We all know the technology behind cryptocurrency — the blockchain technology with no third parties, no need for verification, no need for any unnecessary questions like you face in financial houses and banks, but with all these advantages cryptocurrency is still associated with criminals and illegal activities.
Illegal activities with cryptocurrency are limitless and the reasons for it are not unlikely. As the most expensive fiat currency in the market that is widely accepted in any economy and for any business worldwide, this is one reason why many business personnel and investors take flight at the mention of dealing in cryptocurrency; you can’t track it when something goes wrong. However, the technology is also covering for it lapses with improvement to match the plans that criminals are putting forward to spoil the image that the digital currency is building in the world marketplace.
Cryptocurrency and Cyber Crimes
The world is plagued by online criminal activities every day. The news is full of it even sectors that are still analog are plagued by cyber crimes and criminals. The cryptocurrency, however, is an online thing and so it makes sense for it to be associated with cyber crimes. Contrary to the general misconception of total anonymity, crypto transactions now require some form of identification to ascertain the whys and prevent criminals from using the currency to get away with crimes. In the United States, for example, the protocol of know your customers and artificial machine learning are been deployed to combat these crooks and their illegal transactions but anonymity is still practiced in most countries.
Another problem that is hanging over our heads is that of cryptojacking. This is like hijacking except with the cryptocurrency mechanics. This process doesn’t necessary involves stealing cryptocurrency, but to disrupt the computer process such as the electricity thereby making the device slower thereby accumulating coins/tokens worth millions of dollars.
Companies and individuals are a step ahead of the cryptojacker as they have created an effective method of managing and improving employee accounts by un-cluttering it or by the individuals installing ad-blockers and various antivirus programs to hinder them for getting free access into our personal cyberspace.
In conclusion, the more steps taken to tackle cyber crimes the more creative cyber criminal get. Although, the regulation of cryptocurrency will address so many issues currently affecting the digital blockchain space but until then, we will take one technology step at a time to solve the problem of cyber cryptocurrency criminals.
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