Cryptocurrencies are a new technology that make possible transnational financial transactions and create new financial markets. A minority of cryptocurrency transactions are used for criminal and terroristic activities. The technological novelty of cryptocurrencies, along with their supranational properties, has raised concerns about their vulnerability to hacking, use for illegitimate purposes, and financial volatility. Prior to the invention of cryptocurrencies, private sector companies made attempts at creating digital forms of cash. Countries mostly recognize the legality and legitimate uses of cryptocurrencies. Secular authorities have condemned the use of the currency for its semi-anonymous quality, associating it with criminal activity. Early adopters of cryptocurrencies such as Bitcoin included criminals who used the cryptocurrencies for illegal activity online, mostly in purchasing narcotics, in anonymized online marketplaces known as the dark web. However, the real potential for terrorism may be in terrorist groups hacking blockchains and attempting to bring down multibillion cryptocurrency markets.
|Title of host publication
|The Handbook of Homeland Security
|Scott N. Romaniuk, Martin Scott Catino, C. Augustus Martin
|Place of Publication
|Boca Raton, Fl.
|Number of pages
|9781032362632 , 9781138501720
|Published - 7 Jul 2023