The Dark Side Of Cryptocurrencies

One might think that bitcoin and other cryptocurrencies are revolutionarily smart money that can be used to buy dodgy products, to get rich in short time and of course to make tremendous profits through ICOs and other resources. But you might get partially wrong here – there is also a dark side to cryptocurrencies.

Bill Gates, a popular philanthropist, a tech billionaire and founder of one of the world’s most renowned company, expressed his thoughts regarding cryptocurrency and made a statement that Cryptocurrencies like Bitcoin have ‘killed people directly’.

Bill Gates has never been this pessimistic regarding the application of Bitcoin and other cryptocurrencies. In fact, in 2014 in an interview on Bloomberg TV, He said that Bitcoin “was better than the currency”.

Recently, in a Reddit Ask Me Anything session, the Reddit user named Askur1337 asked the question: “What’s your opinion on Crypto Currencies?”. And the answer was quite shocking yet interesting as most people are busy praising the Bitcoin and other digital currency, Bill Gates went totally opposite and strike back by saying that cryptocurrencies are the rare breed of technology that killed people directly by allowing them to buy lethal narcotics without getting into trouble or worrying about the government norms.

He said: ‘The main feature of cryptocurrencies is their anonymity. I don’t think this is a good thing. The Government’s ability to find money laundering and tax evasion and terrorist funding is a good thing. Right now cryptocurrencies are used for buying fentanyl and other drugs so it is a rare technology that has caused deaths in a fairly direct way.’

Moreover, he did not stop criticizing cryptocurrency there. He also said that the unique feature of cryptocurrencies – anonymity, which is doing nothing but promoting the funds for terrorist and smugglers to buy lethal narcotics such as fentanyl and other drugs directly from Dark web.

This unenthusiastic response from Bill Gates discouraged the number of crypto nerds and their comments are definitely worth to have look at.

It is not the first time that popular personalities like Bill Gates are criticizing the cryptocurrencies. Veteran investor Warren Buffet has previously said that the speculative crypto-currency craze “will come to a bad end”.

Cryptocurrencies, for sure, have brought a lot of industry-changing benefits and opened the new doors of opportunity but it does not mean that one should judge the whole ‘digital dosh’ scenario just by looking at its plus points.

Cryptocurrencies are also coins that have two sides and the majority of people are not aware of the odds associated with using it.

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