Crypto proponents argue that the currency is unfairly characterized as the coinage of choice in criminal activity–but cash reigns king

February 5, 2021/CMDX

Since Bitcoin broke onto the scene as a form of alternate currency, many consumers and financers have looked to the token with skepticism. Among many of the claims naysayers have spread is that Bitcoin and other crypto have been major players in illicit financial transactions. However, as crypto proponents have proven, crypto has established itself as a smarter and safer form of currency—even safer than cash.

In speaking to the World Economic Forum summit in Davos, Switzerland, Glenn Hutchins, co-founder of Silver Lake, a global technology investment firm, outlined the security benefits of Bitcoin. For instance, he noted that it is more challenging to conduct fraudulent activities using crypto than cash.
 
One of the factors Hutchins noted that makes Bitcoin safer than cash and less likely to be used in illicit activities includes the meticulous, immutable online records Bitcoin trading leaves. Industry research also shows that illegal activities only comprises 0.34% of crypto transactions while, on the other hand, over 90% of $100 bills are used in criminal activity.

Other economists have noted that thanks to blockchain technology adoption, it is easy to track crypto transactions, thus making them safer than cash transactions. Blockchain transactions are never erased and are safely held in computers and encrypted for added security. Because these transactions can be traced, it is much more difficult for investors to engage in illicit activity. And if they do, it is much easier to track them down and punish them compared to those committing fraud with cash.

Companies leveraging crypto as part of their business strategies will need to take strides to assure current and potential partners that their trading methods are safe. For the global health smart currency company CMDX, taking safeguards to ensure crypto is used for good is part of its brand strategy.

CMDX rewards its global community members with crypto for sharing their health data. To ensure its network’s safety and protect its community members, CMDX relies upon blockchain technology to secure and track transactions. Additional security features include the use of Know Your Customer (KYC) and Know Your Transaction (KYT) protocols to fend off illegal activities and users with ill intent.

“Crypto has unnecessarily gotten a bad name for contributing to illegal activities,” said Tom McMurrain, CEO of CMDX. “CMDX is playing an active role in changing the conversation to show the world that crypto is a force for good and is much safer than relying on cash. By utilizing blockchain technology and KYC and KYT protocols, we ensure the safety of our crypto network and our users so they can confidently earn and invest crypto on our global platform.”

To learn more about CMDX, visit https://cmdx.io/.