How To Avoid Bitcoin Terrorist Threats and Pricing

Bitcoin is a very popular virtual currency in the market today. This is probably one of the reasons why it ended up on the military’s potential terrorist threats in one of the unclassified memos uncovered by Bitcoin Magazine.

Terrorist Threat

The US military has been eying Bitcoin due to the anonymity of the parties involved in its transactions. This can result in illegal transactions to take place and terrorist transactions are a high possibility.

Secrecy of Cash

Purchasing guns, narcotics and even assassins can be quite possible through online transactions that use Bitcoin payment. Due to the anonymity of parties involved in the transactions, parties involved in terrorist acts are unlikely to be caught. This can result in exponential growth of terrorism not only in the US but in the whole world as well.

Thus, Bitcoin is being scrutinized not only by the military but by organizations as well. A lot of concerned parties are expressing concern that the secrecy of cash and transactions can lead to the growth of terrorism and selling of illegal drugs, guns and even nuclear technologies.

High-profile cases were also filed against Bitcoin due to the anonymity in its structure, which can give way to illegal transactions.

Scams and Theft

Aside from illegal transactions, scams and theft are also hard to trace and solve due to the anonymity in the architecture of Bitcoin. One of the largest Bitcoins exchanges had filed for bankruptcy in February. Mt. Gox released a statement that the bankruptcy resulted from the theft of hundreds of thousands of Bitcoins. But, customers suspect that the bankruptcy was only a scam, which was almost impossible to prove since the transactions are anonymous and there are no ways to prove that the stolen Bitcoins were actually hauled from the customers’ accounts and were not stolen.

Financing Terrorism

The use of Bitcoin in the transactions involved in purchasing weapons, nuclear technologies and drugs, which can go undetected, can be the gateway to finance terrorism. Terrorist groups can easily get money and weapons whenever needed with the use of Bitcoin.

Even though the Treasury Department has not yet seen instances where terrorists get supplies through Bitcoin purchases and transactions, it is observable that it can happen any time. Thus, terrorist financers can soon test it out.

Money Laundering and Trafficking

Aside from financing terrorists, Bitcoin is also being scrutinized due to the fact that money laundering, narcotic trafficking and human trafficking can be quite possible online. Transactions in purchasing narcotics and slaves will be smooth and easy for criminal organizations, which also concerns CTTSO.

CTTSO requires transactions to display ‘precursors of instability’ in the Dark Web. Thus, it is concerned that Bitcoin transactions are anonymous, which gives way for illegal transactions to take place.

Due to the fact that Bitcoin transactions are seemingly untraceable, it is being scrutinized and closely watched by various organizations and the US military itself. Several cases were already filed and many believe that Bitcoin should be banned from the United States to prevent the growth of crime not only in the US but all parts of the globe.

Get Daily Headlines

Enter Best Email to Get Trending Crypto News & Bitcoin Market Updates

What to Know More?

Join Our Telegram Group to Receive Live Updates on The Latest Blockchain & Crypto News From Your Favorite Projects

Join Our Telegram

Stay Up to Date!

Join us on Twitter to Get The Latest Trading Signals, Blockchain News, and Daily Communication with Crypto Users!

Join Our Twitter

Add comment

E-mail is already registered on the site. Please use the Login form or enter another.

You entered an incorrect username or password

Sorry, you must be logged in to post a comment.
Bitcoin Exchange Guide