Cryptocurrencies and Corruption

Can you hide your Black money using Bitcoin ?

Well, If someone is not checking the transactions, then yes, But in Bitcoin case, anyone can check the blockchain and confirm any transaction, so it’s actually impossible to do corruption using Bitcoin and hide it where as traditional money is difficult or impossible to trace as it changes hands.

Bitcoin is not truly anonymous, it is pseudonymous. The Bitcoin address of every wallet is unique and permanently recorded. And with proper police work, any person’s identity can be traced. As compared to offshore banks, which remain truly anonymous due to various legal protections.

With the extensive use of cryptocurrencies, Corruption could be significantly reduced or eliminated, though corruption is a thing that always finds a way to pop up. But it still gives hope to the human kind that a better system is getting evolved that might one day make it extremely hard for anyone to hide black money. And every single penny would be needed to be told where it got earned from.