Hello and this lesson we are going to talk about some of the illegal activities that are done and where crypto currencies such as Bitcoin are used. The media may lead you to believe that all cryptocurrency or the participant say Bitcoin but their journey to cryptocurrency. cryptocurrency and blockchain as well based stuff is purely legal and that's just a lie. There are plenty of legal stuff but again this video is talking about the legal side of it. So one of the biggest ones use cases or a weapon to my s there is Silk Road if you know anything about Bitcoin then I'm sure you've heard of this, this was a website on the dark web that basically facilitated the sale of drugs. The sale or drugs using Bitcoin as a means for purchasing them, and various other stuff as well.

So all the stuff that is being used for online outside of silk road is weapons. Most of this stuff does generally occur on dark web, simply because they can secure it using a network such as Tor is a lot harder for parties or anyone really to trace an individual. a nother thing is child porn. Again, I just want to mention all of these fingers, drugs, weapons or porn or anything else that we're going to discuss is done in the real world. It's done on the internet, but not on the dark web. So just the regular evil surface or deep web, but it's been sort of attracted to the dark web and more specifically, cryptocurrencies due to its anonymity as your won't really go into any depth about weapons, child porn or drugs at the end, you know what they are, but if facilitating the transaction of this torture, and I'm not talking about torture porn or anything like that as well, but just torturing of people and selling essentially the access to it sometimes even live online, so you can watch that and transact points and any and in general, over illegal information and data.

So wherever that illegal data regarding government secret or illegal data regarding anyone really if it's illegal, a lot of time people are using some sort of dark web based system to transact to to transfer it. And now with the advent of cryptocurrencies, people are using if they want to sell it, they are using cryptocurrencies for the dark web. Another thing is, and this is something that you can get by the dark web and you can get it without cryptocurrencies, really, but cryptocurrencies have really aided people that want to hire hit men. And I'm not even taking the piss out. I mean, seriously, people that want to hire Hitman, you can go onto the dark web, hire em. Pay him using cryptocurrencies.

So this all generally works around the dark web. Another thing is tax evasion. Some people might call it avoidance evasion is illegal. avoidance is legal. Some obviously the morality of avoid of certain tax avoidance schemes and mechanisms is a debate for another day. But tax evasion, some people may be putting their money in cryptocurrencies to make it harder to truck even though they should have paid tax on it.

Or maybe if it's, if they're using it to sell stuff, because remember, as we covered in the tax and regulation video, if you are a seller and you're selling stuff using cryptocurrencies, or say amazon for example, the profit in that you still need to report they still need still needs to be taxed. But maybe Because it's harder to track it, maybe they're not actually reporting it. So that's another thing. Another major one is ransom. rants and again, none of this is new existed. Before.

Cryptocurrencies existed before the dark web existed before technology before computers, but it's just exploded as a result of this and it's provided a new way of securing the anonymity of an individual. So the ransom can be anything from kidnapping so maybe some people or kidnapping a famous person or the child of a rich, individual, rich family, and they want the What's it called? The ransom in cryptocurrency, cryptocurrencies. A nothing is cyber attacks. This is very big within cryptocurrency so if let's say you hack a company you lock all the data down and you say if you don't send us money within 24 hours or 48 hours we'll delete all your data, usually back in the day would have been using fear currency but now with the advent of cryptocurrency, such as Bitcoin, Salah horse track, so they are using that in dead and terrorist groups are also using using crypto currencies and where are they using it for so they are using it for a few different things.

They're using it as a means of remaining anonymous, regardless of whether you're a terrorist group, Corporation, a government, whoever you are, need to get stuff into Bicester. For your cause for whatever you're doing, and using cryptocurrencies they, it helps them remain anonymous when they are purchasing stuff and transferring currency and transferring assets as well over long distances over different countries as well. Another thing is blockchain block. Chain based technology such as aetherium, for example, is being used by terrorist groups as a means of tracking data without a central system so that, again, doesn't matter whether they're a legal group or not, they still have to do certain things for that group to operate, tracking certain things, they need to have certain operations that you would see in a regular business as well. And if they can do it via a decentralized distributed system, then they can And parade even longer without getting caught or being taken down in any successful effort.

Finally, finally, in general, some may argue it isn't legal as its untrackable. So firm, people may argue that it is illegal regardless of what you're doing with it, just because it's on trackable. This isn't a very popular argument, but I have heard individuals online and in real life, say this and I think this is pretty stupid. Well, I think it's something worth mentioning. Cuz at the end of the day, you can't really track in a note based currencies, you know, physical pounds is physical coins. No, unless you have some sort of system in there to track it if it's being used to collect Madden if it's not being used, how you can track that, so this really isn't a major one, but again, I've heard it from individuals.

So I thought it was worth mentioning. In this video, we covered the illegal activities that some people are using cryptocurrencies for. Again, I'm not encouraging any illegal activities for I just put that disclaimer there. If you have any questions, feel free to reach out. If you want to go over the video. Again, feel free to do that to check out any of the topics and concepts that we covered.

And as usual, thank you for watching, and I look forward to seeing you in my next lesson.