New Study Finds Less Than 1% of Bitcoin Transactions To Exchanges Are Illicit
HomeCryptocurrency NewsBitcoinist.com

New Study Finds Less Than 1% of Bitcoin Transactions To Exchanges Are Illicit

A new report that analyzes illicit transactions conducted on the blockchain has determined that less than 1% of all Bitcoin transactions are...

Fidelity’s Bitcoin Custody Service Set For Launch in March
Gemini Passing SOC-2 Examination a Step Towards Bitcoin ETF Approval
Bitcoin Taxes: 61% of Holders Won’t Report Losses to IRS

A new report that analyzes illicit transactions conducted on the blockchain has determined that less than 1% of all Bitcoin transactions are criminal in origin.


Elliptic, a UK based cybersecurity firm specialized in creating tools to identify criminality associated with blockchain related transactions, has released a report analyzing the global Bitcoin market with a focus on money laundering.

The results somewhat surprisingly find that the much-hyped criminal elements involved in Bitcoin appear disproportionately small, amounting to less than 1% of all Bitcoin transactions. Another surprising fact discovered in the report was that illicit Bitcoin transactions were again disproportionately made to European sources.

The Report

The research paper identifies the fraction of all transactions that consist of illicit payments here, emphasizing how the figure has fallen from just over 1% in 2013:

According to our study, the total percentage of identified ‘dirty bitcoins’ going into conversion services was relatively small. Only 0.61 percent of the money entering conversion services during the four years analyzed were verifiably from illicit sources, with the highest proportion (1.07 percent) seen in 2013.

In regards to the global distribution of illicit transactions, it was found that even though only a quarter of total transactions were made in Europe, they accounted for a much higher percentage of illicit activity:

Roughly a quarter of all incoming transactions went into Europe in 2015 and 2016, but 38 percent and 57 percent of all illicit transactions, respectively, went to European services during those years. Thus, Europe hosted a disproportionate amount of illicit activity.

The Findings

The report’s findings are sure to benefit the reputation of Bitcoin, at least in terms of actual facts. The terms of how illicit money can be measured may be ambiguous, however, after the myriad of Bitcoin ransomware attacks, such as Wannacry, making the headlines, there are channels of illicit transaction that can be followed.

Identifying money laundering and crimes associated with the funding of terrorism are sure to be a focus for investigators, but evidence presented in the Elliptic’s report suggests that Bitcoin criminality would appear to have been exaggerated.

What do you think to Elliptic’s findings?  Let us know what you think in the comments below.


Images courtesy of Pixabay, Shutterstock

The post New Study Finds Less Than 1% of Bitcoin Transactions To Exchanges Are Illicit appeared first on Bitcoinist.com.



from Bitcoinist.com http://ift.tt/2BeqLax
Name

Bitcoin News,5117,Bitcoinist.com,4741,Cryptocurrencies,4741,Cryptocurrencies Latest News,5117,Cryptocurrency Latest News,4741,Cryptocurrency News,9858,
ltr
item
Cryptocurrency Latest News: New Study Finds Less Than 1% of Bitcoin Transactions To Exchanges Are Illicit
New Study Finds Less Than 1% of Bitcoin Transactions To Exchanges Are Illicit
http://bitcoinist.com/wp-content/uploads/2017/09/security-265130_1920-1024x683.jpg
Cryptocurrency Latest News
http://cryptocurrencylatest.blogspot.com/2018/01/new-study-finds-less-than-1-of-bitcoin.html
http://cryptocurrencylatest.blogspot.com/
http://cryptocurrencylatest.blogspot.com/
http://cryptocurrencylatest.blogspot.com/2018/01/new-study-finds-less-than-1-of-bitcoin.html
true
1236144943044321696
UTF-8
Loaded All Posts Not found any posts VIEW ALL Readmore Reply Cancel reply Delete By Home PAGES POSTS View All RECOMMENDED FOR YOU LABEL ARCHIVE SEARCH ALL POSTS Not found any post match with your request Back Home Sunday Monday Tuesday Wednesday Thursday Friday Saturday Sun Mon Tue Wed Thu Fri Sat January February March April May June July August September October November December Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec just now 1 minute ago $$1$$ minutes ago 1 hour ago $$1$$ hours ago Yesterday $$1$$ days ago $$1$$ weeks ago more than 5 weeks ago Followers Follow THIS CONTENT IS PREMIUM Please share to unlock Copy All Code Select All Code All codes were copied to your clipboard Can not copy the codes / texts, please press [CTRL]+[C] (or CMD+C with Mac) to copy