What is Bitcoin ?| How Bitcoin works and why is it so popular? | Sohail Khan| part 3

 The reality is that cryptocurrency has some negative points as well that are mainly related to money laundering and security.

What is Bitcoin ?| How Bitcoin works and why is it so popular? | Sohail Khan| part 3

In the dark web on the internet, people had started accepting payment in Bitcoins for buying weapons and drugs

It became very difficult for the law enforcement agencies to track transactions because they were outside the traditional financial system

Issues related to hacking also surfaced.

Another reason is that anyone can come up with their cryptocurrency. This is why a lot of bogus and fraud companies took money from the public.

with a promise that once trading started in that particular currency, the value of their money would double/triple

so they claimed that the money invested would double/triple

A person named Amit Bhardwaj came up with a similar fraud crypto scheme by the name of "Gain Bitcoin"

There is an allegation of fraud of 2,000 crores against Bhardwaj 

 Bhardwaj

Bhardwaj claimed that he had "mining farms" in China. That is, a place where several computer servers were solving equations

and said that the bitcoins that were earned as a result of mining operations would be given to the investors as returns

But all his promises were hollow. He took money from a lot of people and fled India

There were such allegations against him. Finally, on April 2018, he was arrested

As per the latest update, he is out on bail and the case is pending in the courts.