https://www.fbi.gov/news/pressrel/press-releases/fbi-expects-a-rise-in-scams-involving-cryptocurrency-related-to-the-covid-19-pandemic https://www.coindesk.com/bitcoin-bulls-trillions-coronavirus-aid https://www.forbes.com/sites/walterpavlo/2020/02/25/crime-and-punishment-in-the-cryptocurrency-world/#62232a6748fe Running head: Bitcoin as a cryptocurrency 1 Bitcoin as a cryptocurrency 8Bitcoin as a Cryptocurrency of Misconduct Roger F. Lewis Miami Dade College-North Campus June 5, 2019 Bitcoin as a Cryptocurrency of Misconduct In the expansion of cryptocurrencies in particular bitcoins have resulted in providing clients with exceptional advantages, the advantages in this matter have not had their hazards and struggles. In the peculiar free mode in the cryptocurrency arcade, it has been in constant misuse and linked to several illegal activities. Lawmakers globally repetitively stumble upon this very position (Anon,2019). The tendency on allowing a market to settle on its fosters this activity as the lawmakers tend to abstain from events of the market. They cannot also sit by and enable misconduct behaviors to foster in the markets. Tracking the cryptocurrency action has proved to be much more complicated than the standard plugged-in transactions. The bottom line is that these transactions occur globally has established a headache to try and monitor this particular field. The release of the bitcoin in the year two thousand and nine as the world’s pioneer and most profound mode of cryptocurrency was a breakthrough in the industry. Cryptocurrency, on the other hand, is the mode of exchange that occurs only in the digital dimension. Cryptocurrency uses complex codes as a skill of protecting data. Thus, monetary transactions are carried out most safely (Anon,2019). A public ledger is used to know the actual owner of a particular cryptocurrency. Assets in the digital market portray distinctive characteristics –delegation, simple connections between members as well as the relative use of modern technology, many have the thought or mindset that in time bitcoins will be used as a forthcoming currency. To understand the illegal uses of bitcoins we must first address the non-illegal activities in this field. As earlier stated, there is a possibility that the bitcoins will indeed replace the current custom. One can lawfully use bid coins in the following areas; travels, to pay tuition fee for institutions and can be used as an alternative where the standards of payment are online. The above depicts numerous ways can use bitcoins to settle their bills. The difference in value between the bitcoins and the traditional currency leads to individuals opting to use the bitcoins for exchange in cases or scenarios where a high exchange rate is noted, and alternatively, the opposite is exact. Chargebacks risk is reduced in the event of using bitcoins, therefore easing access to the broader market for traders. In the event of unlawful trades, both ends to ...

1. https://www.fbi.gov/news/pressrel/press-releases/fbi-expects-a-
rise-in-scams-involving-cryptocurrency-related-to-the-covid-19-
pandemic
https://www.coindesk.com/bitcoin-bulls-trillions-coronavirus-
aid
https://www.forbes.com/sites/walterpavlo/2020/02/25/crime-
and-punishment-in-the-cryptocurrency-world/#62232a6748fe
Running head: Bitcoin as a cryptocurrency 1
Bitcoin as a cryptocurrency 8Bitcoin as a Cryptocurrency of
Misconduct
Roger F. Lewis
Miami Dade College-North Campus
June 5, 2019
Bitcoin as a Cryptocurrency of Misconduct
In the expansion of cryptocurrencies in particular bitcoins have
resulted in providing clients with exceptional advantages, the
advantages in this matter have not had their hazards and
struggles. In the peculiar free mode in the cryptocurrency
arcade, it has been in constant misuse and linked to several
illegal activities. Lawmakers globally repetitively stumble upon
this very position (Anon,2019). The tendency on allowing a
market to settle on its fosters this activity as the lawmakers tend
to abstain from events of the market. They cannot also sit by
and enable misconduct behaviors to foster in the markets.

