How Blockchain-based Cryptocurrencies Can Help Reduce Crime Rate Impressively

Although cryptocurrencies have been bad-mouthed a lot in the past for being a new gateway for criminals, well, the truth is quite the opposite. And this is evident from all the crypto adoption in the recent few years on a global level.

If you don’t know much about cryptocurrencies, their potential, and what they can do, this guide is the perfect place to know it all. Stay with us to know how cryptocurrencies can indeed help to not increase but actually lessen the crime rate due to the unique blockchain structure.

First of all, let’s have a primer on crypto concepts so let’s get started.

You must have heard of cryptocurrencies since they have become enormously popular worldwide. A cryptocurrency is a digital form of currency that can be used just like normal cash, but with more benefits. And just like any other money, cryptocurrencies can also be traded and used to buy and sell digital assets.

All over the world, individuals have been using fiat cash for crime purposes. With the invention and hype of crypto, criminals have tried their best to change their course towards cryptocurrencies. But alas, the crypto space is not for criminals and hackers. Although some may use crypto for exploit purposes, the main and major feature of cryptos is safety and security from external threats.

Moreover, many rumors have also been regulating that crypto has provided a new gateway to hackers and criminals. But the global adoption and interest of people in crypto-related services have proven otherwise.

Based on the secure technology of Blockchain, crypto can help reduce wrongdoings and eventually prove useful for a drop in crime rates. Here’s how it all happens.

  • Crypto Transparency

One of the most beneficial things about crypto and blockchain is the transparency it provides. Every transaction, every trade, every selling and buying, all of this happens in front of you. It’s all visible to you and you can trackback anything you want.

This is a major setback for criminal minds as everything can be traced back to wherever it started. This is big enough to ward off criminals and hackers. For this reason, most people try to refrain from criminal activities on crypto platforms, which is eventually a good thing. This will also eventually lead to less corruption all over the world.

  • NFTs — An End to Fake Arts

The art and design industry has forever been facing the problem of counterfeiting and fake arts. In this matter, companies and artists suffer huge losses.

Now, this will no longer be an issue with the invention of the new crypto concept of NFTs. Non Fungible Tokens are basically blockchain pieces of art with unique identities that cannot be duplicated or changed. NFTs are basically impossible to counterfeit and that’s will mark a clear reduction of the art crimes.

  • Alter-free Blockchain Features

One more thing that makes crypto less suitable for crimes is the alter-free features of blockchain technology. Blockchain and crypto are basically decentralized and transparent and this way, it makes them hard to alter or change for wrong purposes.

All the crypto-related services have high-security encoded in them and no one can alter or reach them other than the owner. Take a look at crypto wallets, for example, these wallets are secured by public and private keys that can only be accessed by the wallet owner.

  • Crypto is New and Complex

It’s obvious that crypto is a new field and rather complex as well. That’s why criminals refrain from using it because they don’t know much about it or how it works. This is a plus point that criminals won’t use this platform for their wrongdoings.

Bottom Line

Now we are sure that crypto is actually providing a way for fewer crimes and misconducts and that the rumors are simply rumors, there’s no truth in them.

Accelerating the blockchain revolution