BlockNews
FOLLOW ON X
  • CRYPTO
  • FINANCE
  • POLITICS
  • MEMECOINS
  • NFT
  • TECHNOLOGY
  • OPINION
No Result
View All Result
BlockNews
  • CRYPTO
  • FINANCE
  • POLITICS
  • MEMECOINS
  • NFT
  • TECHNOLOGY
  • OPINION
No Result
View All Result
BlockNews
Home CRYPTO

Bitcoin Narrative Issue

by BlockNews Team
August 9, 2022
in CRYPTO
Reading Time: 3 mins read
A A
1
SHARES
14
VIEWS
Share on XShare in TelegramShare on Reddit

Just as the internet narrative was in the early ’90s, the Bitcoin narrative was mainly guided to illegal activity, especially in its earlier years. Still, more specifically, we have the infamous online black market known as the “Silk Road” to thank for creating most of the awareness at the time.

For the majority, the perspective concerning the Bitcoin world was that it was an untraceable, anonymous, and malicious piece of tech that hackers and iniquitous crime syndicates only used.

This type of thinking, however, is far from the truth, especially since Bitcoin has grown leaps and bounds since then, not to mention the various corporations and “big money” that has not only publicly backed it but also made investments in the cryptocurrency as well. 

Due to Bitcoin’s inherent nature allowing it to be moved and stored outside of the control of any government or institution, every single transaction is recorded on a publicly accessed immutable (unchanging) ledger.

This means that all crypto transactions, including Bitcoin, are completely traceable, and the anonymity associated with crypto and crime is completely unfounded.

Most criminals prefer to stay away from Bitcoin because, although it offers some anonymizing features, they are, in fact, highly traceable. A 2021 report from Chainalysis concluded that in 2019 only 2.1% (0.34% in 2020) of all cryptocurrency transactions accounted for were tied to criminal activity.

Policy and Policing

When BTC transactions are tied to criminal activity, the investigators’ job becomes easier in some ways – barring, of course, the challenge of correlating IP addresses and transactions. From a detective’s point of view, since the blockchain records everything, they are immediately given access to way more information than they traditionally would have been.

In the past, if someone were to catch a drug dealer on the streets, you’ve caught them committing a single crime, whereas by utilizing the blockchain, you can uncover their entire criminal history – just like discovering their books. How on earth could anyone argue this obvious and easily understood fact?

Once again, it appears as though what we need is more education not only for the public as a whole but also, and more importantly, in some ways, for those who are crafting policy as well. 

According to the UN, criminal activity on the Bitcoin blockchain is a much smaller percentage than that of fiat currency, and it’s going down year over year. When the public hears people like the U.S. Secretary of Treasury, Janet Yellen, constantly repeating the mistaken opinion that crypto is mainly used for illegal purposes – they are being lied to, as these claims are demonstrably false.

The fact that someone in such a high governmental position can look the people she serves in the eye and blatantly lie is nothing short of disgusting.

Crypto is a very small issue compared to everything else that the Treasury Department has on its plate, so it is more likely that she hasn’t truly spent any real time deeply considering it just yet.

The Treasury is tasked with combating money laundering and terrorist financing. With such a small percentage of these concepts successfully utilizing Bitcoin, to claim that it is of particular concern to the establishment isn’t looking at the bigger picture.

Tags: Bitcoincrypto
TweetShareShare
Previous Post

Did a GitHub Malware Cause the Hack on Solana Wallets?

Next Post

Is the Bubble Going to Pop? Elon Musk Forewarns About Recession in the United States

DON'T MISS THESE! HOT OFF THE PRESS

Toncoin and Telegram: The Sleeping Giant of 2025?
BITCOIN

Toncoin and Telegram: The Sleeping Giant of 2025?

July 1, 2025
Crypto Supply Shock: Bitwise Predicts Bullish Runs for BTC, But Shows Doubt With ETH and SOL
BITCOIN

Crypto Supply Shock: Bitwise Predicts Bullish Runs for BTC, But Shows Doubt With ETH and SOL

July 1, 2025
SEC Plans Shortcut for Crypto ETFs With New Listing Rules
CRYPTO

SEC Plans Shortcut for Crypto ETFs With New Listing Rules

July 1, 2025
Connecticut Bans Bitcoin and Crypto for Government Funds
BITCOIN

Connecticut Bans Bitcoin and Crypto for Government Funds

July 1, 2025
Shiba Inu: Turning $3,000 into $10,000 – The Math Behind the Meme
CRYPTO

Shiba Inu: Turning $3,000 into $10,000 – The Math Behind the Meme

July 1, 2025
FARTCOIN Surges 148%—Is the Meme Just the Beginning?
CRYPTO

FARTCOIN Surges 148%—Is the Meme Just the Beginning?

July 1, 2025
Load More

Related News

Toncoin and Telegram: The Sleeping Giant of 2025?

Toncoin and Telegram: The Sleeping Giant of 2025?

July 1, 2025
Crypto Supply Shock: Bitwise Predicts Bullish Runs for BTC, But Shows Doubt With ETH and SOL

Crypto Supply Shock: Bitwise Predicts Bullish Runs for BTC, But Shows Doubt With ETH and SOL

July 1, 2025
SEC Plans Shortcut for Crypto ETFs With New Listing Rules

SEC Plans Shortcut for Crypto ETFs With New Listing Rules

July 1, 2025
Donald Trump Threatens Elon Musk with DOGE Audit

Donald Trump Threatens Elon Musk with DOGE Audit

July 1, 2025
Jerome Powell Says July May be Too Early for Rate Cuts, But Doesn’t Rule it Out

Jerome Powell Says July May be Too Early for Rate Cuts, But Doesn’t Rule it Out

July 1, 2025
Twitter Telegram Threads

BLOCKNEWS.COM

BlockNews

BlockNews.com is your premier source for real-time cryptocurrency, blockchain, and financial market news.

Our mission is to deliver accurate, timely, and insightful information to help both seasoned investors and newcomers navigate the evolving digital economy.

With in-depth analysis, exclusive insights, and up-to-date news, BlockNews.com keeps you informed on the latest trends in crypto, DeFi, NFTs, tech, and beyond.

Stay ahead of the herd with BlockNews.com

RESOURCES

  • About
  • Contact Us
  • Terms and Conditions
  • Privacy Policy

POPULAR TOPICS

$ADA $XRP AI Avalanche Binance Bitcoin Bitcoin ETF blackrock Blockchain BTC Business Cardano Chainlink China Coinbase Coinglass crypto cryptocurrency Crypto Exchange Crypto Regulation DeFi Dogecoin Donald Trump Elon Musk ETF eth ethereum Federal Reserve FTX grayscale Memecoin metaverse Microstrategy NFT NFTs PEPE ripple sec Shiba Inu Solana Stablecoin Technology US Web3 xrp

GET QUICKER UPDATES ON X

© 2022-2025 BlockNews.com - Crypto and NFT news website by Aiur Labs.

No Result
View All Result
  • HOME
  • CRYPTO
  • MEMECOINS
  • TECHNOLOGY
  • POLITICS
  • FINANCE
  • NFT
  • DEFI
  • GUIDES

© 2022-2025 BlockNews.com - Crypto and NFT news website by Aiur Labs.