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Author Topic: Money laundering via BTC  (Read 27202 times)
chocolato
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July 09, 2018, 03:35:19 PM
 #641

I think it's very easy to turn black into white money because you do not have to prove your source but this trade is hampering the reputation of bitcoin. I sold my legal product to bitcoin but then when I pulled my coins through a legal exchange, I was afraid if they would think my money was too cheating because there was never any way to prove the source of bitcoin.
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July 09, 2018, 03:40:21 PM
 #642

it can be said that bitcoin really helps me in everyday life from start to transaction until my income from bitcoin change my life become affluent. Indeed the claws of signature campaigns are very big from my job here because I happen to have a high enough rank so that my needs are all fulfilled not only is the transaction easier and faster and we do not need to travel to send money on the goods

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July 09, 2018, 03:45:26 PM
 #643

I think it's very easy to turn black into white money because you do not have to prove your source but this trade is hampering the reputation of bitcoin. I sold my legal product to bitcoin but then when I pulled my coins through a legal exchange, I was afraid if they would think my money was too cheating because there was never any way to prove the source of bitcoin.

No you can show the source of bitcoin earned, if you have earned through signature campaign then you can show the bitcointalk campaign enrollment screen short and in your bitcoin wallet you can show how much you earned through signature campaign and according to that you sold and earned fiat currency. But if you country recognize it as illegal then you have to be careful. Signature campaign was just example same way you can show other earned bitcoin details also. I am selling through P2P exchange so i dont have problem as i am getting money through other user account directly show i am showing as online income through small tasks just like freelancer job work.

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July 09, 2018, 03:49:57 PM
 #644

Many people transfer illegal income through bitcoin, which is very simple and requires only a very small rate. This is why many people like to encrypt money. Many gambling websites also like to use bitcoins, which is for some specific customers.
ubay
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July 09, 2018, 04:16:51 PM
 #645

In the era of all internet as now, it is very easy for money laundry one of them maybe with bitcoin. But it will be difficult when the person does not know what bitcoin is. And better so, because bitcoin is not a means for money laundry.

mdzahed134
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July 09, 2018, 04:34:04 PM
 #646

Yes,Definitely possible money laundering via Bitcoin even it possible from every single country.Because you can convert your own country money with BTC than Send to any country in the world it's consider pure money laundering.Money laundering by BTC is going on all over the world.

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tessaphin
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July 09, 2018, 04:35:38 PM
 #647

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?
It's possible to launder money with bitcoin and I'm sure there are already many cases going on. And it can ruin the image of bitcoin as a digital currency. Because it allows people to be almost anonymous, therefore and will always be the best way for people to avoid taxes and launder money. That is also the reason why some governments are against it.
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July 09, 2018, 04:48:27 PM
 #648

Money laundering using bitcoin is very possible, because if we see people who often do money laundering sometimes also use fiat money, let alone this with bitcoin. But of course the risk of money value can be reduced because of the fluctuating bitcoin value. But it does not matter, which is important according to the perpetrator is to secure money laundering.

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July 09, 2018, 04:58:46 PM
 #649

Money laundering with crypto is relatively easy, especially if it is not such a large amount. What's tricky is when the media says it's only meant to be, as if money laundering had started in 2009, or when they say it's used to buy something from Deep Web.

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July 09, 2018, 05:05:23 PM
 #650

Its quite unfortunate but the truth is that BTC has been used in the recent past for wrong reasons,  most notably To launder money by criminal cartels, who seek to take advantage of the fact that BTC's transactions are almost impossible to trace, This has been one of the major reasons as to why somee countries decided to Ban BTC within their territories, This however should not be used against BTC as the coin does not chose which group of people to serve and which ones not to
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July 09, 2018, 05:39:42 PM
 #651

With AML BitCoin you dont need to worry about this. ABTC rests on a privately regulated public blockchain that facilitates AML-KYC compliance and identifies criminals associated with illicit transactions while maintaining and strengthening the privacy protections for legitimate users.
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July 09, 2018, 06:12:23 PM
 #652