2. Tracking the cryptocurrency action has proved to be much more
complicated than the standard plugged-in transactions. The
bottom line is that these transactions occur globally has
established a headache to try and monitor this particular field.
The release of the bitcoin in the year two thousand and nine as
the world’s pioneer and most profound mode of cryptocurrency
was a breakthrough in the industry. Cryptocurrency, on the
other hand, is the mode of exchange that occurs only in the
digital dimension. Cryptocurrency uses complex codes as a skill
of protecting data. Thus, monetary transactions are carried out
most safely (Anon,2019). A public ledger is used to know the
actual owner of a particular cryptocurrency.
Assets in the digital market portray distinctive characteristics –
delegation, simple connections between members as well as the
relative use of modern technology, many have the thought or
mindset that in time bitcoins will be used as a forthcoming
currency. To understand the illegal uses of bitcoins we must
first address the non-illegal activities in this field. As earlier
stated, there is a possibility that the bitcoins will indeed replace
the current custom. One can lawfully use bid coins in the
following areas; travels, to pay tuition fee for institutions and
can be used as an alternative where the standards of payment
are online. The above depicts numerous ways can use bitcoins
to settle their bills. The difference in value between the bitcoins
and the traditional currency leads to individuals opting to use
the bitcoins for exchange in cases or scenarios where a high
exchange rate is noted, and alternatively, the opposite is exact.
Chargebacks risk is reduced in the event of using bitcoins,
therefore easing access to the broader market for traders. In the
event of unlawful trades, both ends to end transistors enjoy
privacy layers that are only offered in this cryptocurrency
market. The future about this market is quite unclear, in the
uncertainty of this future, it may provide a more extensive range
of options to choose from.
The goodies provided by the use of bitcoins are not limited to
legal activities only, but rather are enjoyed by the multitude as

3. a whole. The creation of bitcoins was meant to serve good, but
rather the increasingly high usage of the platform cannot go
unnoticed. There exist several cases of abuse of bitcoins
currently ("Bitcoin is Great for Criminals. It’s Even Better for
Law Enforcement - Bitcoin News", 2019). The existence of the
darknet where trade and transactions occur without being
noticed is quite alarming since there merely exists an active
client, this has proved troublesome as it the activities are
untraceable as well as causing migraines in the event of trying
to regulate them. In truth, clients who engage in illegal
activities benefit most as a result of being ghosts on the
internet.
The shady web has its relation to the dubious net, but the
difference is that the latter requires unique soft wares to run.
Bitcoins in most cases is used to settle narcotic bills as well as
other goods such as artilleries ("Bitcoin is Great for Criminals.
It’s Even Better for Law Enforcement - Bitcoin News", 2019).
The misuse of the bitcoins to employ nasty individuals to access
another’s monetary accounts, discrete information as well as
handling another user’s computer without their consent.
As a global supplier of auxiliary as well as communal mayhem
terrorist use bitcoins to man, their activities as a result of the
transactions no being able to be pinned on either end of the
operation thus creates a loop of investigations
("http://fortune.com," 2019). If a firm or a person intends to
engage in any criminal activity, they can plan to execute and
use cryptocurrency to settle their dues. There are minimal
chances that a law firm can be able to track these transactions to
a valid and precise location. The law agency depending on the
case at hand will have to prove that the particular activity
occurred in full consent of the ones doing and not a matter of
wary plugged-in misdirection.
Bitcoin tumblers usually sterilize the dirty money through
bouncing the transactions in various locations before finally
recombining the total amount in a Bitcoin wallet these
transactions normally occur in the shady web. The transactions

