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Another Black Eye for Bitcoin or is it?

Monday 27th, January 2014 / 19:30
Another Black Eye for Bitcoin or is it?

Today the Department of Justice announced that it arrested Charlie Shrem, CEO of the Bitcoin payment processor BitInstant and vice chairman of the Bitcoin Foundation, as well Robert Faiella, an alleged underground Bitcoin exchanger, and accuses the two of selling more than $1 million worth of Bitcoin’s to users of the Silk Road anonymous black market for drugs.

As you can read elsewhere all about the details of the arrest, the real question to ask here is what does this mean for the future of Bitcoin and where once again the answer is simple. Bitcoin helped aid law-enforcement in another takedown of wrongdoers. The bare basic fact is, everything has a breadcrumb trail and if you committed a wrong-doing in the past per the use of Bitcoin, it won’t be long before Jonny Law catches up with you to ask a few questions.

Should this sway the general population from using Bitcoin? The answer to that is absolutely not, well, unless you’ve been a wrongdoer. This is the marvel of the 21st century and the technology behind it, which places a significant difference between those who use cash and those who move to virtual currencies. At BTC World News, we said long ago, when Bitcoin reaches wide span adoption, “If you’re using cash you’re likely doing something wrong“.

The bottom line is, if you’re not doing anything wrong, then there’s nothing for you to be concerned with which equals the greatest population of the world. For those who insist on engaging in crimes such as money laundering or other illicit activities with Bitcoin, then expect an unfavorable result in the long run.

It is a shame without doubt that Charlie Shrem has allegedly been accused of the fore-mentioned activities, but it should serve as a reminder to wrongdoers everywhere that Bitcoin is not the currency for illegal activity.

Heed the warning wrongdoers…   Bitcoin’s on the right side of the law.

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