Yes,Definitely possible money laundering via Bitcoin even it possible from every single country.Because you can convert your own country money with BTC than Send to any country in the world it's consider pure money laundering.Money laundering by BTC is going on all over the world.
Yes, I think that may be a disadvantage of Bitcoin, perhaps because of this that many governments do not allow the legalization of Bitcoin. Criminals, especially hackers, have taken advantage of Bitcoin's anonymity to commit illegal activities such as money laundering and the execution of illegal financial transactions. There have been many cases of money laundering discovered and it is probably still going on all over the world as you said, hopefully soon there will be solutions to overcome this situation.
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July 11, 2018, 04:09:26 PM
 #653

In a couple of days ago payza is banned via SEC because payza has a problem and they got it for money laundering issue. If you think Bitcoin is money laundering so your thinking is right but it is a blockchain technology so SEC just discusses Bitcoin transaction but they can't control Bitcoin transaction. I think SEC make a new rules for cryptocurrency.
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July 11, 2018, 06:03:12 PM
 #654

Israel and now India can do is that they will  put tax of bitcoins converting to local currency.Taxes can only be applied when local currency comes in it else bitcoin to bitcoin transcation will always remain tax free.
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July 11, 2018, 06:09:32 PM
 #655

Yes, money laundering can be done, thats also a main reason for governments fearing bitcoin. Even if bitcoin is not fully anonymous, bitmixer, crypto mixer are used to hide the identity of bitcoin holders.Even if it fails to give a permanent solution, investing in bitcoins for money laundering can be done for a temporary relief. I think money laundering is much easy in Bitcoin , as all information of sender and receiver is hidden
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July 11, 2018, 06:14:18 PM
 #656

Money laundring is one of the prohibited act. bitcoin should be used properly and correctly. The purpose of the bitcoin is to facilitate transactions that we do.
you can check google for the complete information regarding money laundering act. Some here are just saying based on their opinion and some does not even understand what is money laundering act and why it's created. Just saying, hope we read more and post less.
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July 11, 2018, 06:28:14 PM
 #657

I think it's very easy to turn black into white money because you do not have to prove your source but this trade is hampering the reputation of bitcoin. I sold my legal product to bitcoin but then when I pulled my coins through a legal exchange, I was afraid if they would think my money was too cheating because there was never any way to prove the source of bitcoin.
No need to worry bro, just keep safe your exchanger account for worst-case scenarios like for example they suspected you that your Bitcoins came from an illegal source of income, In this case, your trading histories will help you prove that it is from a legal source. One of my friends had a situation like this when she was withdrawing her Bitcoin traded to fiat, the exchanger suspected her that her Bitcoin came from an illegal source but the truth it came from trading and she got a lot of profit from trading on an exchanger. And those trading histories from her account saved the day for her. Cool

No you can show the source of bitcoin earned, if you have earned through signature campaign then you can show the bitcointalk campaign enrollment screen short and in your bitcoin wallet you can show how much you earned through signature campaign and according to that you sold and earned fiat currency. But if you country recognize it as illegal then you have to be careful. Signature campaign was just example same way you can show other earned bitcoin details also. I am selling through P2P exchange so i dont have problem as i am getting money through other user account directly show i am showing as online income through small tasks just like freelancer job work.

Very well said bro Smiley Joining Signature campaigns and other campaign stuffs such as social media campaigns, translation campaign, moderation campaign and any other kinds of campaign that pay Bitcoin or Altcoins is a source of Bitcoin or virtual currency income and no need to worry about it because all of this are legal means of income.

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July 11, 2018, 06:38:07 PM
 #658

Sure, it is extremely significantly achievable to be able to launder funds together with bitcoin and also I know you can find previously several situations with this taking place. That is furthermore just how a lot of the websites just like bit mixer make it through and also have the ability to pay out people huge sums from unique promotions. As it permits visitors to become practically private, so it will be and also can be the simplest way for folks to be able to avoid fees and also launder funds. Additionally, it is the reason why several governing bodies are usually in opposition to that.
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July 11, 2018, 06:49:57 PM
 #659

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?

This issue of bitcoin is really sad but true. But don't worry because if you know yourself that the coins you gained are not from any illegal activity,  you wouldn't need to fear that karma will hunt you down. The problem here is that we humans are in so much greed with the things around us. I feel bad about how good crypto is but some other people misuse it.

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July 11, 2018, 07:13:12 PM
 #660

I do not think that bitcoin can contribute to money laundering. The matter is that all transactions can be tracked and bitcoin is not so anonymous. There are other coins that can really be used for money laundering.
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