It is unfortunate, but not a surprise, to the crypto community that bitcoin is infested with black market transactions. These illegal transactions range from buying pirated copies, sex, firearms, or drugs. With the Silk Road controversy, which resulted in the subsequent closure of the exchange, the seizure of tens of millions of dollars worth of Bitcoin, and the arrest and detention of many at the epicenter of exchange operations; Bitcoin’s reputation was deeply tarnished from the start and was viewed by the public as a vehicle for criminal activity. Even today, after the Silk Road was closed, black market transactions continue to take place with the use of Bitcoin in darknet markets such as Hydra. As the owner or potential owner of Bitcoin, how do you know if your Bitcoin has ever been involved in illegal activities? A company recently went online to help Bitcoin users check the history of their Bitcoin to see if it was ever used for illegal activity and explain why it is vital.
track was founded in early 2019 to check and uncover customers’ Bitcoin history as part of the increasing demand for AML (anti-money laundering) compliance for cryptocurrencies. As a HODLer, you are always at risk of getting “dirty” Bitcoin. trackThe mission is to enable customers to check their Bitcoin every time they trade to resolve any concerns. The app is the fastest way to validate Bitcoin addresses and transactions on the market. Their user-friendly design is based on a powerful process called KYT or Know Your Transaction. The KYT method of track Provides the highest level of legal compliance and eliminates the need for fraud or nefarious problems related to your bitcoin.
You’re probably wondering why you should bother checking your Bitcoin’s activity in the first place, right? After all, many dollars, euros, pounds, and other paper fiat currencies have likely gotten into the hands of some very bad people doing very illegal activities. In addition, much of the paper currency in circulation contains traces of cocaine and other illegal drugs. How much cocaine has ever made it onto a bitcoin?
Bitcoin is actively used as a vehicle for bad people to buy drugs, guns, sex, stolen goods, stolen identities, and almost every other possible illicit thing for sale on the dark internet and black market. Did you know that if you unknowingly buy “dirty” bitcoins, you are technically an accomplice in any illegal activity that has been done with them? The FATF (Financial Action Task Force) and AMLD5 (5th EU Anti-Money Laundering Directive), which will come into force on January 10, 2020, will soon come into force and require all cryptocurrency exchanges to check every source of origin. harboring them block suspicious funds. With hundreds of new social posts popping up every month about crypto exchanges blocking what they think are suspicious bitcoins, track Now users can check to see if any bitcoin they own or are about to receive is dirty.
I tried recently track for myself to see if I owned a “dirty” bitcoin. They offer three free wallet checks for new customers. Paid plans start at just $ 5 for 5 scans. Your free scans allow you to check up to three wallets for free, including yours or someone else’s. Downloading and registering the app was easy and straightforward. All that is required is a cell phone number and text verification. Once you have logged in and entered a Bitcoin address in the search box, track performs a lightning-fast scan of the Bitcoin for suspicious transactions. After my scan, the Bitcoin was rated 90% perfect. In a pie chart, the various holdings of my Bitcoin were broken down and color-coded throughout the course of the transaction. This was detailed with the in / out history, the amount of each transaction, the wallet address and a time stamp.
track Integrates both an AI and a human approach to detecting signs of fraud. They believe that you shouldn’t leave a chance of owning a bad bitcoin. Additionally, they recommend that you use their tool every time you trade or receive bitcoin in order to completely eliminate the risk of fraud. They also offer the ability to report your dirty coin using the in-app report button in case dirty bitcoin appears in your wallet. From the reports menu, select the type of activity your Bitcoin was involved in, including ransomware, extortion, sextorting, and more. When you send this message out, it goes to the tracing team, who are moderating the dirty transaction and making it public in their public report. This public report should be visible to customers in the next version.
Now that you know that you may have dirty bitcoins in your wallet, what are you going to do to future proof the bitcoins that you currently own and will buy? track offers three free scans on registration and the service starts at just $ 5, giving you 5 wallet checks. Their service goes up to 60 wallet checks for $ 50. This service will prove invaluable in the years to come as the world of Bitcoin adds more levels of regulatory compliance to create more trust in the system and less fraud and abuse. What do you think of track and your new service? Make sure to let them know on Twitter @Traceercoand let me know too @MarcusHenryHODL.
Marcus Henry is an American journalist with over 11 years of experience in the technology industry. He has been in the crypto community for three years and is currently based in Austin, Texas. He covers the latest news, writes perspectives and reflections, and conducts interviews with industry professionals and community members. Follow Marcus Henry on Twitter @MarcusHenryHODL
Disclaimer: The above information does not constitute investment, financial, trading or other advice and you should not treat any of my content as such. I do not recommend buying, selling, or holding cryptocurrency or any other product and nothing I write about should be viewed as an offer to buy, sell, or hold any cryptocurrency or any other product or service. Please do your own research and consult a certified financial professional before making any investment decision.