What is the fate of Scammers if bitcoin later becomes a traceable Currency

[Trofimova 133]

I think that then the scammers have no choice but to switch to another coin for their affairs since they have no other choice

[betelihem 4766]

On 1/20/2020 at 8:06 PM, wijont said:

Bitcoin as a decentralized currency, they are not Headquarters for Bitcoin and do not have a central office where they distribute information about Bitcoin, such as illegal transactions that lose money but recover after several investigations through distributed information.

as someone said in my previous thread that more people will feel comfortable using bitcoin if these features are implemented.

Share your thoughts.

Yeah there will be cons and good if bitcoin changed to centralized currency, some of cons are the price will be fixed, and we will need some requirements for transactions of bitcoin, but if its decentralizes then it will be best for this things.

[Raqeebzy 6456]

On 1/27/2020 at 2:14 AM, Migo said:

But how we can track bitcoin?? I mean even when we look at the transactions we can see only the date and the time, and the transactions hash, but where the coins went exactly, I think no one has the exact answer, don't think that?? 

Bitcoin transactions are not completely untraceable. That is why they say it is pseudo anonymous. Both of the addresses involved in transactions are completely visible and any block explorer can view it. It can be IP traced for example, that's why it is advisable to use browsers like tor to hide your IP address and change bitcoin address in each transactions. 

[lharost 1526]

16 hours ago, Raqeebzy said:

Bitcoin transactions are not completely untraceable. That is why they say it is pseudo anonymous. Both of the addresses involved in transactions are completely visible and any block explorer can view it. It can be IP traced for example, that's why it is advisable to use browsers like tor to hide your IP address and change bitcoin address in each transactions. 

Yes, it's true and there are some ways to trace bitcoin transactions even though it's not easy and I don't think bitcoin will be any more traceable that it already is, if some one really wants to be anonymous and have highest privacy that is offered in crypto they should use privacy coins that have great reputation like Monero for example.

[BTC Future 3946]

21 minutes ago, lharost said:

Yes, it's true and there are some ways to trace bitcoin transactions even though it's not easy and I don't think bitcoin will be any more traceable that it already is, if some one really wants to be anonymous and have highest privacy that is offered in crypto they should use privacy coins that have great reputation like Monero for example.

Basically privacy and anonymity were never a Bitcoin feature. Sathoshi never said it was and always talked about transparency in the network. There are many researchers, companies and authorities that trace transactions to their source, connect the hashes and analyze the chain. There is always a name connected to a bank account. This is the main reason exchanges were enforced to implement mandatory KYC, to have everything covered. This data is of course shared with authorities as the NSA and FBI, so there goes anonymity. 

There are a few that think mixers and tumblers can hide their traces. They can make it more difficult but it is proven that 80% of these transcations can be analyzed and linked to the original owner as Chainalysis said. Also most exchanges won't accept transactions coming from addresses that used mixing services. The reason is clear. They were asked to do so by authorities. 

I agree that some privacy coins can provide anonymity and this is basically the reason for Monero and Zcash to rise. I also see them both as good investments for the future as demand for privacy coins is on the rise.

[Saj555 2250]

That will be big trouble for the scammers. Because now they are all just doing their works depending on anonymous identity. But when the btc will be traceable at that time they cannot keep the btc by hacking it. All the transactions and transfers will be recorded and if someone complains in police ,the hacker will be exposed. So it will be a disaster for them actually. 

[Calvinpriva 17296]

You are right friend, if bitcoin will have an office which is public i believe many people will trust it and invest in it. But i don't think if that will happen, the aim for bitcoin its everyone to be free with their money.

[Brand1 1336]

I do not think that a system will be implemented in which cryptocurrencies can be tracked because the inability to track cryptocurrencies can be considered an advantage in the field of encryption and if cryptocurrencies are tracked many people will be away from them and the fate of fraudsters will be very difficult and will be punished when they carry out any theft

[Thekingcallme 1975]

I do not think that it is possible to arrest the fraudsters who steal bitcoin even if it becomes possible to wait for bitcoin because this happens in the dollar and the fraudsters cannot be arrested

[kyoukage01 3181]

On 1/21/2020 at 1:06 AM, wijont said:

Bitcoin as a decentralized currency, they are not Headquarters for Bitcoin and do not have a central office where they distribute information about Bitcoin, such as illegal transactions that lose money but recover after several investigations through distributed information.

as someone said in my previous thread that more people will feel comfortable using bitcoin if these features are implemented.

Share your thoughts.

If only this was the case where such features are used against criminals who actually deserve it. But if one gave some thought about it, he will realize that the same feature can be used on ordinary people, and what is stopping the institutions implementing such features from doing it?