4. occur in hops, and in each hop, they only add layers of
confusion. ("http://fortune.com", 2019) Criminals normally have
multiple accounts in the dark web for these transactions, the
dark web for one charge depending on the anonymity level as
requested by the client. Bitcoins transactions are set up in
multiple automated tumblers and occur at random intervals such
that the possibility to link the transactions in fades away with
progress. On completion of tumbling, the Bitcoins are
thoroughly cleaned before deposits are made into a
cryptocurrency account for further trading
Among the reason why criminals use bitcoin is the reality that
they able to hide their identities. The truth of the matter is that
these transactions are recorded on ledger communally owned
known as the blockchain. Criminals prefer the use of bit coins
due to several reasons: smuggling transactions, evading tax as
well as stealing cryptocurrency itself. Cryptocurrency has led
to the mouse and cat game particularly involving the law
enforcement sector, as the agency advances in its awareness of
these transactions the criminals too came up with other ways to
evade getting caught in the act. The blockchain platform usually
serves the interests of these lawbreakers with such demands the
agency to up their game though technological upgrade.
The anonymity part is a very vital tool to an offender as it
separates the culprit’s account from his financial records.
Organizations against money laundering always hit rock bottom
because bitcoin transactions are untraceable. While the overall
sales are anonymous, the fact that the transaction records are
available to the users presents a new challenge. Thus, the ledger
at times allows visibility of the potential customer. Whether the
financial public will agree to use the Blok chains to trail the
transactions or not there lays a fact that the custom approaches
of apprehension are not sufficient.
Privacy coins are among the existing two thousand
cryptocurrencies, which are harder to track, but the criminals
most prefer Bitcoins. Among the blockchain, forensics
organization exists many bit coiners dislike Chanialysis due to

5. its hand in hand associated with the law firm by assisting in the
apprehension of narcotic buyers either for commercial or for
individual use. The bottom lays that bitcoins do require the
custom currencies to go about its daily business because only
after the conversion of the coins to the custom currency can one
be safe from the fluctuations. Thus, the cryptocurrency value is
of low importance if at all, there exists an end to end
transaction occurring. The fact is that the custom currencies
masks them from the revenue authorities as well as the law
marshals.
Can bitcoins be used safely? Well, this question poses quite a
lot of debate after extensively expounding on its use by
criminals. The primary trouble that exists as far as regulation of
the bitcoins is concerned is the fact that the use of the coins has
gradually spread globally and thus getting rid of it poses a
challenge. Suppose an individual managed to find a way to have
a ban of the bitcoins well a replacement would be discovered
almost instantly.
Majority of authorities globally are all new to this phenomenon
of the latest technology. Catching up with the development and
upgrades in the cryptocurrency organization is almost
impossible. The solution does not lay on banning the firms but
instead getting familiar with the current systems would seem
more accurate. The good thing is that at least something can be
done to curb the mushrooming growth of the unlawful
exchanges. Exchanging of systems between governments
globally as well as sharing it would make it far much more
comfortable to spot unique patterns. In conjunction with yearly
accounting standards provided by companies which mainly use
the bitcoins for transactions would prove far much helpful. The
weight on the law enforcers would ease as it would be easier to
trail these transactions.
Setting up of the software that detects irregularities in the
ledger would be a cornerstone towards regulating the convict's
transactions. There can be setups such as offering revenue
credits for the efforts if deemed necessary. Shifting the digital

6. sales to the more custom method of substantial operations
would also lead to the deterioration of criminal activities.
Offering rewards to the users of cryptocurrency that can spot
treats of any manner would even step forward towards ending
this nightmare. There exists no clear path that can get rid of the
bitcoin issue but putting in mind that the dream is not set on
stone means that some changes can be brought forth. Well, in
every problem, there exists a solution, and if not so, then there
exists no issue since a solution cannot live without a problem.
In conclusion, although the cryptocurrency market has its risks,
many gains can be enjoyed, means that the firm can continue to
grow so long as the benefits exceed the risks. The fact that
bitcoins are used as a form of exchange by the criminals doesn’t
entirely portray a reason for the general public a reason not to
go about their daily routine (Anon,2019).
REFERENCES
How Can Bitcoin be used as a Crime Weapon? And How Can
this Be Solved?. (2019). Retrieved from
https://www.fxempire.com/education/article/can-bitcoin-used-
crime-weapon-can-solved-512046
http://fortune.com. (2019). Retrieved from
http://fortune.com/2019/04/24/bitcoin-cryptocurrency-crime/
How Can Bitcoin be used as a Crime Weapon? And How Can
this Be Solved?. (2019). Retrieved from
https://www.fxempire.com/education/article/can-bitcoin-used-
crime-weapon-can-solved-512046
Bitcoin is Great for Criminals. It’s Even Better for Law
Enforcement - Bitcoin News. (2019). Retrieved from
https://news.bitcoin.com/bitcoin-is-great-for-criminals-its-even-
better-for-law-enforcement/