in

Why Hackers Use Bitcoin and Why It Is So Difficult to Trace?

The market of cryptocurrencies represents one of the most popular trends in recent years. A lot of people are interested in investing in these assets because of the great potential they offer. The most popular option is Bitcoin. The main feature of this asset is related to the price.

The current value is around $50,000. However, the changes are quite frequent. The year 2022 was very turbulent for this digital currency. The price went from $30,000 to over $60k and then fell again. According to many experts, we can expect positive trends in the following months and years, where the price might quickly reach the value of over $100,000.

Before you step into trading with these digital assets, it is crucial to learn more about the main features of BTC, the whole market, other cryptocurrencies, blockchain technology, and how it can benefit people. If you are interested in reading more about the benefits and potential downsides of Bitcoin trading, visit bmmagazine.co.uk

There are some well-known advantages. First of all, it is a decentralized system where you can save a lot of money on transactions since you can avoid standard baking services. Also, it is one of the safest systems for storing funds and data.

There is no way for anyone to check the status of your e-wallet, or see whether you own it or not. On the other side, a lot of people are investing in BTC without learning more about the crypto market, which can lead to losses. Besides that, a lot of people think that it might start losing value due to situations with criminal activities and hackers who often choose to use this cryptocurrency.

Full Anonymity

Source; coindesk.com

The fact that there is no way for anyone to check who is the owner of the digital wallet used for storing the BTC represents the main reason why hackers are using it. That is helping them to hide their activities related to the transaction of funds all over the world.

If you are interested in opening storage to keep these assets, there is no need to provide any private data. The complete anonymity is secured since the system will provide you with unique codes that you will need to type when you want to use the wallet, which is more secure than using an email and personal info.

According to some researches, digital wallets became very popular among criminal organizations and hackers, which is the main reason why so many countries are working on new regulations that will provide some level of transparency when it comes to the possession of digital currencies.

Fast Transactions

Source: betakit.com

Tracking criminal activities online can be quite difficult. Legal institutions are working on advanced methods to track cybercriminals. However, monitoring their transactions made by digital wallets is not possible. The system offers a level of transparency by proving details of the wallet and the amount transferred.

However, there is no chance to see who is the owner of the assets. The solution for this issue is that every person must have an account on some online crypto exchange, and send an official report when they are buying Bitcoin or any other blockchain-based asset.

That will secure countries that people will pay taxes for profit made by investing in this market. Still, there is an option to simply keep the BTC on the wallet and never convert it into fiat currency. In that matter, after a hacker manages to complete an action and steal data, he can use the wallet to quickly transfer it to an unknown address, and there is no way to trace it.

Is There a Chance to Track the Activities?

Source: itcoinexchangeguide.com

As we already mentioned, there is an option to monitor the activities of some wallets. However, the challenge is that you cannot know who owns it. The hacker can use numerous wallets and make a lot of transactions in a short time, which makes it nearly impossible to track. Due to such complexity, the only way to prevent this is to include new regulations that will limit anonymity.

The challenge is that it might affect the popularity of Bitcoin, and lead to increased use of some other option. Another important thing is to pay more attention to the safety of your wallet. We can notice increased activities related to hacker attacks where people are losing access to their wallets.

The main reason is the lack of knowledge and how to secure your funds. First of all, you should spend more time looking for safe storage. The best solution is to use an offline model. Also, avoid affiliate marketing scams where you will be offered a chance to earn more by referring other people. Besides that, avoid suspicious emails with unknown links that might have malware.

The Bottom Line

Potential criminal activities represent the main challenge in the whole world when it comes to the regulation of this market. That is the main reason why some countries decided to ban BTC. The blockchain is an advanced system that offers high security and there is no way to track anyone.

However, we can notice that there is a trend where more people are interested in using official online exchanges where you can create a profile and then connect the wallet to convert digital currencies to real money. Before you create an account, be sure that the device you are using is safe. Avoid suspicious content and files that might contain viruses.

Hackers are interested in BTC because it is the safest solution to hide their activities. However, there is no way for them to convert it into real money and stay anonymous. That is the best way to fight against cyber criminals.

We expect that many countries will start paying more attention to this problem and help in securing the market of cryptocurrencies since they are the future of the monetary system. The best solution is to improve the system by implementing new features that will increase the transparency.