Cryptocurrencies are known for how decentralised and unrevealing they are when using them.

This is possible as they work with the Principle of cryptography.

Also, crypto transactions are secured and recorded in a safe and secured ledger called the blockchain.

With blockchain, you can verify and confirm all transactions done in the crypto space.

Anonymity is not a bad idea or a bad concept but it has been used to process evil activities, flagging cryptocurrencies as a scam tool.

The issue of money laundering has been making rounds for a while now and neither fiat nor crypto is excluded.

Some financial institutions are criticizing cryptocurrencies because of their high volatility.

But that alone is not the reason why cryptocurrencies are banned or prohibited in some countries.

Some countries feel that cryptocurrencies are used mainly for crimes and fraudulent activities since they are decentralised and not trackable.

That opinion seem to be barren as cryptocurrencies are even more trackable than fiat currencies, according to reports.

In this article, we are going to reveal the steps of money laundering and the reasons why cryptocurrencies are more trackable than fiat currencies.

NOTE: Fiat is any legal currency of a country.

What is Money Laundering
Money laundering is the conversion of illegally gained proceeds into legal proceeds.

This is not limited to terrorism financing and other financial crimes.

The modern steps of Money Laundering
Over the years, money laundering has been prevalent in the world and was not as complex as it is today.

Cryptocurrencies are easier to track than fiat currencies

It is important to note that Bitcoin was not created to support money laundering or any illicit operations.

Bitcoin, the first cryptocurrency, was created as a store of value, and to give users the freedom and transparency fiat couldn’t give.

With Bitcoin, you become your bank.

To achieve this, Bitcoin was built on the blockchain, a secured decentralised ledger, slightly the opposite of a bank.

The blockchain is open source and transparent, which makes it possible for anyone to view or access it, unlike banks.

With this, all transactions done in a blockchain network can be viewed easily by anyone in the whole world.

Complete article
https://cryptoforpidgin.com/2022/07/20/shocking-as-crypto-becomes-trackable-than-fiat-currencies/

Oyibo wey do pencil, also did the cleaner.. they have been using the crypto currency to scam our people.

Crypto is Trackable If you use KYC exchanges

We use Cold Wallet
And trade with Monero

Flamethehussler:
Crypto is Trackable If you use KYC exchanges

We use Cold Wallet
And trade with Monero

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