What to do with ill-gotten Bitcoin?

[gkv9]

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.

If the guy's got some brains, he should search for some better deals on LBTC as there are deals where you get more, it is obvious you might get cheated but there are still some trustworthy persons out there who are giving much better rates for your coins, so you ain't in any loss...

[SirLancelot]

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.

People on localbitcoins charge over 20% if you want to buy bitcoins or via other payment methods. There are many others who even exchange bitcoins for cash at a discount and that makes the trade anonymous, thus protecting the identities of the buyer and seller.

[prtty2gal2]

The bitcoins withdrawn from gambling websites are sent to my bank account directly as I exchange them on Localbitcoins. As most users said that they do use mixers to hide their identity, LBC helps me in my trades. Not all my bitcoins are ill gotten and it doesn't matter much.

[enhu]

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.

Lets say I'm a btc buyer and want to buy from someone on localbitcoin, how do i know the sellers btc is "marked" like you said. is there away to see the owned btc by someone is ill gotten or marked?
The only way i can find out is just by investigating by googling the btc address or the sellers name if he isn't using another aliases. tracking is nearly impossible.

[southafricadude]

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.

Where I am you get much more money selling on LBC than at an exchange

[Gohs]

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...

Ladies and gentlemen, this means the best time to buy bitcoins is after the halving. You get btc real cheap, hold your coins for some months and then sell as prices rise.

A Youtube video showed the house of parliament being lectured on the need to delve into bitcoins, seems something good is preparing to happen from that end of the foodchain sometime after the halving.

[TommyBitcoin]

Lots of good advice on this thread, especially using several mixers and wallets at timed intervals and using a middle man to preserve your identity.

You still run into the problem of having too much wealth.  If anybody were to find out, you would have a lot of explaining to do.

Kinda like on Breaking Bad, when the car wash wasn't enough to launder the money, so Walter is buying barrels in the desert.

You would have to be very careful in how to spend it.  I read one way to launder money is to open a bar and pay your friends with the laundered money to frequent the bar.  I still think that between the sophisticated computing systems looking out for patterns of laundering money and people who are hunting down money launderers it is pretty tough. 

[Bitcoinbee]

well its a long way to run but you can never hide.  Laundering could be an idea but since AMLA is getting strict these days converting it to cash and having it keep in a bank is not a good idea.  just return it bro.   

[2c0de]

Simply shuffle it around for a few years until the case is barred and archived

Then you can simply cash it out, nobody has to know anything.

[tommorisonwebdesign]

Practically, I've been selling my bitcoins on localbitcoins.com. I have not run into any problems because i only dealk with people who have a high trust rating, ask well, as having a decent trust score myself. you're most likely going to need to provide your ID to exchange Bitcoin.

[European Central Bank]

Simply shuffle it around for a few years until the case is barred and archived

Then you can simply cash it out, nobody has to know anything.

I dunno, man. There's alot of blockchain analysts with too much time on their hands who'll follow that stuff for years, especially if it's their coins.

[robelneo]

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?

Don't do one transaction diversify your coin to many wallets and drip it from time to time you can also avail of bitcoin mixer to mix your wallet it's more easy that way but Bitcoin is decentralized and anonymous they will have a hard time tracking you..