Mainstream media want us to believe that Bitcoin is mostly used by criminals, pedophiles and terrorists. Thousands of articles are already written to support this narrative. This FUD gives governments a reason to regulate cryptocurrencies even more strictly, every ban or regulation comes with the argument that it is necessary to counter things like money laundering and terrorism. Bitcoin don’t care about regulation and will eventually expose who the real bad actors are.
When you use Bitcoin for crime you might leave your fingerprint forever
Only dumb criminals use Bitcoin
Using Bitcoin for crime is the most stupid thing you can do, fiat cash or privacy coins like Monero serve much better for this purpose. Yes, a Bitcoin address is a private and originally not linked to the identity of the owner, but since the blockchain is public every transaction can be traced back all the way to the genesis block.
Once an address can be linked to an identity because an exchange with KYC is used or used devices are seized the entire payment history of this person can be investigated and the entire criminal network can be identified. These traces will exist as long as the BTC network exist and you never know what kind of analytic tools there will be in the future to expose your crime. This makes the use of Bitcoin for crime extremely risky, if just cash is used there will be no traces.
Bitcoin can stop the biggest crimes on earth
When Bitcoin becomes the monetary standard it will restrict money creation out of thin air because people can now exit by dumping their fiat and storing their wealth in Bitcoin. This will devalue the currency and make even more people switch over to preserve their wealth. When a central bank goes over a certain limit they take the risk to push their currency into this negative spiral. This means that central banks will be restricted through the competition of Bitcoin.
Also banks will have to behave better in a world with Bitcoin as the monetary standard because the blockchain is public. Their balance sheet can be investigated and when they hide it it will be seen as suspicious. People will use only transparent banks and money created through fractional reserve will be valued lower by the market because the risk is higher. This will make fractional reserve banking less easy if not impossible.
When governments can’t just make some new money it will be much harder to go to long lasting and useless wars because now they have to fund it with a scarce budget, so they have to sacrifice other spending for it. Less people will be murdered.
When printing of money is restricted actually counterfeiting is restricted (when the government does it they call it different, but every dollar created will devalue the existing dollars thus is theft of value of the existing holders). Less value can be stolen from the people through inflation. This form of theft will greatly decrease.
Fractional reserve banking will be much harder. This means that people will not have their money stolen anymore when they go to the bank to receive their money while the bank doesn’t have it because they loaned it out. Fractional reserve banking also increases the money supply and thus devalues the money held by everyone else. Another major form of theft that will decrease significantly.
I think that it will be a hard job for murderers on the street to kill more people than are killed in useless wars and it will be a hard job for thieves on the streets to steal more money than is stolen through inflation and fractional reserve banking. Politicians and bankers that blame Bitcoin for being a tool for criminals expose themselves for being not officially but actually criminals using the tools of the flawed financial system for murder and theft to satisfy their own greed and lust for power. Bitcoin will destroy their tools and that is why they feel threatened and speak up.
By the way, almost every big bank is caught for money laundering at least one time………..
This is no financial advice, just my view on the market.
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