Bitcoin is only used for drugs, money laundering and by criminals

What the FUD is this?

The idea that only criminals transact in Bitcoin, and only criminals would want to use systems outside the control of central banks. The belief that most Bitcoin transaction are connected to illegal activity, terrorism or other nefarious activities.

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Experts reply…
  • In the movies they still use dollars and euros and pounds to buy drugs, bitcoin is very rarely used to buy these things, bitcoin is on a transparent publicly visible ledger. But overall, if you were to buy drugs you want to use fiat cash, which is the most fungible and private money out there because it’s not digital, there’s no digital record of it. When we look at the amount of nefarious activity, be it money laundering or drug dealing, this is really facilitated by fiat and big banks. With big banks, they’ve paid over $350bn dollars in fines for facilitating money laundering, I mean that’s like half the market cap of bitcoin. Fines paid by banks. That’s not even the total value that they move.

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