Bitcoin used to do money laundering - will it become a huge problem?

[LuckyYOU]

It's a perfect way to launder money.
It sucks that criminals are using such a good tool as bitcoin for this use
Whenever a criminal gets caught laundering money, the media is all over it
Just so they can write negative stuff about bitcoin.

[Rotator]

No Not bitcoin why do we have Monero and Dash?
And Shadow? Those are jokers of for anan trade and ...

[xuan87]

i think yes, it will become big problem,if there is too many case of money laundring using bitcoin,

one day the government can banned bitcoin and bitcoin reputation will become bad

[bitsmichel]

No, I don't think so. Several banks have been involved in money laundering and that did not become a huge problem.

[ljudotina]

"relastate/gold/silver/insert basicly ANYTHING else used to do money laundering - will it become a huge problem?"

[newcoins1978]

No, I don't think so. Several banks have been involved in money laundering and that did not become a huge problem.

I agree for the most part.
I think laundering money is something that happens
and it shouldn't have an effect on bitcoin itself, since it doesn't have any effect on banks either.

[madonnino]

"relastate/gold/silver/insert basicly ANYTHING else used to do money laundering - will it become a huge problem?"

Agreed, it's like before bitcoin money laundering doesn't exist, It is just another way to attack the bitcoin from who would gain from his disappearance

[StevenS]

You pay cloud mining or buy miner equipment and then get paid with bitcoin. Mining is a way to get bitcoin without tracking.

Why didn't I think of that? Thank you. I am patient, so I just purchased a 5 year contract for 1000 GHS of cloud mining at Eobot.com. Let's see how that goes.

[Kakmakr]

It's a perfect way to launder money.
It sucks that criminals are using such a good tool as bitcoin for this use
Whenever a criminal gets caught laundering money, the media is all over it
Just so they can write negative stuff about bitcoin.

Tell me why you think it is a perfect way to launder money? Have you used it for that purpose, to be able to say that? Most people think it is a perfect tool, until they try it. There are ways to follow the money, even with Bitcoin, when you are using this tool in the wrong way.

Most of these people wants this money in fiat and it's very difficult to convert Bitcoin to fiat, without raising the red flags. Agents even infiltrate localbitcoin to identify these activities and the rest are done on exchanges and banks with the implementation of strict AML and KYC rules and regulation.

[MyBTT]

Probably. Governments can't even catch the people that launder fiat, how are they going to catch people that launder Bitcoin?

[owm123]

It's a perfect way to launder money.
It sucks that criminals are using such a good tool as bitcoin for this use
Whenever a criminal gets caught laundering money, the media is all over it
Just so they can write negative stuff about bitcoin.

How is is perfect exactly, in you opinion? Just yesterday we had news about guys trying to use bitcoin for illegal activities getting caught, and how easy it is to just follow blockchain trail for dirty bitcoins:
http://www.newsbtc.com/2016/01/20/dutch-authorities-arrest-10-suspects-using-bitcoin-for-illicit-goods/

Also, yesterday there was article saying that UK released a national risk assessment for money laundering and terrorist financing. And guess what, Bitcoin is considered as a low risk in that assessment.
http://blog.cryptoiq.ca/?p=164

Well, I wonder why. Probably because bitcoin is not-anonymous, and all transactions are public. Just my guess. But criminals seem not to know this. Which is good for police off course :-)

[Amph]

Probably. Governments can't even catch the people that launder fiat, how are they going to catch people that launder Bitcoin?

they don't care at this point, income from taxes for them is useless actually, it's just a way to have contorl over their money, in reality they can have much money as they want with a simply click and endless printing

[arbitrage]

Money laundering is something that is on government to track and watch.
Laundering is older than bitcoin, so we cant do anything about that!

[Jet Cash]

Why would any serious money launderer want to use Bitcoin. They already have established systems using HSBC, Lloyds and other major banks. Using Bitcoin will just attract attention to them.

[vrm86]

important bitcoin is perfect way to launder money

No, it's not. Unlike Bitcoin, cash money is sometimes impossible to track. Of course you can use mixing services etc. that can help you hide traces of your transactions, but Bitcoin is not designed to be anonymous.

[calkob]

my 1st question would be how do you get the £100,000 into bitcoins to launder to me that is the bottle neck and why it wont be a massive problem.

[BTCBinary]

It is not just bitcoin that is used for money laundering. Fiat currencies and precious metals can be used to do just that as well. In fact, criminals often use FIAT cash to do their biddings and have their own strategies to launder their gains.
Before Bitcoin, they also did money laundering, now that bitcoin is here, they still do it the old style!

[Zaun]

It is not just bitcoin that is used for money laundering. Fiat currencies and precious metals can be used to do just that as well. In fact, criminals often use FIAT cash to do their biddings and have their own strategies to launder their gains.
Before Bitcoin, they also did money laundering, now that bitcoin is here, they still do it the old style!

Correct, every currency even asset is used to do money laundering. Bitcoin is an currency so yes people will use it for this purposes.
In fact the most used currency today is the US dollar.

[vrm86]

It is not just bitcoin that is used for money laundering. Fiat currencies and precious metals can be used to do just that as well. In fact, criminals often use FIAT cash to do their biddings and have their own strategies to launder their gains.
Before Bitcoin, they also did money laundering, now that bitcoin is here, they still do it the old style!

Correct, every currency even asset is used to do money laundering. Bitcoin is an currency so yes people will use it for this purposes.
In fact the most used currency today is the US dollar.

The funny thing is, that people are more worried about use of electronic asset, than some piece of paper

[kheein]

I knew not only bitcoin . fiat , gold , diamond is also included . but I've never heard anyone do loundeing money using bitcoin.