What to do with ill-gotten Bitcoin?

[ignitiondefect]

This is a question I've long been curious about. Its entirely academic for me because I have no BTC at all, let alone ill-gotten BTC. But how would you convert huge amounts of your illicit BTC into cash, gold, and other fungible items without implicating yourself?

[richardsNY]

Nearly impossible, but you can have some one you closely trust convert your coins into cash or whatever you want. You can also convert them into a solid altcoin and slowly sell everything in other exchanges for BTC and then mix them, and no one will know your coins are marked.

[European Central Bank]

Coins like that are out there. If you have half a brain then you drip feed the sales over a long period of time. The idiot who stole a pile of coins from Sheep marketplace went right out and started buying houses through his girlfriend. He didn't last too long before the authorities came knocking.

[The Sceptical Chymist]

Nearly impossible, but you can have some one you closely trust convert your coins into cash or whatever you want. You can also convert them into a solid altcoin and slowly sell everything in other exchanges for BTC and then mix them, and no one will know your coins are marked.

It's not nearly impossible at all.  Local meetup is one way, for straight-up cash.  The buyer doesn't have to know the provenance of the coins beforehand nor your identity.  Mixing the coins is another way as mentioned.  And you could probably buy gold/silver online without having to provide your real identity since you're not using a CC.  But you'd be giving the seller your address.  Even then, you could get around that--if you were motivated enough to do so, there are plenty of ways.

[whywefight]

This is a question I've long been curious about. Its entirely academic for me because I have no BTC at all, let alone ill-gotten BTC. But how would you convert huge amounts of your illicit BTC into cash, gold, and other fungible items without implicating yourself?

are you the lucky7coin dev, now looking for help??

[Laosai]

This is a question I've long been curious about. Its entirely academic for me because I have no BTC at all, let alone ill-gotten BTC. But how would you convert huge amounts of your illicit BTC into cash, gold, and other fungible items without implicating yourself?

In fact it's rather easy.

You can convert it as cash through localbitcoin. You can also convert it into gold or other things like that by going throw a deal with someone. You explain that you don't want to do it, then you let the 10btc to escrow and ask someone to pay 9.5 btc of gold.

Btc was nearly made for those kind of thing, you can do whatever you want with your coins ^^

[Monnt]

You could use multiple bitcoin mixers, like shuffle-shuffle.io and bitmixer.io, put in random time delays and user random fees to avoid amount-based searches.

You could then convert into something else.

[mkc]

First you put coins through mixer, that way nobody knows its source for sure.
Then you can use Coinable to sell them, and deposit into your bank account.
Not the best way to spend bitcoin, but will work.

[Amph]

you don't, use them to buy stuff on purse.io, stop dumping bitcoin for fiat crap, the point of bitcoin was to be used as a currency not as a speculation tool only

[avw1982]

you don't, use them to buy stuff on purse.io, stop dumping bitcoin for fiat crap, the point of bitcoin was to be used as a currency not as a speculation tool only

Buying with bitcoin will not work at this moment already price is goes down So it not a right time I guess. Holding is a best way in bitcoin to get profit after halving.

[talkbitcoin]

you don't, use them to buy stuff on purse.io, stop dumping bitcoin for fiat crap, the point of bitcoin was to be used as a currency not as a speculation tool only

Buying with bitcoin will not work at this moment already price is goes down So it not a right time I guess. Holding is a best way in bitcoin to get profit after halving.

the price is the same as it was for some time now. which is around $375+$10 it has not gone down.
it is off topic but i agree on holding btc for after halving

[Laosai]

you don't, use them to buy stuff on purse.io, stop dumping bitcoin for fiat crap, the point of bitcoin was to be used as a currency not as a speculation tool only

Buying with bitcoin will not work at this moment already price is goes down So it not a right time I guess. Holding is a best way in bitcoin to get profit after halving.

the price is the same as it was for some time now. which is around $375+$10 it has not gone down.
it is off topic but i agree on holding btc for after halving

So is everyone. So you know what gonna happen after halving? MAssive dump which will mean a price decrease...

[erikalui]

How can you term bitcoins as illicit when it's not considered one now? It's very easy to sell bitcoins for cash and it's nothing to do with legality or anything but just as simple as trading and I earned my bitcoins from a trusted source not from illicit sources.

[Paultango]

This is a question I've long been curious about. Its entirely academic for me because I have no BTC at all, let alone ill-gotten BTC. But how would you convert huge amounts of your illicit BTC into cash, gold, and other fungible items without implicating yourself?

are you the lucky7coin dev, now looking for help??

I don't think so. He said he has no bitcoin.

It is possible to just use a mixer to remove the trace of the bitcoins.

[SFR10]

The only way for this to work is if you have a middle man to do the job for you, without exposing your real identity in the first place but you could also use some mixers as well. Not sure if your actual case is if your going to acquire some illegal money or your residing on one of the countries that use of BTCitcoin is forbidden so in case your it's the latter one then you could also try a in person dealings from local person and only exchange at the same time without giving each other your identities.

[Laosai]

How can you term bitcoins as illicit when it's not considered one now? It's very easy to sell bitcoins for cash and it's nothing to do with legality or anything but just as simple as trading and I earned my bitcoins from a trusted source not from illicit sources.

Yeah you just have to makes your btc go trhough a little dozen of wallets and nobody will be able to trace them.

Mix them together, shake it shake it baby and you'll see it'll all be as if the coins were normal.

Maybe a buy a few legit coins in order to mix them with? It won't be easy to track them down.

[Master_dandosha]

two option you have first you can use mixer to do that job for you without being exposed here in bitcointalk there are reputable mixer provider. second option find a mediator . but the first one is preferable.thanks

[erikalui]

How can you term bitcoins as illicit when it's not considered one now? It's very easy to sell bitcoins for cash and it's nothing to do with legality or anything but just as simple as trading and I earned my bitcoins from a trusted source not from illicit sources.

Yeah you just have to makes your btc go trhough a little dozen of wallets and nobody will be able to trace them.

Mix them together, shake it shake it baby and you'll see it'll all be as if the coins were normal.

Maybe a buy a few legit coins in order to mix them with? It won't be easy to track them down.

I am not worried about being tracked as 90% of my income is in the bank. I'm only worried if bitcoins are termed as illegal as then I won't be able to use them and currently I just trade in bitcoins which is doesn't make the coins illicit. I already use Xapo which hides the identity or the users but that's because it saves fee else I used to have a blockchain wallet.

[bearex]

You go on local bitcoins, and sell them for cash. Of course you will get something like 10% less money, but you will get them.

[BTCBinary]

I don't actually think that you should worry about that. However if you are so worried about having tainted coins, you should probably start using a bitcoin mixer or something like that.