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Bitcoin Can Be Used For Bad, So as Fiat Currencies

An unprecedented ransomware Wannacry has effortlessly made thousands of Chinese college students, especially senior students cry like a baby. The cyberattack locks down their papers on infected computers and asks them to pay $300 worth of bitcoin to regain control of them. The hard fact is that these college students have never heard of bitcoin before and they have no idea how to pay the ransom.

Bitcoin has long been seen as the best friend of criminals. It is decentralized, unregulated and substantially untraceable, which has been cited as reasons for the increasing popularity of Bitcoin use among criminal activities.

In 2014, Charlie Shrem, CEO of BitInstant (bitcoin exchanger) was arrested and charged with money laundering over allegations that he was involved in a scheme to “sell and launder over $1m in bitcoins” through the now defunct online black market Silk Road.

In 2015, Huang Yukun, chairman of the Pearl Oriental Oil, was kidnapped. The kidnappers threatened to scrape out the eyeballs or chop off the legs of the Hong Kong tycoon if his family did not cough up a HK$70 million ransom in Bitcoins.

To keep in theme of illegal activities associated with bitcoin, how about the case of an unknown criminal in the Netherlands placed small explosives in supermarket chains and demanding large amounts of bitcoin ransoms to avoid detonating the bombs.

As many cases of Bitcoin extortion have come to light, it seems that bitcoin has become the real culprit behind these illegal activities. But the question is that will all these crimes be avoided without bitcoin?

Any currency, USD, CNY and other fiat currencies can be used for good or bad.

USD can be used to support veterans, secure the border and develop clean energy. It can also be used to finance terrorism, buy drugs and gamble. CNY can be used to buy food, improve infrastructure and lift people out of poverty. It can also be used to feed North Korea, bribe government officials and manipulate public opinion.

For good, or for bad, it is not the fault of the currency itself and the use of any currency depends on the intention of the holder.

Bitcoin be used for bad? Let’s just say if it were not bitcoin, it would be stones, cups and even feathers.

It’s never about bitcoin, it’s you, human.

The real question is what can we do about it. What can police do? What can the government do? What can each and every bitcoiner do? After all, negative news like this are bad for the image of bitcoin, which is one of the reasons why bitcoin will not become a mainstream currency any time soon.

 

 

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