Bitcoin, the flagship cryptocurrency, has been the center of every possible debate in the regulatory framework for the past few months as it has brought the crypto market to an absolute crash.
Despite this, many accomplishments and achievements are done around the globe; recently enough UK has labeled Bitcoin as a property rather than a financial asset. This gives certain rights to the holders, such as authorities will aid them in the recovery of Bitcoin should they run into any scam or other illicit practices maneuvered by hackers and cybercriminals.
Bitcoin Plays a Critical Role in the Scam World
It might be pretty exhilarating to know that despite many other cryptocurrencies present out there which could be demanded as ransom, the usual go-to crypto for those scammers and hackers remains Bitcoin. Even on the dark net markets, only Bitcoin is used as a standard of value for the purchase of goods and services. Despite many other offerings and altcoins present to give a tough time to Bitcoin, it seems that criminals are not letting go of Bitcoin at any given moment.
Whenever a cryptocurrency is converted into a Fiat alternative, the services of either centralized or decentralized exchange are required. What criminals are doing here is that even when they demand some other cryptocurrency or altcoin from the affected, they are always converting that specific crypto into Bitcoin and then Bitcoin into a fiat currency of their choosing.
This is why the government of the UK has taken a rather keen step towards ensuring that this consistent cycle of criminals converting their finances into Bitcoin could be suspended.
To do so, they are validating a technical system that would allow people to trace their Bitcoin all the way back to the initial source. The estimation might not be completely accurate, but it should give them a pretty decent idea of where to look should they run into a potential scam. It shall give people a sense of hope for recovering their property which actually is Bitcoin.