Should Conversion of Bitcoin to Money Be Illegal?

This topic was created by MarkSitkowski .

[MarkSitkowski]

Should Conversion of Bitcoin to Money Be Illegal?

The blockchain financial system is the most radical revolution since money lenders sat at their benches ('bancs'), and is obviously the way of the future.

However, as recent events have shown, the only people who currently use Bitcoin are criminal hackers, money launderers and drug dealers. Should they be forced to use conventional, traceable, means of demanding their ransoms or shifting their ill-gotten gains around the world, so they can be identified and brought to justice?

[imanidiot]

Re: Should Conversion of Bitcoin to Money Be Illegal?

the only people who currently use Bitcoin are criminal hackers, money launderers and drug dealers.

You are wrong there already. Only a very small portion of bitcoin is used for criminal activities. I would argue the vast majority of it is used as either a substitute for stock trading or as a form of tax evasion.

On top of that the only way to track bitcoan to a person when it gets exchanged for goods, services or "old fashioned" money. So no, it should not be illegal

[allthecoolshortnamesweretaken]

Re: Should Conversion of Bitcoin to Money Be Illegal?

"Only a very small portion of bitcoin is used for criminal activities. I would argue the vast majority of it is used as either a substitute for stock trading or as a form of tax evasion."

A good point badly made.

Tax evasion is illegal and therefore a criminal activity. (Okay, in some countries it can be a felony. But still illegal.)

"A substitute for stock trading" might also be some sort of illegal activity as stock trading is regulated by laws.

[allthecoolshortnamesweretaken]

Re: Should Conversion of Bitcoin to Money Be Illegal?

"The blockchain financial system is the most radical revolution since money lenders sat at their benches ('bancs'), and is obviously the way of the future."

I disagree. The most radical change was the invention of "paper money" and the rules of accounting that go with it. And the way things are going, I wouldn't be surprised if there is a rollback in favour of cash in the near future.

[Phil W]

"the only people who currently use Bitcoin are criminal hackers, money launderers and drug dealers"

Uh no, so wrong it's impossible to imagine how you could be any more incorrect.

I use bitcoin fairly regularly, for the simple reason that using the graphics cards I already have for gaming to earn Bitcoin is incredibly easy. I use this Bitcoin to eithere buy things I wouldn't otherwise have the money for or reinvest it into more graphics cards to increase my BTC income.

I am not a hacker, money laundered or drug dealer.

There are thousands of people like me doing the same thing, as well as people who simply buy and sell bitcoin to make money from exchange rate variations the same as with any other currency.

While there may well be criminal elements using Bitcoin they are far from the majority. Trying to ban bitcoin because criminals might transfer their currency using it is little different than saying let's ban international currency exchanges to block criminal activity, or ban people from investing in business because money can be laundered that way.

In fact people use cash to buy drugs don't they? Let's ban physical currency altogether, used bank notes that you didn't withdraw from an ATM yourself are even less traceable than Bitcoin.