Is the criminal economy abandoning Bitcoin?

Is the Criminal Economy Ditching Bitcoin? - Bitcoin token

Among the reasons that explain the always strong aversion of political and monetary institutions, as well as the world of traditional finance, to the Bitcoin, there is above all his bad reputation. According to many, in fact, the queen of cryptocurrencies would be nothing but a real one laundry for money from illegal activities. The judgment in question was given in 2017 by Davide Serra, the founder of Algebris, and has been shared by many other financiers and politicians over the time since then.

How much truth is there in what Serra said? In fact there is something concrete, considering how BTC has long been the propellant for the so-called Darknet, but it seems that from the anathema of the Italian financier the situation has radically changed.  

The data of Chainalysis

To demonstrate the sudden change of framework would be in particular a report published by the blockchain intelligence company Chainalysis, according to which illicit transactions now represent less than 1% of all transfers that took place on the Bitcoin network during 2018. To understand the value of the data in question, just remember how in 2012 this percentage was around 7%.

Naturally analysts have tried to understand the reasons that led to this evolution, following which already in 2017 it indicated in Monero and Zcash the virtual currencies preferred by Darknet. Concluding that basically that of the anonymity ensured by Bitcoin was nothing more than an urban legend, as all transactions are recorded on the blockchain and forever. In practice therefore, BTC would act as an alias at best.

According to Danny Scott, Bitcoin would be a bad option for cyber criminals

On the basis of the data published by Chainalysis, Danny Scott, CEO of the exchange coincorn is, argued that now the queen of cryptocurrencies would be a bad choice for those who carry out illegal activities on the web. A judgment however not shared by those who still persist in this type of operation, which if they decrease in number, however, have increased due to the amount of value moved, coming over the 2018 to the fine 515 million dollar figure.

Just to try to counter the phenomenon, however, the tools available to the authorities are being refined in the meantime. As the recent shows condemns 6 and a half years of imprisonment in Gary

Davis, an Irishman of 31 years accused and convicted of having served as moderator for the Silk Road forum between May and June 2013, before assuming the function of site administrator between June and October of that year.

The news was published by Newstalk, which also specified how the US authorities ascertained the execution of more than one and a half million transactions on the Silk Road between January 2011 and October 2013, for a total value of over 213 million dollars. As part of them, it was also possible to ascertain the laundering of as many as 19 million dollars deriving from drug trafficking by an arrested trafficker.