On May 15, an unusual “ask me anything” (AMA) session took place on the popular website Reddit. During the event two organizations were represented: The Secret Service’s Crypto Division and the Bay Area’s Regional Enforcement Allied Computer Team (REACT) which is an organization involved in combating cybercrime throughout the world .
Fun Fact: Government Personnel, Too, Uses Crypto
One of the most surprising piece of information was that most of those officials are using cryptocurrencies . We admit it . Putting a technology into practice is a great, though not essential way to learn about it. Therefore many members of these units are experts in blockchain systems . But they say the most challenging part of their job is explaining this relatively new sector to their colleagues:
“Most situations we face call for an ELI5 (Explain to me like I’m five) approach to teaching . Which is so common that it’s a running joke around here .”
REACT: Crypto Is a Great Way to Track Money
REACT also claims that blockchain technology offers an “incredible opportunity” for tracing money transactions . While blockchain technology is great for tracking money it’s a very different story when it comes to linking wallets to people .
That’s because identity can’t be verified on a blockchain . That’s why the thief must eventually link their identity to the address of their wallet via an exchange which acts like a threshold for exchanging huge sums of money into dollars or another currency .
Users on Reddit have also tried their luck with the Secret Service about the identity of Satoshi Nakamoto . Their reactions are as inscrutable as they are:
“We might know Satoshi but that information is top secret.”
It is evident that businesses and government agencies are beginning to use blockchain technology as it matures . Law enforcement is now forming specialist teams to combat criminals who exploit any and all holes in this still-developing environment .
There is no doubt in our minds that these experts appreciate the merits of this cutting-edge technology . These characteristics are actively ignored by certain media outlets that find it simple to criticize without ever having attempted this challenging form of technology .
You may be interested in:
Pepperstone vs. OANDA: Which Broker is Right for You?
Is Arbitrage Illegal? A Guide to Understanding Arbitrage
Capital Markets Analysts: What They Do and How They Do It
