Cryptocurrency has been a game changer since it came into being. The market of Cryptocurrency has been on a very steep graph in 2017 and in the early 2018. Since the mid year, the market has seen extensive growth and has taken it to a different level. Various cryptocurrencies such as Bitcoin and similar digital currencies have been largely used in various countries all over the world. The underlying technology of blockchain has engrossed Wall Street and mainstream media. Unlike every technology that comes into being, the Cryptocurrency is widely used in both the legal and the illegal activities.
Darknet is a huge segment of the internet that remains protected and kept out of reach of the common people where the websites are not indexed. The Silk Road was the biggest Darknet market that was recently taken down. All the illegal exchange of goods and services are done against the Cryptocurrency.
All types of Cryptocurrency, specially Bitcoin or Monero (altcoin) are used in paying ransome to the attackers who attacks several systems to collect data illegally.
Money laundering can be implemented quite easily with the usage of Cryptocurrency. Weaker AML laws provoke people to conduct money laundering.
With the use of Cryptocurrency, several countries like North Korea have been successful in eluding the sanctions by the U.S. Iran, Russia and Venezuela are some of the other most notable countries.
Various enterprises have integrated Cryptocurrency as a mode of payment in their system. One of the most notable and the largest payment systems is BitPay.
The Governments now want to go by the Cryptocurrency understanding its potential and also wants a share of profit as taxes. It can be stated that Cryptocurrency can recover taxes.