Bitcoin is one of the most famous cryptocurrencies in the history due to its value, demand, and popularity. People may don’t know about other currencies but they understand bitcoin and like to invest in it because after the major crash bitcoin is still one of the stable currencies out of all. On the other hand, people are registering many complaints against bitcoin include it takes time in a transaction, fees are way too expensive and it’s volatile without any doubt. People who are in a crypto community are growing through some of these problems when it comes to dealing with the bitcoin.
Another thing which associated with bitcoin is criminal activities. According to the few reports, it has been seen that criminal were spending about 30% of the bitcoin over illegal activities. At this point, it has been reported that criminals have dropped the bitcoin for other cryptocurrencies. The ratio of 30% usage has dropped to 1% in the last few weeks. The main reason behind dropping bitcoin is that they are choosing other cryptocurrencies over it who are providing more security and improved the user experience for them. They are not traceable which will help dark webs to cover their activities.
Another reason for dropping bitcoin in the criminal world is that people are likely to hold bitcoin as compared to spending it. Investors and traders are waiting for the time when bitcoin will reach it’s the highest value and they can invest their coin in some valuable project. The new cryptocurrencies are offering more to them like cheaper and faster transactions, no evidence of identity and more privacy. Bitcoin is somehow traceable and you can have a detail of the transaction and that’s why criminals are not trusting this coin anymore.
These changes and shifting of criminals from one cryptocurrency to another is a new challenge to law enforcement agencies. Now they have to go through the new challenges in order to keep the track on criminal activities when they have an advantage of keeping anonymity. Despite going away from the bitcoin criminals will definitely steal it by hacking the systems. The ratio of theft has increased from $3million to $175 million which is an unbelievable figure but criminals are not turning their backs completely on bitcoin.
In 2018 people will see the different image of cryptocurrency which may be profitable but dangerous at the same time due to the cybercriminals.