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Bitcoin is the best currency for illegal activities. Explained

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Bitcoin was extensively used in the darknet for all the illegal activities from money laundering, tax evasion to using it to fund terrorism, buy drugs.

Trying to uncover the speculations on Bitcoin.

Introduction

The cryptocurrency domain has been constantly expanding at an increasing rate since the Inception of Bitcoin. Today the total cryptocurrency market capitalization is around $270 billion with the contribution from Bitcoin unknown being $116 billion. With such dominance in the crypto space, it is speculated and doubted upon a number of times. It is assumed that Bitcoin is extensively being used for illegal activities. However, things have not been clear in this regard as no reliable evidence is made available in this regard.

Bitcoin preferred in illegal activities

Bitcoin and all other cryptocurrency’s main goal was to completely transform the financial system of the world by incentivizing the whole process with an increased transaction speed and reduced cost. But as there is both advantages and disadvantages that come with every new technology, Bitcoin too was extensively used in the darknet for all the illegal activities from money laundering, tax evasion to using it to fund terrorism, buy drugs. The anonymity and its globalized nature are responsible for its widespread adoption by the lawbreakers.

Further speculations

According to research conducted by an Australian organization on the Bitcoin transactions, it was estimated that 25% of all the Bitcoin transactions were employed for illegal activities. This means that 1 out of every 4 crypto fanatic in the industry is using the cryptocurrencies for some of the other kinds of illicit activities.  According to reports almost $72 billion in Bitcoin were involved in a year for such activities. Also, coincidentally it is evident that the total number of Bitcoins lost is around $72 billion.

 

Nevertheless, the most recent study claims that almost half of the Bitcoin transactions are vested with illegal activities. The professionals even fear the widespread usage of Bitcoin by them as a reason for the sustainment of a cryptocurrency.

Bitcoin helping in thriving the black economy

It is to be clearly understood that Bitcoin is not restricted to the usage by the people in the darknet for illegal child pornography, murder for hire, thefts, and hacks but due to its amazing features it has also led to an expansion of the black market. The cryptocurrencies are completely digital in nature which opens gates to access the black market in a globalized manner.  The crooks, which earlier used to conduct physical meetings for a transaction, now get their work done in just a few clicks of the mouse. The anonymous nature of the cryptocurrencies is a prominent attribute which is efficiently being exploited by the fugitives. Although, in the traditional world anonymity is not a major requirement, on the contrary, in the dark world economy, it is considered to be the top priority for which cryptocurrencies perfectly fits in.

 

Specifically, some of the privacy-focused on coins like Monero, Dash, and Zcash are extensively being used as a part of the dark world these days. The perspective shift from Bitcoin to these privacy-focused coins is also quoted as a reason for a decreased activity in the Bitcoin network. According to another research, the actual intrinsic value for Bitcoin is due to its adoption in the illegal domain.

 

Many professional researchers in the cryptocurrency field have marked the usage of Bitcoin by the lawbreakers as one of the main reasons for the Bitcoin spike. Also, they estimate that if they find other better privacy-focused cryptocurrencies, it might result in a drastic Bitcoin fall.

Rays of hope

However, there is a hope in preventing such activities. The Distributed Ledger Technology used by the Bitcoin enables the experts in the field to track a particular suspicious Bitcoin address, which seems to be the hub for the legal activities. The connected public addresses to that particular address are checked and through the IP addresses, their identities can be traced to an extent.

Conclusion

All the above-quoted explanations cannot be considered that Bitcoin is solely used for illicit activities. The amazing Blockchain Technology, that Bitcoin introduced to us can’t be neglected, which intern has proven to become one of the most widely adopted technology in numerous feels like HR industry, Healthcare, supply chain management, the electoral process, identity verification, and most importantly entrepreneurship.

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Forbes releases top 50 blockchain companies list

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Forbes has released top 50 blockchain companies using blockchain technology list and these are almost all household names of the world's largest companies.

