Dark Side of Bitcoin Digital Currency

Bitcoin is currently a concern because with all the advantages of decentralized and without bond in the system and proprietary transactions . But on the other hand , this would reap a variety of dark side of the digital currency .

The concept is instilled by the inventor , Satoshi Nakamoto , Bitcoin offers that ownership intact without the need for third -party ties with both private and government , the main attraction for its users .

But over time , it is recognized as a weakness of the currency found in 2009 .

According to an article in Business Insider , Bitcoin be very useful for the criminals who want to hide the proceeds of crime . Because if they put money in the bank , the proceeds of crime can be easily traced .

Bitcoin can also be abused by people who want to hide their income from the government , and avoid paying taxes . Then , state tax revenues that will be lost because the money is not traceable .

Not only on purely criminal act , shortage of the most basic Bitcoin also occur because of the unreal .

Although the shape is not real , it does not mean free of Bitcoin theft . One example of theft experienced by Sheep Marketplace , a website selling illegal drugs , which lost 220 dollars in Bitcoin induced hackers computer system .

Not to mention the instability of the currency Bitcoin if converted to other conventional currencies are very volatile . Today, the owner may be very rich by having Bitcoin worth 1,000 dollars . However , who knows if in the future the value of money left only 50 U.S. dollars .

Business Insider noted some minor events that cause huge losses to the owners of Bitcoin . A man never loses around 600 dollars as reset the smart phone and it turns out , he accidentally permanently delete Bitcoin digital wallet .

As another example , a man also lost around 90,000 dollars when it comes to trade and instead chose the delete button .

A number of the online platform is currently testing the payment currency Bitcoin , among other Wordpress , Reddit , Namecheap , Mega , and Zynga . However , some countries even prohibit transactions with Bitcoin .

The Chinese government , for example , prohibits all financial institutions accept Bitcoin transactions . While the European Union assess Bitcoin is more easily stolen . In terms of investment too bad because only the value of the currency is determined by market demand and have a high degree of fluctuation .