![]() The main currency of choice was Bitcoin, which protected the bad guys. ![]() One example of this was the Silk Road, an illegal marketplace that allowed users to buy a range of illegal products like drugs and weapons, as well as other illegal services. As a result, Bitcoin allows people to buy and sell illegal goods online, meaning that law enforcement is unable to find out who is behind the transaction. This is because when people commit crimes they want to keep their identity secret. ![]() ![]() (Fun Fact: The above anonymous Bitcoin wallet address belongs to Satoshi Nakamoto and it was the first-ever address created!)Īlthough the purpose of allowing users to transact anonymously was to remove the need for third parties, unfortunately, it has also been used for the wrong reasons. Here’s an example of what an anonymous Bitcoin wallet address looks like: Furthermore, your funds are linked to a ‘Bitcoin Address’, which doesn’t have your details attached to it. Instead of revealing your real-world identity, when you send or receive funds, you transact on a peer-to-peer basis, meaning that it doesn’t go through a third party. Not only this but every time you send or receive funds electronically, the bank knows how much you are sending and who you are sending it too.
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