Forbes has released a new top 50 blockchain companies using blockchain technology list and these are almost all household names of the world’s largest companies. In fact, they are all billion dollar plus companies such as Amazon, Citi Group, Foxconn, Comcast and a whole host of others and unsurprisingly the bulk majority of these companies are using Ethereum.

 

Although, outside of Ethereum which is, of course, the number 1 blockchain for these companies, we do see others like Hyperledger and Quorum for example, although much rarer on the list in terms of mentions are blockchains such as Stellar Lumens or Cardano. Blockchains such as TRON, EOS, NEM, and others are not mentioned in the list of top 50 companies.

 

Companies choosing Ethereum according to Forbes:

Big businesses really like what Ethereum is doing. Ethereum has also worked very hard to make these relationships happen over the last few years and those relationships are now paying dividends big time.

 

All the top 10 companies are located in China or the United States.

The Top 10 (Forbes List):

10. Ping An Insurance Company: China

9. Bank of China: China

8. Apple: United States

7. Wells Fargo & Company: United States

6. Bank of America: United States

5. Agricultural Bank of China: China

4. Berkshire Hathaway Inc: United States

3. JPMorgan Chase & Co: United States

2. China Construction Bank Corporation: China

1. Industrial and Commercial Bank of China: China

 

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JPMorgan expanding itself into the blockchain and crypto space

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JPMorgan Chase has been posting a lot of job opportunities in the blockchain and cryptocurrency industry on Indeed.com, the job listing portal.

JPMorgan Chase, the American multinational investment bank and financial services company has been posting a lot of job opportunities in the blockchain and cryptocurrency industry on Indeed.com, a job listing site. According to the data from Indeed.com, the overall job openings for the cryptocurrency industry also seems to be on a rise.

 

JPMorgan Entering the Cryptocurrency Space:

Though the CEO of JPMorgan, Jamie Dimon has always been a strong opponent of Bitcoin and other cryptocurrencies, his company has been interestingly expanding its operations in the field of blockchain and cryptocurrency.

 

Last month, JPMorgan launched its own cryptocurrency known as the JPM Coin, which will serve the bank’s precious customers in order to make transactions between them more swift and steady.

 

Back in 2018, JPMorgan had launched a blockchain powered platform known as Quorum which might be seen quite homogeneous to bitcoin and ethereum, however, it is almost fully centralized in nature.

 

Large companies entering the Blockchain Space:

In recent times, a lot of huge companies worldwide have been entering into the blockchain and cryptocurrency space. According to a recent publication by the Forbes, large organizations such as IBM, Deloitte, Cisco, Microsoft, Consensus, and others have been curiously hiring employees that are experts in the field of blockchain technology.

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Adoption: Courts in France adopt blockchain technology

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The NCC or National Council of Clerks of France have finally tested a blockchain technology-based solution for the courts of the country.

The NCC or National Council of Clerks of France recently made an announcement that they have finally tested a blockchain technology-based solution for the courts and are now prepared to launch it throughout France. The National Council of Clerks is a representation of the clerks of the corporate and commercial registry in around a hundred thirty-hour workplaces in France. The workplaces depend upon one another for sharing important data.

 

The goal of NCC France

The NCC is determined to streamline and position the latest information technology that capitulates something that is known as ‘the single version of the truth’. The data tracks an organization’s growth, dissolution, change of location etc. The sharing of data amongst each other was earlier a big challenge for the NCC.

 

The project based on blockchain technology had an aim of rapid cycle times and precision of information. In the pilot phase of the project, the National Council of Clerks in France was able to lessen the timing of registry operation involving a lot of days to just one day.

 

According to the president of France National Council of Clerks, Sophie Jonval, the project based on blockchain technology is an outcome of the partnership with IBM. IBM who is already an expert in blockchain technology and cryptography has been serving as a technological partner.

 

According to the NCC, the project shall be rolled out in the 1st half of 2019 and the project shall ensure a transparent and improved dynamics of the interactions between the clerks.

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