A prevalent myth among crypto critics is that Bitcoin is primarily used for illegal activities due to its pseudonymous nature. While it certainly has been used in some illicit transactions in the past, the overwhelming majority of Bitcoin usage is for legitimate purposes, including online purchases, remittance payments, and as a store of value.
In fact, a 2023 report found that only 0.24% of all cryptocurrency transactions, including Bitcoin, were linked to criminal activities.
Moreover, law enforcement agencies have developed sophisticated tools to track and trace illegal activities involving cryptocurrencies. This advancement has since made cryptocurrency a significantly less effective way to conduct illegal activities than government issued cash.