Are Bitcoin and Other Cryptocurrencies Used by Criminals?

There is a perception that Bitcoin is only used by criminals, especially money launderers and terrorist financing. This perception is based on false foundations. In terms of Bitcoin, which offers a structure where transactions can be seen transparently from anywhere, this claim is fundamentally wrong. People may not know the identity of the owner of Bitcoin, but they can monitor everything on the Bitcoin network. This situation creates uncertainty as to what purpose it is used for.


Bitcoin can sometimes be the subject of the safest and sometimes the most dangerous ways to use money. Bitcoin can be used by criminals like any other currency. There are two important issues here. First, as more data becomes available on the market, more abuses of Bitcoin may increase. However, if we consider the Bitcoin ecosystem as a mountain, we can say that abuse is just a few rocks. Secondly, every financial system has compliance risk that can be reduced if not completely destroyed, just like Bitcoin.

Just as we do not call the internet a bad technology because the internet has bad sides, so is Bitcoin. Can these software be considered harmful because money launderers and drug dealers use Facebook, Twitter, Whatsapp? Of course not.

Despite all this, would society desire to ban the Internet? No one desires such an attempt altogether. Society does not desire this because its positive aspects will outweigh its negative aspects. Bitcoin is similar to this. Research confirms that the positive effect of Bitcoin is much more. The important thing is to distinguish between good people and bad people, and to take the corrective action accordingly.