Bitcoin financial crimes and its economic impacts authors

Abstract EN

Bitcoin (as a cryptocurrency) has numerous advantages that it offers to users, such as low cost, the speed of completing transactions, in addition to enjoying privacy and further characteristics that differentiate this cryptocurrency from further payment ways, whether e-payments or paper money in its conventional forms.

however, it has specific issues in dealing with it .

this required an economic assessment of these threats, employing the approach of applied analysis.

the research concluded that the risks arising from bitcoin were multifaceted and diverse; affecting both nations and individuals, and their influence could extend to the whole world.

hence, bitcoin could be a risky cryptocurrency when matched to further conventional currencies.

the first of these risks come in exposure to virtual fraud, and the second is that its transactions are irreversible, while the third and fourth are the risks of use in further illegal activities such as money laundering, and the regulatory risks involved in dealing with it, and the last challenge is the great fluctuation in its price.

notwithstanding the posed risks by this cryptocurrency, it caused a major breakthrough in the digital payment technology field, which reinforces the digital transformation trend and boosts-commerce, along with making further competition between varied payment means.

this research dealt with an objective discussion about bitcoin, its nature and characteristics, and represented the risks and financial crimes related to it, as well as the economic impacts resulting from it.