THE DARK SIDE
On the other side of the coin, bitcoin is perfect for the illegal trade market. Cryptocurrency is used in illegal transactions because of the level of anonymity it provides.
In 2011 bitcoin took flak when drug smugglers started receiving payments on a website called Silk Road.
US authorities eventually uncovered the scam and the website’s founder, Ross Ulbricht, is now serving a life sentence for money laundering, cybercrime and smuggling drugs.
Earlier this year it became the preferred method of payment for cyberattacks by hackers who hold people’s computers ransom and threaten to erase all their data if they don’t make a bitcoin payment.