The {criminals|bad guys|crooks|lawbreakers|wrongdoers|offenders} {responsible for|in charge of} Bitcoin-related {crimes|criminal offenses|criminal activities} {can|could} {very|extremely|really|quite} {easily|quickly|conveniently|effortlessly} be held {accountable|responsible|liable|answerable} {provided|offered|supplied|given} {police forces|police|law enforcement agency} {familiarize|acquaint} themselves with the cryptocurrency.

1. Steven L. Rhyner
The Bitcoin Ransomware Fallacy: Why Blockchain Criminals Can
Be Caught
teamsteverhyner.com/the-bitcoin-ransomware-fallacy-why-blockchain-criminals-can-be-caught/
The criminals responsible for Bitcoin-related crimes can very easily be held accountable provided police forces
familiarise themselves with the cryptocurrency.
Bitcoin, by its very nature, is inherently trackable. The suggestion that Bitcoin is anonymous is the hallmark of
someone who doesn’t truly understand the technology. The scaremongering that is going on in the consumer
technology industry is frankly unwarranted.
Contextualizing
To put this into context: Little Jimmy installs a pirated game on the family computer. Unbeknownst to him,
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2. ransomware was hidden within the download, and now all the computer’s files are encrypted, including his father’s
work documents, which are vital to his business. The parents resolve that they must pay the $400 ransom in Bitcoin
to the thieves because they need the files back.
They create an account on an exchange, say Coinbase, and purchase the BTC, and then send it to the criminals’
BTC address. This transaction is recorded on the Blockchain. The associated address can then be monitored by
authorities. Follow where the Bitcoin goes and you find the criminals.
Eventually, one of two things will happen; the thieves purchase something with their Bitcoin, which, provided the
store abides by the required level of ‘know your customer (KYC)’, means if it’s something physical, authorities have
an address, and if it’s something digital, authorities have personal details and an account of some sort.
Or the criminals go to an exchange to turn their Bitcoin into real fiat money, which makes the authorities’ jobs a whole
lot easier. All they have to do is ask the exchange to which financial address the fiat was deposited, and they have
the criminals’ financial details. In addition, the exchange will most likely also operate a KYC policy, especially since
the criminals would likely be trading in large volumes, so authorities would have even further information
Authorities’ failure to
adapt
As such, the notion that so-called
cybercriminals can get away with
their ransomware exploits without eventually being caught is completely devoid of reason. Authorities must realise
that their inability to apprehend those responsible is solely down to their failure to adapt to and understand the
modern technologies being utilised by criminals, not because Bitcoin is inherently dangerous.
Re-posted from www.cointelegraph.com by Charlie McCombie June 13, 2016
Interesting article and one of the many myths surrounding Bitcoin. Do your research then consider
becoming part of a Bitcoin home based network marketing business which uses some of the mining
proceeds of Bitcoin to purchase hard assets such as gold and silver in order to protect your assets from
what many consider to be an impending currency collapse. Click here for more information.
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