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Author Topic: Money laundering via BTC  (Read 27219 times)
sergiom
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July 22, 2018, 08:41:43 PM
 #721

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 very much possible to launder money with bitcoin and I am sure there are already many cases of this happening. There are created a lot of sites and applications that use bitcoin for this.
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July 22, 2018, 11:22:12 PM
 #722

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 very much possible to launder money with bitcoin and I am sure there are already many cases of this happening. There are created a lot of sites and applications that use bitcoin for this.
Back in the days where exchangers doesn't comply with KYC proceedings where big sums of money can still freely go in but now there is already a restriction into the amounts which if you do launder money on huge sums then identity information would be asked unless if you do Peer to Peer transactions with people do have BTC then its possible but if you do go into other services then it would be hard as of these days.
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July 23, 2018, 04:29:00 AM
 #723

I'm agreed with you. I also think that it is very much possible to money laundering via Bitcoin. You know right now Bitcoin is legal most of the country. Other Countries like or Asian countries are not taking any steps through Supreme court. People from Asia easily can launder there money to black market.I believe that they don't need to face any hassle to laundering money from their countries.
If the regulations are set in place there is no way anyone could launder money, with strict regulation the hopes of acquiring huge amount of bitcoin without being traced is just a dream, there are many cases being under the scanner and many culprits are brought to justice in this short period of time, people who does these illegal activities will continue to do so as they will find a new way to launder the money without being traced and blockchain is not the way to go for these criminals.
one of the reasons why most countries can not formalize the existence of bitcoin can be abused by people who are not responsible for money laundering and other criminal acts because bitcoin can not be regulated or approved by any central bank
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July 23, 2018, 07:38:26 AM
 #724

Laundering money using bitcoin is the most freedom we are enjoying from crypto currency because it is not check by any government or controlled by their authority. It may sound very bad but this the freedom we are getting from investing in cryptocurrency using bitcoin.

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danyakotletkin2018
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July 23, 2018, 07:42:31 AM
 #725

I think yes, bitcoins are laundering money, because no one knows how many bitcoins you have and how many purses you have.
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July 23, 2018, 01:04:15 PM
 #726

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^

Absolutely agree, bitcoin is not like monero or zcach.
In general, it is not easy to track a banking transaction either (it is not worth believing in movies and serials).
As for Bitcoin, it is not anonymous, but rather pseudo-anonymous.
Why so? In contrast to bank accounts and most other payment systems, Bitcoin addresses are not tied to the users identity at the protocol level. Any person at any time can create a new, completely random Bitcoin address (and a personal key associated with it) without having to provide their personal data.
Transactions are also not tied to the users identity. Therefore, any user can successfully transfer bitcoins from any address from which he has a personal key to any other address. No one needs to disclose any personal information.
And thirdly: Bitcoin transaction data is transmitted and forwarded by nodes to a random set of peer-to-peer nodes.
However to find out the data is not so difficult, remember pseudo-anonymous.
1. First of all, although Bitcoin transactions are transmitted through randomly selected peer-to-peer nodes, this system is not impeccable. If, for example, a criminal has the opportunity to connect several nodes to the Bitcoin network, then the aggregate of the data collected by them can be sufficient to determine the origin of the transaction.
2. Secondly, the Bitcoin address can be mapped to a person's real identity if his identity is used in some way with the Bitcoin address. For ex on crypto exchange, wallets, online shops etc.
3.But most importantly, all transactions on the Bitcoin network are completely transparent and can be tracked by anyone. It is full transparency that makes it possible to group several Bitcoin addresses and bind them to one user.

So yes, on the on hand fraudulent schemes and laundering are possible, but on another hand, it slightly can be found.

