Here are some dark and controversial facts about Bitcoin that are rarely known to the general public, but important to understand to have a more realistic perspective:
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1. 🕵️♂️ Bitcoin Once Became the Main Currency in the Dark Market
Bitcoin was once used as the main payment method on Silk Road, an illegal marketplace on the dark web for buying and selling drugs, weapons, and other illegal services. The site was shut down by the FBI in 2013, and its founder Ross Ulbricht was sentenced to life in prison.
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2. 💣 Suspected of Funding Terrorism and Organized Crime
Despite its transparency, the pseudonymous nature of Bitcoin has been misused for funding terrorist activities, ransomware, and money laundering — such as in the case of the 2017 WannaCry cyber attack that demanded ransom in BTC.
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3. 🪦 Many Early Investors Lost Access to BTC Forever
There are thousands of cases where people lost access to their Bitcoin wallets due to forgotten passwords or damaged hard drives. One famous case: James Howells, who threw away a hard drive containing over 8,000 BTC into the trash—and to this day is still searching for it in a landfill.
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4. 🌍 Bitcoin Mining Was Once Very Energy-Intensive
Before many switched to green energy sources, Bitcoin mining was criticized for consuming more electricity than small countries like Argentina. This sparked a debate about its impact on the climate crisis.
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5. 🪙 Market Full of “Whale” Manipulation
Because the majority of Bitcoin is owned by a handful of “whales” (large holders), prices can be easily manipulated through large-scale buy and sell actions. This can cause retail investors to suffer significant losses without knowing what is happening.
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6. 😓 Thousands of Tokens & Crypto Projects Scam Under the Name of Bitcoin
Due to its famous name, many fraudulent projects use the moniker “Bitcoin” to scam investors, such as “Bitcoin Diamond,” “Bitcoin Gold,” etc.—even though they have no relation to the original BTC.
