No need for Bitcoin, mainly because it's stupid, very stupid, incredibly stupid.

Brother, let me tell you, it's not about being an official, but being an elite in various fields.

Among the corruption cases I have handled.

Only one can use Bitcoin.

The rest, one third cannot use it, one third does not understand it, and the remaining one third thinks it's a scam.

I can only say that our country's crackdown on virtual currency has really had a noticeable effect. A significant portion of people do not know or cannot use Bitcoin.

Why is this happening?

I personally summarize that there may be several reasons below.

First, the learning threshold is high

Look at the age of those in our country who currently hold real power and are qualified to receive large bribes.

They are mostly from the '50s and '60s, with the youngest being from the '70s.

For this generation, it's no problem for them to use a smartphone to post on social media, but asking them to understand terms like decentralization, cold wallets, or mnemonic phrases is too difficult.

For example:

Boss: Leader, here is the private key for 100 bitcoins, please keep it safe.

Leader: Don't you want to send it?

Something that cannot be seen or touched provides no sense of security. Some leaders may even think: 'Are you trying to leave a backdoor for me? Are you trying to fool me?'

Moreover, once the private key for bitcoin is lost or hacked, it truly cannot be recovered. Corrupt officials are human too, and they are extremely afraid of this completely uncontrollable technological risk.

Second, cashing out

What is the purpose of bribery? It is for consumption, enjoyment, or asset transfer.

Bitcoin sitting in a wallet is just a string of numbers; it must be exchanged for fiat currency (RMB or USD) to buy a house, a car, or support a mistress.

In the current regulatory environment in the country, cashing out is like rushing into the muzzle of a gun.

OTC (over-the-counter) risk: If you sell coins on an exchange C2C, the RMB you receive has a high probability of being dirty money, and your bank card can be frozen at any moment. Once the leader's salary card or associated account is frozen, the discipline inspection commission will immediately invite them for tea.

Large amount monitoring: The bank's big data anti-money laundering system is not to be underestimated. Suddenly receiving a few million with an unknown source will immediately trigger an alert.

Small amounts of money in C2C may also receive dirty money.

It's really difficult.

Receiving is not the difficulty; laundering and spending is the art.

In this regard, bitcoin not only has no advantage but is full of pitfalls.

Third, price volatility

Bribery and receiving bribes are essentially a contract of power-money exchange. Such contracts are very fragile and require extremely stable value anchors.

RMB/USD/gold: Value is stable. Saying I will give you 1 million means the purchasing power of 1 million.

Bitcoin: It's also quite ridiculous.

Let me give another example:

On Monday, the boss asked the leader to handle something and gave bitcoins worth 2 million.

On Wednesday, before the leader had a chance to cash out, the crypto market crashed, halving the value to 1 million.

What does the leader think? 'Are you kidding me? I got the job done, and the money has shrunk by half?'

This will seriously disrupt the ecological balance and credibility mechanism of the 'bribery circle.' To avoid such disputes, everyone tacitly chooses hard currency.

Fourth, really can't handle it

Many times, corrupt officials do not show up themselves; they let their wives, children, or even the kids of distant relatives collect on their behalf.

Are you going to let someone who doesn't even understand money laundering operate a bitcoin wallet?

The operational difficulty is too high, making it impossible for the middlemen to handle this move.

In the cases I've seen, most involve giving cash, artwork, equity, or property. Why? Because these things are easily accepted by anyone, and once received, they are known to be valuable.

Fifth, there is a record

Bitcoin is pseudo-anonymous, but it is fully public and immutable.

Every transaction on the chain is permanently recorded. Once the bribers' address is identified (for example, if the briber is arrested), it can be traced back, and the flow of funds is clear.

In contrast, cash is the safest.

A box of cash, if you don't leave fingerprints on it and are not caught on camera during the handover, is physically isolated.

However, with bitcoin, as soon as you make a move, there are traces on the chain. For today's technical investigative methods, tracing the flow of funds is not as difficult as people think.

So

Not using bitcoin is because the cost-effectiveness is too low, the threshold is too high, and the risks are uncontrollable.

By the way, let me show you two cases; I wonder if you have heard of them.

Some officials might think that bitcoin looks like this.

I am Little Egg Tart, a professional analyst and teacher, a mentor and friend on your investment journey! As an analyst, the most basic thing is to help everyone make money. I solve your confusion and help with your positions, speaking with strength. When you are lost and don't know what to do, follow Little Egg Tart, and I will guide you.#巨鲸动向 $ETH