enforcement authorities so the entire EU needs to build a solution whereby police and tax office easily can check any payment account.

Bitcoin is NOT a mass market currency. It has little or no value in the marketplace. Remember the tulip bubble! The European Anti-money laudering directive is extremely unlikely to work on Bitcoin and other crypto currencies. Even if it does, it makes the use of crypto currency even less useful. Andrew Beatty. Andrew Rossiter. Rakesh Lakhani. Konstantin Rabin. Blog article. News in your inbox For Finextra's free daily newsletter, breaking news and flashes and weekly job board.

Sign Up. Channels Blockchain Innovation. Blockchain Observations. External what does this mean? This content is provided by an external author without editing by Finextra. It expresses the views and opinions of the author.

What is the actual use of cryptocurrencies? The things that are illegal The concept of cryptocurrencies, in general, a specifically Bitcoin lends itself to criminal activity very easily.

The things that are legal Although all of that is not the only thing that Bitcoin can be used for, and these illegal activities should not be what is defining cryptocurrencies and their future. Report abuse. Join the discussion. Konstantin Rabin Head of Marketing Kontomatik.

Blog posts Comments 8. More from Konstantin. Blog post Fintech Citi banks to work with most promising Isreali fintechs 17 Feb 0 2. Blog post Fintech The new age of Fintech - What you need to know about data aggregators 11 Feb 0 3 1.

Blog post Law and Finance How became the year of crypto crime 03 Feb 1 1. Blog post Financial Inclusion Why are companies increasingly choosing trading algorithms? This post is from a series of posts in the group: Blockchain Observations Being a forum for blockchain ideas See all.

Look at their events. Andrew Beatty 20 Feb 0 2 2. Cloud adoption: A vision. Andrew Rossiter 19 Feb 0 2. Rakesh Lakhani 18 Feb 1 2 1. Konstantin Rabin 17 Feb 0 2.

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Re: cryptocurrencies then

Postby Mujind В» 26.01.2020

An ICO may be used by startups with the then of avoiding regulation. Bad coins are in transparent, promote fuzzy technical advantages without explaining how to cryptocurrencies them, then have a community which is mostly focused on getting rich cryptocurrencies. Edition: Available editions United Kingdom.

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Re: cryptocurrencies then

Postby Shaktijar В» 26.01.2020

We'll assume cryptocurrencies ok then this, but cryptocurrencies this web page then your preferences at our Cookie Centre. The reward decreases transaction fees by creating a complementary incentive to contribute to the processing power of the network. Miners receive a fee in cryptocurrencies for their work.

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