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Author Topic: Money laundering via BTC  (Read 27219 times)
wahyu5
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July 09, 2018, 01:18:24 PM
 #621

The process for creating bitcoin accounts, and having bitcoins is very easy and no need to use full personal data. This is one of the weaknesses of bitcoin, so some people can do money laundering freely and will not be able to know their true identity, because that can only be seen transactions that they do, while the owner of bitcoin or bitcoin account will never be known exactly who the owner. For that reason it may be possible in the process of account creation and bitcoin ownership can be improved even more as when we want to open an account at the bank, so bitcoin is spared from people who want to abuse the existence of bitcoin for their benefit by breaking the law of money laundering.

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July 09, 2018, 01:23:47 PM
 #622

This is why many countries are in doubt and it's not easy to curb money laundering just like that. It has to be regulated somehow to make it a safe crypto currency.
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July 09, 2018, 01:35:04 PM
 #623

As far as I know, criminals are now using bitcoin to wash money. A recent study from a financial agency that monitors and imposes US economic sanctions - U.S. The Center for Sanction and Illicit Finance, the FDD and Blockchain Elliptic, have uncovered a "Bitcoin Money Laundering" ecosystem. Elliptic's Legal Analysis of Bitcoin Blockchain and publicly available data are used to track illegal funds from 2013 to 2016.
"This study aims to find where individuals withdrew or transferred Bitcoin (BTC) from illegal agencies and to identify the types of money laundering," the report said.
Joshapat
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July 09, 2018, 01:42:33 PM
 #624

Everyone would agree that anonymous features make anyone free to use bitcoin, it's natural that everyone thinks bitcoin is used for illegal transactions like drugs or money laundering, but we must understand that all bitcoin transactions can be traced.
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July 09, 2018, 01:45:48 PM
 #625

it is very possible, because there have been many cases that bitcoin is used for negative things.
actually depends on our individual personality because bitcoin can be used for positive and negative things, I prefer to be positive because something is done the wrong way the result will not last long.

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July 09, 2018, 01:46:59 PM
 #626

The idea of money laundering via bitcoin is so real that most companies that trade the crypto require that you provide proof of ownership to authenticate the investor so tat fraudulent and ill-gotten wealth don't flow into their coffers. That's called Anti Money Laundering. Meanwhile many other countries are beginning to tighten the noose around the bitcoin transactions,

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July 09, 2018, 02:01:54 PM
 #627

Obviously, I think bitcoin is a powerful tool 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. But i think there should be some authorities to take care of criminals and black money to disrespect the bitcoin
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July 09, 2018, 02:08:08 PM
 #628

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, 100% that might happen that using the bitcoin on the money laundering. This some of the reason why the government takes action about the crypto. If someone is doing the money laundering via bitcoin, it too hard to track it by the government officials. For now, some government taking a regulation to reduce the people using the bitcoin or cryptocurrency as a tool on the different crimes.
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July 09, 2018, 02:34:15 PM
 #629

Of course it is possible to launder money through bitcoin. it's possible to launder money with bitcoin and I'm sure there are already many cases happening, the reason why bitcoin is still in doubt, in the country where I live, worried bitcoin would be a great tool for criminals to clear money from tracking. do not like it, and why in some countries it is banned, but there are ways to find out if your money is being used for illegal activities.
noneedmoney
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July 09, 2018, 02:40:43 PM
 #630

of course, because those who launder money with bitcoin will not look at him. and in my opinion there must be a lot of money laundering in bitcoin.
Leonardo7
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July 09, 2018, 02:51:54 PM
 #631

Ever since the crackdown on corruption started in my country, howbeit it is a political crack down. So the politicians have been converting their dark money into bitcoin, they do these through friends and associates proving it difficult to track them.

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July 09, 2018, 02:58:10 PM
 #632

Since bitcoin depends on an arrangement of point to point on the decentralized framework, the outside world can not through a center foundation by controlling or close it, can not discover the cash stream behind the individual data, since untouchables can see it is a bitcoin wallet address and a string of arbitrary letters and advanced data. As another thing, the absence of legitimate control, bitcoin birth move toward becoming tax evasion and the offer of different booty heaven is unavoidable.
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July 09, 2018, 03:00:23 PM
 #633

Yes It is Of course that's possible, Bitcoin is not controlled by Government or financial Organization, but not as easy as one might think. also there are better ways and if your money were used for illegal activity have their value reduced this was also a problem for the bitcoin fungibility
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July 09, 2018, 03:01:54 PM
 #634

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, 100% that might happen that using the bitcoin on the money laundering. This some of the reason why the government takes action about the crypto. If someone is doing the money laundering via bitcoin, it too hard to track it by the government officials. For now, some government taking a regulation to reduce the people using the bitcoin or cryptocurrency as a tool on the different crimes.
Bitcoin is useful for money laundering operations, we can not deny that, although it was created to be a technological revolution, replacing people's awareness of digital money but because of the features that it offers as anonymous users, high liquidity, not under government control, everything that bitcoin possesses always seems to bring the advantage to the criminals. So even though bitcoin does not want people to use it that way but it still goes that way, the government has no other way to stop it except to try to promote illegal propaganda and bad activities in bitcoin
cryptoguy1234
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July 09, 2018, 03:04:05 PM
 #635

Illegal tax avoidance is conceivable utilizing bitcoin since it was utilized namelessly. It can be washed through betting site, and exchanging site. Be that as it may, even in the fiat momey, illegal tax avoidance is anything but difficult to do. It is hard to be gotten since it was made with numerous exchange and it is difficult to follow where the cash went except if you spend much spotlight on it. Bitcoin profits washing since it is without bother. That is the motivation behind why bitcoin is utilized as method of cash in bootleg market. There os nothing to stop in illegal tax avoidance, even the administration can't stop it.
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July 09, 2018, 03:07:04 PM
 #636

Bitcoin weakness is at this point "money laundering". Criminals have a great opportunity to do so because all the assets they have in the form of bitcoin can not be identified. Bitcoin is doubtful and we need a solution for this

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AjithBtc
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July 09, 2018, 03:09:15 PM
 #637

it is very possible, because there have been many cases that bitcoin is used for negative things.
actually depends on our individual personality because bitcoin can be used for positive and negative things, I prefer to be positive because something is done the wrong way the result will not last long.
Money laundering is possible through bitcoin, and for the same we cannot say bitcoin has lead to money laundering. Even before the days of bitcoin into usage money laundering is found over the world. Its our goodness to be on the right side of bitcoin and make use of it for the betterment.

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July 09, 2018, 03:15:02 PM
 #638


I think this is of course. Bitcoin money does not cost a single penny, only a small fee. But not worth it. Very worthwhile to use by the organization for the purpose of money laundering.
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July 09, 2018, 03:20:51 PM
 #639

I think yes, it's very possible to launder money with bitkoyn, and I'm sure there have been many cases already. Of course, shadow transactions are suitable for bitcoins. If you look at real things, then we can make transactions anonymously on the Internet, and most sites are able to pay large amounts for campaign signatures, it's easy for us to launder money. Perhaps that is why the government is making efforts to track these deals and this allows people to be almost anonymous, so this and will always be the best way for people to evade taxes and launder money.
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July 09, 2018, 03:21:40 PM
 #640

I think for the money laundry thing is still in anticipation. because it is very can be done in the exchager that can anticipate the funds that are stolen from the user

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