Bitcoins, despite their promise to be anonymous, are really pseudonymous. A digital trail created by these devices may be deciphered by entities such as the Federal Bureau of Investigation (FBI). Using this method, governments or federal authorities can track regular people's banking transactions.

Cryptocurrencies are increasingly popular among criminals as a tool for nefarious activities such as money laundering and illegal purchases. It is well known that Dread Pirate Roberts ran a drug trade on the dark web. In addition to being popular among hackers, cryptocurrencies are also being used in ransomware attacks.

Cryptocurrencies are supposed to be decentralized, with their value distributed among multiple parties via blockchain. In reality, ownership is highly concentrated. One MIT study, for example, found that only 11,000 people controlled about 45 percent of Bitcoin's value.

You made an interesting point here. And you are right, cryptocurrencies can indeed be used for such activities.

I also agree on the point mentioned that while it is sort of advertised that there is the principle of decentralisation it seems that in actual fact that is not the case.