Over the years, how we use technology has evolved immensely. Billions of corporations, projects and organizations are now dependending on it. They are constantly adapting to the needs of their customers through progressively developing the technology. As a result of the bigger ambition, technology has become something uncontrollable. And it is now being used to take advantage of other people, lives and the environment.
In 2010, mobile data was one of the most phenomenal innovations that happened to technology. It has brought efficiency and made communicating a lot easier for people around the world. Hence, the growth of AI, e-commerce, social media, and biotechnology also proved the significance of technology.
Now, technology can do more than just mobile data and connecting to other people across the border. People can now process financial transactions over the internet, regardless how large the distance is. They can also play mobile games and earn from winning. Not only that, tech geeks can also have an asset that acts as a censorship-resistant alternative store of wealth, with private keys to the wallets. All this is achieved through technology and cryptocurrency!
In order to successfully record and strongly secure every transaction in cryptocurrency, a high-weight blockchain technology is required. These digital currencies are generated through mining (involves vast, decentralized networks of computers around the world that verify and secure blockchains). However, as the population of investors is becoming higher, fraud records, theft and scams, illicit contraband transactions; and crime that relates to laundering are also hitting its ATH. These crimes are getting done just by two (or more) ways, either stealing directly or using a scheme to trick people.
According to Chainalysis, criminal abuse of cryptocurrency creates huge impediments for continued adoption, heightens the likelihood of restrictions being imposed by governments, and worst of all victimizes innocent people around the world. In fact, some of the investors are not even startled to receive several crypto banning news and regulations everyday, because of the rising cryptocurrency-linked crimes. Although, not all investors have the same black agenda towards cryptocurrency and their colleagues.
With crypto being decentralized, do you think it is fair to enforce law actions on people proven guilty of crypto-linked crimes?
Clap for part two!