Why Is It So Difficult To Track Cryptocurrencies?

Good-Guy

Valued Contributor
The development of cryptocurrencies has brought a major change in the world of online transactions. Before the year 2009, almost all the online transactions were done either through Paypal, credit cards, or checks. Some people used bank transfer options when it comes to making payments before Bitcoin was invented. However, now it seems that cryptocurrencies have also changed the internet and modes of payments. There are many websites that are now accepting Bitcoin and other cryptocurrencies as payment methods. However, cryptocurrencies are very difficult to trace and it is believed that cryptocurrencies are nearly untraceable to some extent. However, why is it so difficult to track or trace the person who sent or received cryptos? What makes crypto untraceable? I am not a crypto expert, so this question needs to be addressed.
 

sincerem

VIP Contributor
No doubt dear, it has changed the mode of transaction in the internet. Earlier on, it wasn't like this. Earning money online in the previous years when Cryptocurrency haven't been in existence us simply hard to deal with. at times it takes weeks for the payment to arrive the destination you want it come. And their is lots of hassle to be faced when dealing on the odd system of payment online.
 
Comment

Sotherefore

VIP Contributor
I think the reason is because cryptocurrency is a decentralized block chain and in this case you may not actually be able to keep track and record of what is happening because all transaction is digitalize with no record-keeping of what and when a transaction is done.
 
Comment

Good-Guy

Valued Contributor
No doubt dear, it has changed the mode of transaction in the internet. Earlier on, it wasn't like this. Earning money online in the previous years when Cryptocurrency haven't been in existence us simply hard to deal with. at times it takes weeks for the payment to arrive the destination you want it come. And their is lots of hassle to be faced when dealing on the odd system of payment online.

I do remember those "bad days" when I used to find work online but never used to be able to do that due to the fact that there were no great payment methods like cryptos. Things have changed now for good. I really wish if cryptos were invented earlier and people would have been using it earlier like they do now and will probably use cryptos more in the future.
 
Comment

Sotherefore

VIP Contributor
I dont always understand the real reason behind this because sometimes I always want someone that have a deep understanding of why we cannot track down cryptocurrency transaction to tell me the reason, I think every block chain transaction is not control in any way.no record is being kept.
 
Comment

Alexandoy

VIP Contributor
I have to agree that it is difficult to trace the crypto transaction because of the change of wallets that can be done many times. But on the contrary the FBI had traced the crypto of hackers that was paid to them as ransom. There was a series of transfer to many wallets but the FBI was able to track down the Bitcoin.
 
Comment

Chibson

VIP Contributor
The main reason that cryptocurrency cannot be tracked is because it is highly decentralized. It does not require a third-party like banks and other things in order for transaction to take place. Cryptocurrency has really changed the game for many people in the sense that receiving money around the world is very easy as anything.
 
Comment
Top