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Author Topic: Money laundering via BTC  (Read 27202 times)
shamzblueworld
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January 09, 2017, 05:11:50 AM
 #1

Is it possible to do money laundering via bitcoin? I mean as no one knows if you have bitcoin and how much bitcoin do you actually own, it could be used to convert black money to white right? Or at least store your black money without much hassle. But there is the risk of its value but I think for people who have lots of black money and don't want to be caught, this risk might be worth taking for them isn't it?
What are your thoughts?
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January 09, 2017, 05:17:38 AM
 #2

Yes, it is very much possible to launder money with bitcoin and I am sure there are already many cases of this happening. This is also how most of the sites like bitmixer survive and are able to pay those big amounts out on signature campaigns. Since it allows people to be almost anonymous, therefore it is and will always be the best way for people to evade taxes and launder money. It is also the reason some governments are against it.
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January 09, 2017, 05:53:19 AM
 #3

Of course it is possible to launder money via Bitcoin. Otherwise, Bitcoin cannot be considered the equivalent of a real currency, because the ability to launder money is a "feature" of every fiat currency.  Grin
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January 09, 2017, 06:04:38 AM
 #4

Bitcoin is pseudo-anonymous, so it's not ideal to hide "black" money in a technology that can be traced back to the person hiding that money. There are other Alt coins with full anonymity more suited for that purpose. Even if you use mixer services with Bitcoin, the authorities can still subpoena these services to release the data, and then you will have to give a explanation for that money. ^hmmmm^

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January 09, 2017, 06:04:46 AM
 #5

Of course, I think bitcoin is a powerful means for us to commit money laundering. That was the cause why bitcoin is still doubtful, in country where I live, feared bitcoin will be a great tool for criminals to clean the money from tracking. Especially with all the capabilities of the bitcoin which of course complicates the authorities. But anyway that's the advantages of bitcoin, we can not oppose it. Thank you.
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January 09, 2017, 06:10:52 AM
 #6

money laundering is not just putting your money in from one side and getting it out from the other side clean! you are not using a washing machine for your dirty clothes. that is a layman's way of thinking. it is a lot more than that.
you can read the wikipedia article for a step by step guide Cheesy
https://en.wikipedia.org/wiki/Money_laundering
but in short it is done through a business, you have to be able to say where that money came from. read the methods part of wikipedia Cheesy

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January 09, 2017, 06:26:14 AM
 #7

Absolutely, shady transactions are fit with bitcoin. The reality is we can transact anonymously online and it's easy for us to launder the amount of money. It's possible hence the government are making effort to trace this transactions and the people behind this, they directed the local exchanges to to force their clients to comply with the KYC Policy in order to continue serving them.

It only gives a hard time for the government to trace but they can certainly trace it as they have all the necessary resources.

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January 09, 2017, 06:45:09 AM
 #8

Bitcoin is many places is not considered a currency or money but is called a virtual service, so in some places, it's just considered as a commodity rather than as a currency. Of course I am sure governments will try to regulate and control if they see too much money is being drained from their country.

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January 09, 2017, 06:47:48 AM
 #9

If i am rich/millionaire and want to escape huge taxes, i would rather buy bitcoins to hide my wealth and save on taxes. No one from the tax department known bitcoins.

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January 09, 2017, 06:53:55 AM
 #10

short answer is, that it is possible, but not as easy as one might think. also there are better ways.
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January 09, 2017, 06:56:47 AM
 #11

Is it possible to do money laundering via bitcoin? I mean as no one knows if you have bitcoin and how much bitcoin do you actually own, it could be used to convert black money to white right? Or at least store your black money without much hassle. But there is the risk of its value but I think for people who have lots of black money and don't want to be caught, this risk might be worth taking for them isn't it?
What are your thoughts?

Yes, Of course. Bitcoin is anonymous and it is not controlled by Government or financial Organization. You can use bitcoin to purchase drugs, weapons... or to launder money and Bitcoin has no border Therefore bitcoin is usually called illegal currency.
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January 09, 2017, 07:10:33 AM
 #12

it is and it's the reason why the government don't like it, and why in some country it's banned, but there are way to know if your money were used for illegal activity

the so called "taunt"(if i remember correctly) bitcoin, have their value reduced this was also a problem for the bitcoin fungibility
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January 09, 2017, 07:12:12 AM
 #13

Is it possible to do money laundering via bitcoin? I mean as no one knows if you have bitcoin and how much bitcoin do you actually own, it could be used to convert black money to white right? Or at least store your black money without much hassle. But there is the risk of its value but I think for people who have lots of black money and don't want to be caught, this risk might be worth taking for them isn't it?
What are your thoughts?

Of course that's possible. BTC is a tool, which could be used anywhere.


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January 09, 2017, 07:13:14 AM
 #14

I think bitcoin has great potential to be used as money laundering. In bitcoin transactions, no one would question the source of funds bitcoin. In contrast to the banks which would have to ask the origin of the source of funds if one transaction using the bank. Naturally, this gap is very large for the money launder. Besides the secret identity information each person makes transactions difficult to trace. Maybe if bitcoin in regulation that could reduce money laundering in bitcoin.

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January 09, 2017, 07:17:24 AM
 #15

Is it possible to do money laundering via bitcoin? I mean as no one knows if you have bitcoin and how much bitcoin do you actually own, it could be used to convert black money to white right? Or at least store your black money without much hassle. But there is the risk of its value but I think for people who have lots of black money and don't want to be caught, this risk might be worth taking for them isn't it?
What are your thoughts?

Absolutely yes  and now is the right time to launder your dirty money via Bitcoin because with the price higher than before, it will take a smaller amount of coins to use. BTC is also in the grey area when it comes to its legitimacy and how the governments of different countries view it, so its very easy to find a legal loophole.

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January 09, 2017, 07:27:03 AM
 #16

Well, it is, it can be used as money laundering tool. Anything can be used as it is, be it a real estate or anything that has value, as long as you could hide your money, then you could do it. You could stock your money as bitcoin to hide it or you can make it as passage so it is not easy to trace where it goes out.  Smiley

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January 09, 2017, 08:16:38 AM
 #17

bitcoin = money
what you can do with bitcoin = what you can do with money
with USD you can:
pay your bills, buy groceries, invest in businesses, buy stocks and gold, buy drugs, pay ransom, launder your dirty money, gamble,....
with bitcoin you can do all the above too. simple as that.

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January 09, 2017, 08:50:52 AM
 #18

Yes. Ofcourse. Bitcoin can be use for money laundering because it harder to trace where the funds came from. Everybody is anonimous. Thats why some exchange required every details of you in able for you to buy bitcoin. This is the way to regulate bitcoin and to avoid such thing.

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January 09, 2017, 08:57:31 AM
 #19

Bitcoin features is perfect for money launders, you can easily get BTC of exchange with no KYL and AML but the price maybe higher than the official rate on exchanges and move your money around and clean it up

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Kollor
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January 09, 2017, 09:04:47 AM
 #20

Well, it is, and yes, it can be use to keep your money away from the eyes of many. But I think it won't be a good idea to make money laundering for the sake of keeping your money being taxed by the government. It would just make you violate a law, though they can't find your money now, but for sure in the future they will.
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