Cryptocurrency is a currency that exists only online. It is decentralized, meaning that no government bank controls it. People can simply send each other currency, paying very little if anything for the transaction. These payments are also almost anonymous. Decentralization is the main feature of this currency, however. What this means is that anyone can obtain copies of every single transaction ever performed through cryptocurrencies. This makes it highly resilient and it also means that the transactions cannot be policed, changed, or reversed.
Because cryptocurrency is so anonymous, tracing transactions can be very difficult as well. The result of this, however, is that some people worry that it leaves them open to exploitation. This is because, should someone steal cryptocurrency, the authorities cannot reverse it. Policing Bitcoin and other cryptocurrencies is quite a pressing issue, and the media are eating this information up. You may have heard, for instance, if the recently taken down Silk Road, through which all types of illegal activities (drugs, hitmen, guns, people) were purchased. The Silk Road also owned $1.2 billion in Bitcoins, and this instantly made people think Bitcoins had a role to play in it.
In reality, however, there doesn’t seem to be a problem with crime in cryptocurrency, or at least no more than with other currencies. Had the Silk Road used Indian Rupees, for instance, people wouldn’t have blamed India for it. Criminals need to use some sort of currency, and they just happened to have used this one in this case.
The Reality of Bitcoins and Cryptocurrencies and Crime
The reality is that Bitcoin and other forms of cryptocurrencies are valuable, and anything valuable is always attractive to unsavory characters. Companies like Prescott Regency, however, who enable people to invest in cryptocurrencies, are trying to make the world a safer place. In fact, one of their main goals is to ensure everybody in the world is able to access financial services, something that is hugely important considering the millions, if not billions, of people the world over who are still unbanked.
Of course, anything that can be invested in and that is growing so rapidly will attract criminals. But if you were to open you spam mailbox right now, it is likely that you will have an email message from a Nigerian prince who only needs you to pay a little bit of money and will then be happy to share millions of dollars with you. Crime is inevitable, unfortunately. The internet, today, is a huge part of our society and, at the same time, our society is shaping the internet. What this means is that, so long as crime exists in our regular society, it will continue to exist on the internet as well.
Can you protect yourself from this? Of course! Just as there are methods in place to protect your other properties, you can protect your crypto-property. Working with companies like Prescott Regency is one way to achieve that, while at the same time doing good for the world.