Bitcoin is a way of making money and it has been seen many times that money has been used for both legal and illegal activities. Cash transactions, credit card, and the present-day banking system have all aided in financing crime. However, thus far bitcoin has been the best online transaction system and the benefits accruing from it far outweigh the limitations it has.
There have been a few instances where bitcoin has been used for illegal transactions however, it is not totally vulnerable to crime. By tracking the IP address, one can trace the address of the senders in a transaction.
, in fact, is a right direction to make money more secure and comes as a defense against financial crime. Bitcoins cannot be counterfeited. Users are in control of their payments and with the process of encryption and backups frauds can easily be traceable. To say that bitcoins are a good source of illegal activities is wrong. Cash is untraceable and a strong method exchanged for unlawful doings. Though bitcoins can be used for illegal actions, to say it is foolproof is not correct. It is not anonymous as some claim. Bitcoins leave a source about its origin which is not the case with cash.