Today, as Bitcoin returns to $65,000, let’s talk about the dark side of Bitcoin:

In this article, we will learn about the negative effects of Bitcoin. For those who don’t know, Bitcoin is a form of cryptocurrency, just like the Euro is a form of government-issued currency. Bitcoin is a digital currency that is designed as a medium of exchange that operates independently of a central authority. Due to its decentralization, transactions are fast and virtually anonymous. Transactions are verified through mining, which involves solving complex mathematical problems. As a reward for doing this calculation or mining process, miners receive some Bitcoins. Now let’s dive into some examples of the dark side of Bitcoin. Irreversible Transactions Bitcoin transactions cannot be reversed. Once submitted, there is no “retraction”, no “Control-Z”. When a transaction is added to the blockchain, it is confirmed by network participants, or miners, who verify and secure the transaction. Once confirmed, the transaction is permanently recorded on the blockchain and cannot be changed or reversed. Therefore, if you accidentally send Bitcoin to the wrong address without knowing the identity of the person who controls that address, you will not be able to recover your funds. In addition, most cryptocurrency users choose to keep their digital currencies in cryptocurrency wallets, which puts them at risk of losing their investment if they lose access to their private keys. In addition, if your hard drive crashes or a virus damages your wallet, your funds can be completely gone in a matter of minutes. Illegal activity Bitcoin's decentralized and anonymous nature makes it a favored payment method for illegal activities such as drug trafficking and cybercrime. For example, AlphaBay is the largest criminal marketplace on the dark web, with Bitcoin becoming the currency of choice for transactions. The platform is a marketplace for a variety of illegal goods and services, from drugs and hacking tools to stolen data and fake documents. There are more than 250,000 listings for illegal drugs and toxic chemicals on AlphaBay, and more than 100,000 listings for stolen and fraudulent ID documents. On AlphaBay, users can buy and sell goods without revealing their real identities, relying on the encrypted nature of Bitcoin transactions to maintain a degree of privacy and anonymity. Cryptojacking Cryptojacking occurs when cybercriminals infect a victim's computer with malware that mines cryptocurrencies on behalf of the attacker.The processing power of the victim's computer is hijacked and the attacker is rewarded. Imagine you have a powerful computer at home and someone breaks into your house without your knowledge. Instead of stealing physical items, they install hidden malware on your computer. This malware uses the computer's processing power to solve math problems, essentially mining cryptocurrencies such as Bitcoin. You won't notice this intruder, but your computer may slow down and your electricity bill will increase. The attacker does this by earning newly created Bitcoins without your permission. Trading Addiction Trading Bitcoin can be exciting and thrilling due to its high volatility. Bitcoin prices can fluctuate up and down in a matter of minutes. Traders experience a surge of adrenaline and dopamine followed by a low. This process can become compulsive and can lead to cryptocurrency addiction. Cryptocurrencies are addictive because there is a part of the brain that processes rewards and motivates behavior. When a person has sex, takes drugs, drinks alcohol, makes money, or engages in other generally pleasurable experiences, the brain produces "feel-good" neurotransmitters such as dopamine, which produce a pleasurable experience. The brain wants to maximize pleasure, so it often reverts to trading Bitcoin and other cryptocurrencies. Energy Consumption The Bitcoin network (mining) consumes more electricity per day than the combined electricity consumption of countries the size of Switzerland and the Czech Republic. That’s a lot of electricity. This creates zero economic production. To put it simply, new Bitcoins are created every 10 minutes. Bitcoin may have monetary value, but it’s only valuable because people choose to give it by making small purchases. Like all goods and services, the economic value of Bitcoin comes from supply and demand. If the demand for something increases and the supply decreases, then its value goes up. Bitcoin is not completely anonymous It is a common misconception that Bitcoin is anonymous. This is because Bitcoin transactions are not associated with the identity of the sender or receiver. When making a Bitcoin transaction, there is no need to provide personally identifiable information, such as your name and address. Transactions are recorded on a public ledger called the blockchain.The ledger contains a complete history of all transactions since the first one, and anyone who wants to examine it can view it by visiting blockchain.com/explorer. Therefore, if your Bitcoin address is associated with your identity, then every transaction will be associated with you. The same is true when transferring Bitcoin to another person. For example, if you send funds to a friend, he will be able to view all of your previous and future transactions, not to mention your real-time balance. Conclusion Overall, the risks and dangers of the cryptocurrency world are enormous, and investors and consumers should be aware of them before getting involved with Bitcoin or other cryptocurrencies.$BTC $BNB $ETH 。