 

There is already a sample case in point with the new national blockchain-based currency China is currently developing. Concerns were raised about the possibility of the digital currency to control its populace. If a person is not a criminal but is merely a dissident, there might be a good chance that the government will freeze that person's digital assets, in addition to sending him to a 'fun vacation' at a 'detention center'. Now imagine that with Bitcoins. Would you like the same to happen?

 

Scammers can be traced and punished with such feature, sure. But the drawback of abuse of this feature should also be considered as well.

 

[Yomose 3704]

5 hours ago, kyoukage01 said:

Scammers can be traced and punished with such feature, sure. But the drawback of abuse of this feature should also be considered as well.

Scammers use fiats to scam than cryptocurrencies, and still they are not gotten but few, so, it can be more difficult but will still find a way to scam successfully. It can not even happen because people prefer privacy and will not accept such. 

[gloria10yqj 27]

Bitcoin usage will increase further. It's like what others have said and the exact terminology for that is fake anonymity, which means it's still connected to the username or something in that sense. No regulatory authority has full control over bitcoin that you can access to get back what was stolen from you.

[Moaz 7239]

I think that one of the most important advantages of bitcoin is decentralization, and I hope this feature remains for cryptocurrencies, but for scammers, you can reach them via IP or ask those who sell or buy large quantities of bitcoin to do KYC

[BTC Future 3946]

On 5/22/2020 at 7:51 PM, Brand1 said:

I do not think that a system will be implemented in which cryptocurrencies can be tracked because the inability to track cryptocurrencies can be considered an advantage in the field of encryption and if cryptocurrencies are tracked many people will be away from them and the fate of fraudsters will be very difficult and will be punished when they carry out any theft

I'm sorry to be the bearer of bad news but most cryptocurrencies are not private. All accounts are connected and permanently recorded to a distributed ledger (the blockchain) and are free for anyone to observe. The complexity of the system using different accounts creates a sense of pseudoanonymity but since they are all connected, they can be traced. There are a few techniques as coinjoin which are able to obfuscate the transactions and hide identities. Some exchanges do not accept funds mixed with coinjoin for this reason. Anyway even these mixed transactions can be traced at a high percentage, making this strategy not exactly anonymous either. Mistakes are made and everyone leaves traces behind. If something can't be found now you never know if it will be found later.

[gloria10yqj 27]

On 1/21/2020 at 2:48 PM, McCree said:

The scammers will not disappear even then. Many people are gullible and the scammers take advantage of that. Take technical support scams for example, they exploit the victim's lack of knowledge of computers to trick them into paying money.

It is not possible to track the sender of a transaction as a decentralized currency if bitcoin belongs to a hacker and deposit money into his account. by the way you can get information to identify him. anyone can see all the transactions from one wallet to another, just that we don't know who the wallet owner is and now to fix this problem.

[teebasas 3018]

The scammers exist before the creation of Bitcoin and they will not disappear after the regularization of Bitcoin, when the transaction will be traceable, the scammers will update their tools or they will come back to their old tools.

[Abrar1122 10]

you can think in the other way like the US dollar is still are traceable conceived but there are many scammers and hackers who still it so if the cryptocurrency become the the crucible currency still there will be a lot of hackers

[kryptonick 2659]

It is almost 100% traceable. Most transactions will reach a wallet that will have clues left somewhere on the belongings. It is Monero that is untraceable as transactions and wallets are private and can't be observed.

[RoyalHouse01 9]

Still the scammers will have the way out as in the fiat currency there are already many scammers and they adre not get caught in the the cryptocurrency there will be the same thing.

[selfmade 7]

It is impossible for bitcoin maybe some other coins, but if it was possible then with the help of KYC the authorities would easily catch the scammer.

[Whited35 15285]

Illegal Bitcoin transaction made by cyber criminals by stealing the funds from exchange or one's wallets can be tracked from the blockchain analysis companies like Chainalysis. So many criminals are already being caught while converting their assets against fiat currencies so criminals are facing the real challenges to utilize their stolen crypto as everything is transparent on the blockchain. 

[Tubaa 23]

Its alright that if these things have made clear to the public, Then the use of Bitcoin will increase more. Even if a report like this is made with Bitcoin, and everyone can easily know about the management of Bitcoin, then Bitcoin will be used a lot. Though people can give thier trust easily.

Edited March 11, 2021 by Tubaa

[selfmade 7]

10 hours ago, Randauskon said:

The bitcoin and other cryptocurrencies are normally faced with the threat of scammers who are always ready to take advantage of their wickedness to get their clients and steal from, so if this is put in place, I think it's will better for the bitcoin and the cryptocurrency world, that's my thought on this particular article friends.

But if bitcoin becomes traceable it would get over scammers but what about it's pride? the main characteristic of bitcoin which is been untraceable?