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And it has the potential to harm international users as well. Bitcoin was developed as a response to banks, which were largely responsible for the economic crash.
It offers anonymity, making it practically impossible for anyone to track your actions online when transacting a digital coin. The same concepts apply to all the other blockchain projects that come with associated digital coins.
The ability to bypass central banks is something financial institutions might not appreciate. But that second feature, the anonymity, is what governments do not appreciate. There is a good reason for that. Bitcoin can be used to fund illicit actions, including terrorism, drug deals, and similarly nefarious actions.
They concern digital wallets, which are used to store cryptocurrencies. The exchange also has to collect information about two private wallet holders doing business and store all that information. Exchanges will have to run more or less like banks if these regulations are adopted, which is hardly what people developing decentralized blockchain-based ecosystem would want.
Having them verify personal digital wallets would add a whole layer of complexity to their jobs. Not to mention that exchanges do get hacked as well. In addition to digital assets, hackers might also be interested in stealing more user data that could serve additional purposes. Things can get even worse. Because the government would know who owns a private wallet, and all the transactions are recorded inside the blockchain, they would have access to all the transactions associated with that address since the dawn of Bitcoin, or whatever coin you might be using.
Law enforcement officers in turn took control of the sum on 3 November, and the DoJ claims the funds are now subject to forfeiture. In , Bitcoin seized from a different wallet associated with Silk Road was sold at auction by the US government. Silk Road creator Ross Ulbricht is currently serving two life sentences in prison after being found guilty of money laundering, computer hacking, and conspiracy to traffic narcotics. Bidders snap up final Silk Road bitcoins.
Silk Road drug website founder Ross Ulbricht jailed. Silk Road linked to six drug overdose deaths. Guide: What is Bitcoin and how does Bitcoin work? Ross Ulbricht: Silk Road creator convicted on drugs charges.
It was shut down by the US government in The sum is the largest amount of crypto-currency seized to date by the Department of Justice. Related Topics.