Nobody knows who in-charge of bitcoin is. As a matter of fact, all cryptocurrencies are beyond the grips of regulations neither the government nor any established and reliable organizations. The only logic and justification the bitcoin gives that it is meant for empowering the public or the people in general, and so it is totally decentralised without owner to have control over it. The man or woman who is the beneficiary of his or her bitcoin block and bitcoin wallet is the owner of his or her bitcoin and has complete control over it. However, the bitcoin is under continuous pressure and attempts of government authorities to bring its operations under regulations in various countries across the world. Some of the countries gone up to the context of imposing a ban on the bitcoin and its operation in their country. Get associated with Paychain to participate in the bitcoin communities and avail your bitcoin block and wallet.
The tax departments and law enforcement agencies are very much concerned about the operations of bitcoin as well as other cryptocurrencies due to the ease of using it and anonymity for money laundering and related illegal and criminal activities. The most significant among all the illegal and criminal activities involving the bitcoin was the Silk Road incident which was involved in selling illegal materials along with drugs. The Silk Road was taken into custody by the FBI.
On the other hand, after the seizure of Silk Road, the revived Silk Road said that the hackers made use of the advantages of the online glitch of the bitcoin and stole 2.7 million USD from the customers of Silk Road. The Silk Road served as a middleman between the sellers and buyers holding the fund in its account temporarily for the deals. Buyers used to put the deal money into the accounts of Silk Road and the sellers withdrew them after the deal is accomplished. Bitcoin was the only currency used in the deals in Silk Road transactions.
During the attack, there ware 4440 bitcoins in the account of Silk Road. Soon after this fraudulence, the value of bitcoin dropped sharply overnight. The FBI arrested its founder in October but soon after that the Silk Road 2.0 was started at the place of Silk Road.
In the cases of bitcoin transactions, the currency is accepted online, and the individuals involved in the deal are hidden. It is almost impossible to trace the people involved in the financial transactions which further permits to illegal and criminal activities along with theft.
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