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There are a lot of comments on here about crypto only being useful for criminal activity. The UN estimates that $1.6 TRILLION is laundered each year. The entir
by Osiris 5y ago
There are a lot of comments on here about crypto only being useful for criminal activity.
The UN estimates that $1.6 TRILLION is laundered each year. The entire market cap of BTC is around $1.1 trillion.
If crypto wasn't around, fraud and scams would still exist. The fact is that significantly more crime involves fist currency than crypto. Cash is far harder to track than crypto, so using crypto in crime is actually more dangerous because of the ability of exchanges to track transactions and blacklist accounts.
- acatton 5y agoYou're presenting statistics in a biased way which fits your narrative. It's very common to hear "most of the illegal transactions are still in dollar". But that's a biased way to see it. If USD represents $100T of transactions amongst which $1T of transactions are for illegal activities, this means only 1% of the transactions are illegal. On the other side, if crypto represents $1T of transactions amongst which $500M are illegal, this means 50% of transactions are illegal. In absolute, in this example, most illegal transactions are in USD, but crypto is much much more likely to be used for illegal transactions, therefore showing that it has little/less use for legal transactions.