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Reports find less than 1% criminal activity in Bitcoin exchange

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Less than 1% of all Bitcoin transactions are criminal in origin, says a report that studies illegal transactions conducted on the blockchain.

A UK based cyber security firm Elliptic, that specializes in creating tools to identify criminality associated with blockchain related transactions, has released a report investigating the global Bitcoin market with a focus on money laundering.

The findings of the report say that results somewhat surprisingly find that the much-hyped criminal elements involved in Bitcoin appear excessively small, with an amount even less than 1% of all Bitcoin transactions. Another surprising fact revealed in the report was that illegal Bitcoin transactions were again excessively made to European sources.

The Report

The research report shows the fraction of all trades that consist of illegal payments here, emphasizing how the figure has fallen from just over 1% in 2013:

The study days that there is relatively a very small portion of  ‘dirty bitocins’ going into conversion services. During the last four years nly 0.61 percent of the money entering conversion services were verifiably from illicit sources, with the highest proportion (1.07 percent) seen in 2013.

In regards to the global distribution of illegal trades, it was found that even though only a quarter of total trades were made in Europe, they accounted for a much higher proportion of illegal activity:

Roughly a quarter of all incoming transactions went into Europe in 2015 and 2016, but 38 percent and 57 percent of all illegal trades, respectively, went to European services during those years. Thus, Europe hosted a unequal amount of illegal actions.

The Findings

Findings of the report are surely beneficial for the reputation of Bitcoin and a sigh of relief for its investors. The terms of how illegal digital currency can be measured may be unclear, yet after the myriad of Bitcoin ransom ware attacks, such as Wannacry, making the headlines, there are channels of illegal transaction that can be followed.

Identifying money laundering and crimes associated with the funding of terrorism are sure to be a focus for investigators, but evidence presented in the Elliptic’s report suggests that Bitcoin criminality would appear to have been exaggerated.

What do you think about Elliptic’s findings?  Let us know what you think in the comments below.

 

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Crypto market stabilizing gradually

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Crypto market is stabilizing around $450 billion market cap after gradual increase in overall value in recent weeks.

Leading crypto currencies are on the rise, lead by Bitcoin, Ethereum, Bitcoin Cash and Ripple. Although increase in bitcoin value is less as compared to other crypto currencies but overall market is on rise with current market of $440 billion.

Bitcoin is currently hovering around the $9300 mark after being rejected at $10000 mark couple of times in last days, Ethereum is on the charge as well but the most surprising one is Bitcoin cash. Bitcoin cash was at $600 couple of weeks ago and now at $1600, shows rapid growth in recent weeks.

EOS

Crypto currency of the month has to be EOS, investors of EOS are enjoying a massive rise in value in past few weeks, EOS started April at $5 mark and now is at $18 , value of EOS increased more than 3 times within one month.

Current top 5 crypto currencies

  1. Bitcoin : $9388
  2. Ethereum: $741
  3. Ripple: $0.83
  4. Bitcoin Cash: $1630
  5. EOS: $18.28

 

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Take a Crypto Pill

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Crypto Pills

Crypto market is crashing, we all know that, panic sellers are taking over the market with massive sell-off. You can’t control that, just calm down and take a Crypto Pill to make things easy.

Crypto Pill is the term being used by industry leaders to make things calm down from recent fiasco, yesterday a leaked news from CFTC about Bitfinex and Tether made things even more difficult for crypto traders, short sellers went all into the market with massive short bets, and they won, Bitcoin price slipped below $10000 level to as low as $9500, but later on recovered to $10K , but selling pressure is still there.

First South Korea and now US

First it was South Korea, the country with massive trading volumes in crypto market, they announced to ban anonymous crypto trading and ban took place effective from 30th Jan 2018, then a sudden news came from US market when Bloomberg broke the news that US financial regulatory authority CFTC investigating Tether and Bitfinex, but later on it was confirmed that news was from December last year, which made market calm down a little bit after all that tension and hype about US crackdown on crypto currencies.

HODLers will take over market soon

Despite of all this fiasco, Hodlers are still holding their Crypto currencies, they are not giving up and they holding for their dear life, it is very much possible that they take over this market in near future, making another uptrend in coming months.

 

 

 

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Venezuela is the cheapest country to mine Bitcoin

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Cost of mining one Bitcoin in Venezuela is just $531 

Most expensive country to mine Bitcoin is South Korea, where cost of mining one bitcoin is $26,170

After recent crackdown by Chinese Government on Bitcoin miners, most talked about topic in bitcoin community is that which country would Chinese Bitcoin miners chose to shift, as many research firms were working to find the best possible option for the miners, one of the best option is Venezuela, where cost of mining one bitcoin is the cheapest, just $531, as compared to China where cost of mining one bitcoin $3172.

Others with lower costs are Bangladesh, Belarus, Paraguay, Serbia and Trinidad & Tobago. The most expensive is South Korea at $26,170 per coin. The U.S. cost is $4,675.
Calculations for the amount of energy consumed were based on the average usage of three popular types of mining equipment: the AntMiner S7, the AntMiner S9 and the Avalon.

Bitcoin mining consumes a lot of energy and according to one estimate, Bitcoin mining currently consuming energy which is more than 159 countries, including countries like Ireland

Bitcoin mining leading surge in global electricity consumption

 

 

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