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July 24, 2018, 12:55:30 AM
 #727

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 is very likely that criminals keep money in bitcoin, but for perpetrators criminals committed in developed countries, with highly developed systems may be difficult, especially the corruptors there, it is possible that law enforcement officers usually detect not on the storage of his own money but for the form their business, another example of drug dealers, they are not held for money but can be caught through the type of illegal goods in business and automatically all assets including bitcoin will participate in foreclosure.
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July 24, 2018, 01:51:56 PM
 #728

You can say the biggest downward side of Bitcoin is the money laundering issue. This is a very serious issue on the integrity of the whole cryptocurrency market. The authorities need to take serious actions and come up with a way to track such people.
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July 24, 2018, 04:48:13 PM
 #729

Of course, money laundering is also possible through bitcoin. However, one should take into account that bitcoin is only relatively anonymous and that specialists with a great desire can, with a successful combination of circumstances, reach a concrete holder of bitcoins. For money laundering, coins with a higher degree of anonymity are used. According to the conducted studies, bitcoin is used for illegal activities from within one to ten percent of cases.

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July 25, 2018, 08:05:29 AM
 #730

Bitcoin is increasing used by some criminal organizations for their money laundering activities and to pay for illicit trades. There also some report that bitcoin is also used by some drug smugglers, child traffickers and other illegal activities. This is some of the reasons why countries are imposing their cryptocurrency regulation to stop or curb these illegal activities.

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July 27, 2018, 03:24:11 AM
 #731

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


in fact money laundering is not only done with bitcoin but can be any way, but for the case of crypto currency may be much easier because the existing system is global is not affected by one of the countries, so the current era is indeed the criminals who use that way, but it may be difficult in a country where the financial system is very tight and very well integrated, such as japan and other developed countries.
Yeah actually there are many other methods besides bitcoin for money laundering, for example buying land with someone else's name, buying gold and so forth. but the best one certainly uses bitcoin, because no matter how much you buy bitcoin, it will not be listed in the country and everything will be undercover..

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July 27, 2018, 03:28:11 AM
 #732

Yeah. Offcourse this is happening and there's very few chances to locate this kind of activity, some regulations are needed to stop this kind of activity.
james_Oscar1
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July 27, 2018, 03:31:01 AM
 #733

actually, bitcoin has been used for money laundering years ago. besides, it is also used for criminal activities
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July 27, 2018, 03:35:09 AM
 #734

Deals that can be easily done easily
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July 27, 2018, 12:16:25 PM
 #735

It's not far from possible that criminal groups will use bitcoin for laundering.

These users prefer to have their identities remain hidden which is bitcoin's best feature. Although government could gain access on the blockchain if they decided to. But it will be difficult, like q needle in a haystack.

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July 27, 2018, 02:44:46 PM
 #736

all that can happen. corruptors can perform money laundering actions to run from a state penalty, and the money can be used to buy bitcoin or altcoin. if that happens then the government will find it difficult to track and search for evidence of crime. because bitcoin users are very difficult to track and bitcoin transactions are very difficult to identify.

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July 30, 2018, 09:01:24 PM
 #737

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?
I think that is possible, people are different. But if people who have problems with law buy bitcoin, we will not know about it. I believe that such people should be involved by the police and security services of the country. And not to block cryptocurrency.

                   
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August 10, 2018, 01:37:43 PM
 #738

Sure you can do money laundering with bitcoin but it's not something I'd recommend doing.
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August 11, 2018, 09:10:36 AM
 #739

I think Bitcoin is the opposite of that because all Bitcoin transactions are transparent and everyone in the world can see the ongoing Bitcoin transactions.

People may not be able to connect certain individual identities to Bitcoin transactions directly, but if they find it, then they can see all the transactions you have done on the Bitcoin network. This is why Bitcoin is the wrong way if you use it for things that are not right like money laundering.
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August 11, 2018, 11:40:44 AM
 #740

I think Bitcoin is the opposite of that because all Bitcoin transactions are transparent and everyone in the world can see the ongoing Bitcoin transactions.

People may not be able to connect certain individual identities to Bitcoin transactions directly, but if they find it, then they can see all the transactions you have done on the Bitcoin network. This is why Bitcoin is the wrong way if you use it for things that are not right like money laundering.
Crypto currency is quite different with fiat or physical money, bitcoin because bitcoin is digital in nature  that  can easily be trace in electronically means while fiat  money can be hoard in your own vault like what illegal drug traders so that they can't be traced they should not  transact money in bank to elude the law inforcer.

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