Mobsters and criminals have always used the internet to their advantage. Ever since the internet was created, we have had an influx of criminal activity, and the Darknet has been a haven for the morally ambiguous. So many clandestine goings on happen online, and this has only increased in the last five to ten years. The thing is that you could argue it’s almost become easier for criminals these days as well.
Now that technology and the world has changed, criminals have had to adapt and change their approaches to keep up. That is why there has been a great deal of criminal interest in the world of Bitcoin in recent years. Many people have recognised the scope and appeal of Bitcoin as a currency, and how much of a role it plays in online commerce, such as bitcoin gambling.
If you think about it, Bitcoin is appealing to mobsters. You have a digital currency that you can set up using different names, and, some places will allow you to make anonymous transactions. It also means that you can keep abreast of what everyone in your operation is up to in terms of their Bitcoin transactions.
In fact, in recent times we have heard accounts of entire criminal empires being run on a foundation of Bitcoin. Drugs and weapons are just two of the major things you’re able to buy using Bitcoin. And this shows you just how far the cryptocurrency has come in the past five years. Criminal operations are expanding and becoming much more reliant on Bitcoin as a currency.
We have even had news stories in Italy this year about how the mob has been using Bitcoin as a major part of their fraud operation. Allegedly the Italian mob has used Bitcoin casinos to launder money, but it remains unclear the exact details of the operations.
It’s pretty obvious that Bitcoin is popular and appealing among online mobsters, but it’s not quite the foolproof scheme they probably imagine it to be. A few years ago criminals could embrace Bitcoin completely because you could pretty much buy or sell anything with it and achieve anonymity. However, this is no longer the case, and now law enforcement are much more adept at tracking Bitcoin activity.
As we develop more technology to follow and understand the way in which Bitcoin works, it becomes less possible for mobsters to use it to their advantage. So, unless criminals change their approach and update their methods, Bitcoin could prove to be their undoing.