• Unless you use bitcoin, many people believe that digital assets such as bitcoin are associated with criminal activity. 
  • A lot of the headlines when it comes to bitcoin are in relation to scams so it’s not surprising many people believe that crypto is a bad actor’s dream. 

Unless you use bitcoin and other cryptocurrencies, it’s safe to say that outside of the industry, many people believe that digital assets such as bitcoin are associated with criminal activity. A lot of the headlines when it comes to bitcoin and crypto are in relation to money laundering, scams and hackers so it’s not surprising many people believe that decentralised currency such as crypto is a bad actor’s dream. 

A few weeks ago, hackers took over many prominent celebrities’ accounts in order to provide a fake bitcoin giveaway scam. This hit the news and trending on the platform with many people falling for the scam.

Many people were tricked out of their money and sent them bitcoins believing that it was the people they were impersonating and this reinforced the idea that bitcoin is used primarily for crime. Even after this became mainstream news, people were still falling for these tricks.

To that end, Chainalysis has estimated that almost 900,000 bitcoins have been through the hands of these malicious individuals. That’s almost 1,000,000 bitcoins in the hands of cybercriminals. This is a big issue within the industry and one that needs to be dealt with if mainstream adoption is set to take place throughout the world. As for now though, there are more people who believe it’s used for crime than its used for good. With this in mind, adoption can never truly be reached until something is done about this issue that plagues the industry.

But I suppose that leaves us with one question, how do you deal with such a big issue?

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