Bitcoins and Crime

What Are Bitcoins?
The Silk Road

Originally created by Satoshi Nakamoto in 2008, and released in 2009, this new digital currency has grown immensely in just a few years. Today, there are nearly 130,000 online transactions made with bitcoins per day, compared to about 100 per day back in 2010, with the value of this currency reaching upwards of $1,100 dollars. Much of the success of this new cryptocurrency can be attributed to its anonymity as bitcoins are one of the first decentralized digital currencies, allowing for use without names ever being recorded. However, the success of this revolutionary currency has come from questionable sources as its complexities have opened the door for crime on many levels, ranging from drug dealing and sex trafficking to money laundering. Digital currency has been on the rise, and we must consider the implications of this new technology as it has begun to take root in the modern economy.