The founder of Microsoft, Mr. Bill Gates while speaking at Reddit AMA has voiced concern about the anonymous use of Cryptocurrencies. He said the anonymity of payments using Cryptocurrencies is not a good idea because the law enforcement agencies will find no trace to detect the criminal activity.

The government will be able to find the tax evasion and money laundering as well as terrorist funding activities. Many people worldwide are using the Cryptocurrencies to purchase fentanyl as well as other drugs. This rare technology has resulted in a number of deaths due to the widespread use of drugs. The speculation around the Cryptocurrencies and ICO are highly risky for those investors, who are long.

Bitcoin, the widely used cryptocurrency worldwide, is popular because of its censorship resistance. The anonymity of Bitcoin in its present form is not possible. But, there are proposals to add more privacy to the Bitcoin in the future.

Zcash and Monero are the digital currencies that offer anonymity in payments. As a result, the use of Monero for dark market transactions is on the rise.

According to Mr. Bill Gates, the widespread use of cryptocurrencies including Bitcoin in fentanyl trade   is resulting in more deaths due to overdose in the US and across the world. The Justice Department has pronounced last year that more deaths are due to fentanyl and ordered for a crackdown on darknet – AlphaBay.

The anonymous use of the eCash is leading to the efficient criminal transactions. When the physical cash is used for payments towards kidnapping and the like make the criminal activities more difficult since they should be present in person to receive the cash.

Yes, Mr. Bill Gates is Right

The use of Bitcoins helped the criminals to profit from unlawful activities. It is clearly evident that criminal need not be present physically and can receive the payments anonymously using eCash.

Hackers, who are installing ransomware, are collecting the payments in Bitcoins. Therefore, it is helping cybercriminals to profit from running malicious code on the victim’s computers. All such unlawful activities are easily carried out through the Internet with the help of Cryptocurrencies.