Crypto Investors: Are You Laundering Money?

[jossiel]

You are confused...

Investing in cryptocurrency is no crime, laundering money is.

Making money illegally and trying to hide that money using crypto is one thing. But earning money legally and investing in BTC has nothing to do with that.

If you can prove that you earned your money legally and bought btc, you have nothing to hide or be affraid.

Well, this is how the media plays people's minds when they target cryptocurrency. The crime is not directly on bitcoin and it is only involved or used by the real perpetrators. It is a simple logic like fiat is used to fund terrorist or organized crimes but if you asked people about whose to blame then it's the terrorist/criminals or the financer/mastermind. But it's different to the perspective of other people when the crime is on crypto because on how negative the media portrays it.

That hate that comes from them is probably due to the counter service of what bitcoin can provide to the people. We all know, what's that big entity that bitcoin is competing with and it's no longer a secret. These articles are spreading misinformation to the people.

They keep on looking at the past without considering on how wide and useful bitcoin is today. Are they forcing themselves to be blind or something that stops them to see those positive things that can be done with bitcoin?

[CryptoBry]

You are confused...Investing in cryptocurrency is no crime, laundering money is. Making money illegally and trying to hide that money using crypto is one thing. But earning money legally and investing in BTC has nothing to do with that. If you can prove that you earned your money legally and bought btc, you have nothing to hide or be afraid.

There should be clear distinction between the two: investing and laundering money. Laundering can refer to activities that could try to make money from illegal activities become clean by any means. The best example here is the money coming from illegal drug trade which can be channeled to a platform and make the money appear legitimate and aboard board. Now, one reason for the confusion can be due to what some people did in the past where they used Bitcoin or any cryptocurrency to launder proceeds from illegal trade...which in this case Bitcoin should not be faulted because if they are using the dollar for the transactions I don't think anybody can be blaming the dollar. Another thing is that in many countries, taxation laws can be strict there must be the need to declare one's exposure and income with cryptocurrency otherwise there can be some repercussions.

[buwaytress]

I pay tax over the coins I trade on centralized exchanges, but won't ever pay a single penny in tax over that what I hold in my cold wallets.
~~snip

No one has the right to claim a part of my wealth that isn't being utilized in any shape or form. It's called theft if you're forced to pay tax over that part of your wealth anyway.

Amen to that brother. I recently found out in my new place of residence, that after a certain threshold in my savings, that I indeed have to pay a wealth tax. Ridiculous!

Now I will probably never reach a shadow of the amount required to hit that threshold, I have started at a late stage in life to put aside money for rainy days, but I like that if ever I should somehow come into great wealth, it will likely be in Bitcoin. In which case, the state will have to literally steal my private keys if they want to claim part of my coin.