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cryptocurrency- I hear cryptocurrencies are used for illicit/illegal activities; is this true?

 I hear cryptocurrencies are used for illicit/illegal activities; is this true? 



Asked On2022-10-17 11:57:46 by:sanjanamandhare

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Since cryptocurrency operates on a decentralized network that lacks a central authority, it is possible to exchange cryptocurrency without registering an identity. Yes, since the start there have been criminal activities with cryptocurrencies. However, the blockchain publicly records every transaction, and while names are not assigned to addresses, you can trace activity back to a crypto exchange, which knows the end user. The estimates vary for how many transactions are for illegal activities and proponents of cryptocurrency point to illegal activity with traditional currencies.

Answerd on:2022-10-17 Answerd By:sanjanamandhare

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