Created in 2009 by a mysterious person who called himself Satoshi Nakamoto, the currency was primarily introduced to be used for payments that are not subject to government oversight, transaction fees, or delays in transfers – unlike traditional currencies Back in 2010, the price of a bitcoin was about 0.003 cents per coin.
In October 2017, the price of the currency rose to 4,200 US dollars – although this value has fluctuated, with daily fluctuating and repeated movements until this day in a scene that shows you the danger of this market that works in secret on the economies of individuals but institutions and entire countries.
Bitcoin was initially invented as a method of payment, and in some specific cases it works exactly as intended but it lacks widespread widespread, in addition to being in a state of great volatility at the present time to be considered a real alternative to fiat currency: sellers need to review Their prices are constantly being traded to cope with fluctuating moves in its value, meaning that Bitcoin is primarily used as an investment similar to gold and other precious metals, rather than a traditional currency.
United Nations officials have warned that terrorist organizations are circumventing financial systems to fund their terrorist operations through the digital currency portal.. UN officials added: Terrorists finance their atrocities with digital currencies, and cash and hawala remain “the prevailing methods of financing terrorism,” as imposed by the Ministry of Foreign Affairs. US Treasury Sanctions Tornado Cash Mixer Over Money Laundering and Cybercrime Concerns. A number of blockchain-based forensic companies such as Chainalysis and Elliptic have also emerged in recent years to track down cybercriminals and report their activities to governments, helping to dispel the myth that digital currency It is a safe haven for criminals.
In this regard, the economist Ahmed Maati commented on the changes that occur in the bitcoin currency, saying: “Bitcoin’s movements in the field of cryptocurrencies are considered fast, very dangerous and very violent, leading to large losses, especially for individuals more than companies, due to the declines that occurred in this year.” .
Maati added that Bitcoin is a currency whose source is unknown until this moment due to its dependence on decentralization and its entry into the monopolistic market for those who have the largest liquidity in the world and can control the increase or decrease of Bitcoin more easily, for example, “Elon Musk’s tweet” on the social networking site “Twitter”. ».
Maati stressed that Bitcoin has several problems that are summarized as follows: “It depends on decentralization, a percentage of monopoly, and its violent movements,” noting that Bitcoin is used in everything that is illegal and illegal such as selling organs and drugs, and all these crimes and more are committed It is traded in bitcoin because countries are unable to track this currency from where it comes and where it goes due to its dependence on decentralization and that it is not affiliated with a bank or an approved financial institution. Young people are dealing in bitcoin illegally via b2b and other clandestine applications.