Quote:
Originally Posted by b-man
Think about it.
What better way to hide illegal activities.
Trafficking.
Look beneath the surface.
That’s all I’m going to say.
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This argument is used a lot with bitcoin (or any decentralized currency) because the transactions only exist as a consensus on a digital ledger. There's only a record the transaction took place. Nothing about who the participants were or what the transaction was for.
This is unlike the SWIFT system that knows who is involved in the transaction and what goods or services are being transacted for with fairly good granularity.
That doesn't however mean that digital currencies are exclusively used by the scourge of the planet. Plenty of fraud exists within the current banking system. Because of the difficulty in even measuring fraud in an anonymous system like Bitcoin, making such a statement is itself complete speculation.
I would also point out that the same inherent issues occur where cash is transacted.