However, there is scant evidence to suggest that Bitcoin is used for criminal activity more than the US dollar and the share sent to darknet markets has never risen above 40 percent, according to a study by Chainalysis, which estimates that this figure is now less than 1 percent. Dan Briere at Chainalysis, said: “This is a clear indication that BTC has shifted away from its use in illegal trade.” The darknet is the hidden side of the internet that is not found through search engines. It was home to sites such as the Silk Road, which was shut down in 2014. Although Bitcoin is associated with buying drugs, there is little evidence to suggest that the majority of Bitcoin is spent on illegal services.

Secondly, while Bitcoin has been used for buying drugs and other illegal items online, it’s used for crime less than traditional currencies. This was acknowledged by the deputy assistant secretary for terrorist financing and financial crimes at the US Department of the Treasury, Jennifer Fowler.

“ALTHOUGH VIRTUAL CURRENCIES ARE USED FOR ILLICIT TRANSACTIONS, THE VOLUME IS SMALL COMPARED TO THE VOLUME OF ILLICIT ACTIVITY THROUGH TRADITIONAL FINANCIAL SERVICES,” FOWLER SAID.

Thirdly, Bitcoin is not anonymous, unlike cash. The program stated that the creator of Bitcoin: “unleashed a cryptocurrency that you could buy online and then spend as freely and anonymously as if you were using cash.” This is not the case.

Every single Bitcoin transaction is recorded on a public ledger that anyone can access. It’s right here. Transactions are pseudonymous, meaning it’s not easy to see who has made a transaction, but analytics companies provide services to governments that can identify users. This means they help governments to connect public addresses with their respective users, giving the government access to every transaction they have made using that address. That’s not anonymous.

Did Satoshi Invent Blockchain?

The Netflix documentary said that Bitcoin inventor Satoshi Nakamoto created blockchain technology and that it powers all cryptocurrencies. Explained said: “Satoshi’s innovation that powers Bitcoin and all cryptocurrencies that came after it, is called blockchain.”

I watched @netflix 's new series "Explained" on Cryptocurrencies… and as some have already pointed. Some details were inaccurate… particularly in saying Satoshi created "Blockchain" … he created Bitcoin