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Author Topic: Money laundering via BTC  (Read 27142 times)
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July 11, 2018, 07:18:53 PM
 #661

It is possible and very much easy to do money laundering via a bitcoin because there is not a specified identity of any human on that and no one actually do it so there is also no tax on it there is only a certain amount of the transaction fee on that fee you can transfer as much amount you can any where around the globe.
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July 11, 2018, 07:21:38 PM
 #662

In January 2018, Yaya Fanusie, director of analysis for the Foundation for Defense of Democracies’ Center on Sanctions and Illicit Finance (CSIF), released a study entitled “Bitcoin Laundering: An Analysis of Illicit Flows into Digital Currency Services.” The study concludes:

Less than one percent of Bitcoin transactions used for illicit activities.
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July 11, 2018, 07:24:05 PM
 #663

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.
There are numerous ways that people can launder money but with the Emergence of Bitcoins and cryptos, it has been very easy for them to launder money no wonder why most governments are planning to regulate the currency.



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July 11, 2018, 07:30:23 PM
 #664

money laundering is not meant only for those having black money, sometimes for those who does not want government monitoring their money movement. Except for the anonymity of any transaction, all transaction can be traced. Money laundering is not legal terms in all countries and cant be consider a crime for all bitcoin owners who had converted their money to their willing asset.

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July 11, 2018, 07:40:37 PM
 #665

Is it possible to do money laundering via bitcoin?

Of course it is possible.

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?

Nobody knows how much cash you have under your bed either. You can also launder your money via potatoes and cash. I think you might be getting money laundering confused with tax evasion (or something else), though. Money laundering is taking dirty money and making it clean by putting it through legitimate businesses.  Say you're a drug dealer and are making a healthy living through that, you then have a lot of dirty money that you can't do anything legitimate with. So you then set up some legitimate business. Say a hair dresser or computer repair shop. You then funnel that money through those businesses so the money becomes legitimate and you pay taxes accordingly. You can then buy your mansion and Lamborghinis all legitimately. Using bitcoin doesn't automatically launder your cash for you but it can help to keep it away from the prying eyes of the police or whoever else you want to hide it from, but you will still have to find a way of legitimizing the cash through 'real' businesses.


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July 11, 2018, 08:18:33 PM
 #666

It is very possible, although it doesn't have full anonymity as many would think. A person who wishes to launder money will have to create many accounts which is very possible and send the transactions one after the other.

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July 11, 2018, 08:31:54 PM
 #667

Since its inception, Bitcoin has aimed at becoming digital cash that people could use instead of actual cash. It is important to note that all of the money laundering and illegal activities that Bitcoins can be used for, can also be done via cash.
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July 11, 2018, 08:41:09 PM
 #668

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?
money laundering is possible but some can still trace you and even ask you when withdrawing “where did your big amounts of Bitcoin from?” Even when you use mixing services or transfer the funds to many different wallets.

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July 11, 2018, 08:48:50 PM
 #669

Yes, it is possible to launder money by bitcoin. that's why some countries banned bitcoin. Recently I was reading an article in a newspaper that in India or Bangladesh I am not sure, But They banned bitcoin for this reason. It is a bad impression of Bitcoin but I think every money has this bad impression. So, It is not a big deal anymore.

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July 11, 2018, 09:05:41 PM
 #670


it is theoretically possible to make money laundering with Bitcoin. However, is it profitable and unsurpassed by the authorities? Definitely not, because Bitcoin is anonymous only superficially. Its structure makes it impossible to make it totally anonymous and indefinite. I would not recommend trying to do this to anyone because they may prove disastrous.

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July 11, 2018, 09:11:50 PM
 #671

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 many people invest their black money on bitcoin and cryptocurrency because its impossible to find identify of bitcoin owner. Bitcoin is a digital virtual currency so people can easily hide their black money buying bitcoin and trading.If government find that you try to invest your black money on bitcoin buying and selling than you must go on jail for money laundering case.

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July 11, 2018, 09:15:21 PM
 #672

Yes I think it is possible.
Because there are also people who are bitcoin holders that previously victim of money laundering thru BTC.

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July 11, 2018, 10:44:05 PM
 #673

BTC is born with anonymity and lack of supervision. Before BTC was created, money laundering also existed, but BTC was used! It caused the criminals to use BTC to launder money and transfer property.
So most governments around the world ban BTC!

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July 11, 2018, 10:55:01 PM
 #674

Many people say bitcoin is a tool for money laundering, but in my opinion that is not true because bitcoin is a very profitable investment and bitcoin is also very helpful for me to get better work and bitcoin is also the most valuable asset for me so I think what they think it is not true

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July 11, 2018, 11:23:13 PM
 #675

Right. Bitcoin is a place for people to wash money very well. Bitcoin's transactional operations are anonymous. It does not know the identity of any person. So it is appropriate for people to launder money illegally.

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July 11, 2018, 11:27:48 PM
 #676

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 it is really possible that bitcoin can be used as a medium to so some money laundering. As a matter of fact, there are news that circulates in society that many people are being the victim of it. Since bitcoin is an anonymous and cannot be supervise, people tend to really use it for money laundering. Though money laundering is existed even before bitcoin, it just increase nowadays.

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July 11, 2018, 11:33:59 PM
 #677

This is also one of the main reason for governments fearing bitcoin. Even if bitcoin is not fully anonymous, you can hide the identity of bitcoin holders by some tools. This acts hovewer can not be done now for huge amounts of money such as island countries are doing.

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July 11, 2018, 11:45:03 PM
 #678

Their goal to launder money using bitcoin is to keep their ownership assets from being tracked by government financial bodies, with bitcoin that anonymous, so the assets of the corrupt results they make will be safe on their wallet.

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July 12, 2018, 08:30:00 AM
 #679

the answer is that there can be laundering and even corruption of FIAT corruption in Bitcoin, because every Bitcoin has a difficult wallet address to investigate who owns it.

the other thing with you save or hoard your corruption results in Exchange, later when there is an investigation will be in the know where to run where the Bitcoin shaped money is sent right, because the authorities are entitled to the Exchange's introgation.
Missterio
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July 12, 2018, 08:39:01 AM
 #680

There are rogues everywhere in the world. Even in ordinary life there are deceivers from this will not get rid in any way.
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