Yesterday I was having a conversation with my cousins and the topic came on Bitcoin. Well they are not experts in cryptocurrencies like me but I think I know more than them about cryptos.
One of them said that bitcoin is used in black money. What he meant to say is that it's easy to do corruption using bitcoin.
But I told him that every transaction in the blockchain is recorded. So I think it's probably hard to hide corruption when you have the transactions being recorded in the ledger.
But I think the only thing that is sort of a hurdle for the authorities is to gain access to the wallets of a certain user. And probably when they get access to the wallet of a user, then they can see all the transactions being made by the user.
I would like to ask, before the introduction of Bitcoin and blockchain how was corruption being done using Fiat? How people launder money in Fiat? So I think it's foolish to think only of Bitcoin or other cryptos to be only responsible for corruption, because corruption is being done in Fiat as well.
And probably if blockchain technology is being availed by the authorities then they could find corruption through it.
I don't know if the authorities want to hide corruption or they want to find it.