Bitcoin has received the notoriety of being the most preferred payment system of the criminals. Usually, governments and regulation enforcement agencies in numerous elements of the world have used the anonymity of Bitcoin transactions as an excuse to prevent people from the usage of it. Bitcoin transactions were confirmed to be pseudonymous at best. With the proper equipment and sufficient time, it is possible to track the cryptocurrency transactions. Now, the Denmark’s regulation enforcement authorities have confirmed it to the world. In line with reports, the Danish police have effectively arrested and convicted drug sellers for the second time in a row via tracing Bitcoin transactions.
Several months ago month, a defendant in one of the narcotics-associated cases was found guilty by a court in Denmark after considering traced Bitcoin transactions as proof. The defendant was sentenced to 8 years in jail. Denmark has set a report for its efficiency in handling cybercrimes, particularly those concerning cryptocurrencies.
Kim Aarenstrup stated:
“We are pretty much specific in the world at this moment, because no one else has been able to use this kind of trace as evidence before. Every person is looking towards Denmark in this subject, and we are in near conversation with numerous different nations nowadays, so that we will similarly improve the technique and teach them how we work.”
The internet media outlet offers a short description of the technique used by the Danish law enforcement agencies. The tracing technique compares the transaction data related to purchases made using the cryptocurrency with the listing of Bitcoin consumers and dealers on the internet. The evaluation will permit the authorities to discover questionable transactions as well as the people involved in it.
The latest developments are predicted to have an effect on the dark internet dealings concerning drugs, guns, and contraband. The opportunity of police tracing Bitcoin transactions will boost up the adoption of anonymous cryptocurrencies like Monero among the dark internet companies. Once the technique for tracing Bitcoin transactions become more huge, governments might also undertake a more favorable stance in the direction of the cryptocurrency.