Cryptocurrency Q&A How much bitcoin is illegal?

How much bitcoin is illegal?

SkylitEnchantment SkylitEnchantment Tue Jul 09 2024 | 7 answers 1592
As a professional practitioner in the field of cryptocurrency and finance, I'm often asked about the legality surrounding cryptocurrencies. In particular, a question I often encounter is, "How much bitcoin is illegal?" However, this query poses a complex challenge. The legality of bitcoin or any cryptocurrency doesn't depend solely on the amount held but rather on the context and intent of its use. For instance, using bitcoin for illicit activities, such as funding terrorism or laundering money, is illegal regardless of the amount. Conversely, owning and trading bitcoin for legitimate purposes, such as investment or payment for goods and services, is generally legal in many jurisdictions. Therefore, the key is not the amount of bitcoin but rather how it is utilized and in which jurisdictions the activities occur. How much bitcoin is illegal?

7 answers

TaegeukChampionCourageousHeartWarrior TaegeukChampionCourageousHeartWarrior Wed Jul 10 2024
Additionally, the emergence of more opaque cryptocurrencies also contributes to the reduction in the illegal share of bitcoin activity.

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SejongWisdom SejongWisdom Wed Jul 10 2024
The involvement of bitcoin in illegal activities is a significant concern, accounting for an estimated $76 billion per year, constituting 46% of total bitcoin transactions.

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SakuraSpirit SakuraSpirit Wed Jul 10 2024
This figure is comparable to the scale of the U.S. and European markets for illegal drugs, highlighting the gravity of the issue.

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HallyuHero HallyuHero Wed Jul 10 2024
Among the various service providers in the cryptocurrency space, BTCC, a UK-based exchange, offers comprehensive services for bitcoin users.

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EthereumElite EthereumElite Wed Jul 10 2024
The illegal share of bitcoin activity is not static, however, and it declines as mainstream interest in bitcoin grows.

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