A US-based finance reporter who focuses more on Cryptocurrency has revealed that his conversation with an FBI agent revealed that the use of the Bitcoin transaction in the black market has fallen sharply due to the fact that officials can now monitor transactions.
Russo got engaged to the official at a round table at the Bloomberg conference.
The FBI official who administered cryptocurrency and black market cases reveals to Russo that in the early days, the black market accounted for about 90% of all Bitcoins [BTC] transactions, but at the moment only 10% of cryptocurrency transactions are used in the black market and the rest are mere hypotheses.
"The escapade really came down from where it was in the early days … So, we're seeing very little, you know, the fundamental use of Bitcoin as it was meant as a digital money"
Russo added that the FBI agent said that, in particular, bitcoin as a currency is used for transactions in the black market space and the volume of its transaction will certainly be soaring by a wave of market speculation. Therefore, with no effect on 10% of people who use the currency to buy goods and services.
Evident of this, there are chances that the level of use of Bitcoin in the black market can be maintained or rather increased over time.
"It's like black market transactions and money laundering and all of this is still a bigger case for Bitcoin's remittance and cross-border transfers something more like legitimate use cases. "
Asked about improvements on Cryptocurrency technology and blockchain in general, Russo believes Bitcoin is a little cumbersome and not competent enough for mass adoption.
While it is now clear that transactions on Bitcoin can be tracked and tracked, the FBI agent noted that the opportunity rejoices the authority as it makes it easy for them to block transactions related to black market or money laundering.
Camila concluded that the reality of Bitcoin and digital currencies is far from people's thinking. Contrary to the people's sentiment that the Bitcoin transaction is unidentifiable and could not be easily traced, Camila said that digital currencies were actually "pseudonome", and it is easy for the order forces to monitor the transaction. ; IP address of transactions.