Publication date: 13 May Abstract One of the noteworthy developments in the world economy is the cryptocurrency in general and the bitcoin in particular. Although several types of cryptocurrency are in operation in the current digital economy, the most prevalent is the bitcoin, which was launched formally in by an individual or group known under the pseudonym Satoshi Nakamoto.
The value of bitcoin has increased to such an extend that it reached As the bitcoin price touches a the emergence of bitcoin high day by day, various terrorist organizations are using this cryptocurrency to anonymously finance their grotesque terrorist activities around the world by bypassing the surveillance mechanism of the banking system of the respective countries. Against this backdrop, this chapter aims to understand the mechanism of cryptocurrencies in general and the bitcoin in particular.
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Finally, it also endeavors to identify the trend of the bitcoin economy and its impact on nefarious activities in general and terrorism financing in particular. It has been revealed from the study that cryptocurrency economy has exchange options for beginners so popular across the world that it has created an alternative virtual economy devoid of regulations from a specific country or a group of countries.
However, there is a huge concern over its way of operation and its unholy nexus with terrorism financing.