Money laundering via BTC

[marketone]

Money laundering can happened with any type of currency same as with bitcoin, but when you are transacting with fiat currency government will easily identify the transaction but through bitcoin it is not possible because each person has different address with no names, no banks involved in it. So it is very hard to find with bitcoin to whom we are transferring.

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[adzino]

Bitcoins are pseudo anonymous. Your transactions can always be traced back to your initial wallet, a system which is not a flaw but made on purpose by the developers.But you can still avoid legal actions if your coins goes through several wallets and you deny your ownership and say it was a gift from someone or say that you got it from mining.

[olushakes]

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?

Its very possible and I have even heard how companies having branches in other countries and due to tight exchange policies of moving funds abroad go through the route of bitcoin by buying bitcoin in large number then sending to the address abroad then convert to fiat over there. Its as simple as that. Even recently I read about China's investigation into capital flight as a result of the use if bitcoin.

[Bitcoin0916]

Money laundering can happened with any type of currency same as with bitcoin, but when you are transacting with fiat currency government will easily identify the transaction but through bitcoin it is not possible because each person has different address with no names, no banks involved in it. So it is very hard to find with bitcoin to whom we are transferring.

Actually a bitcoin can also be tracked, if we buy a bitcoin of exchanger could certainly easily tracked. I think though the anonymous, State with a variety of tools will be easy to found. Let's use the bitcoin wisely.

[poptok1]

I would be very surprised if such activity did not take place.
This is only natural, there is something valuable, like bitcoin there are greedy people with a lot of cash, possessed from illegal sources. not need to be a genius to quickly reassume the facts.
Is it possible to laundry? Easily.
It is probably a lot safer not only for the criminal but also for little man making the operation.
This may be beneficial to all the rest bag holders... grey area from moral standpoint but there is nothing decent people can do.

[shield132]

If you have 50k stolen euro's and you put that 50k stolen euro's in bitcoin (cash to btc) and cash out on your bank account it is still illegal money?

Yes, it is still illegal money, allmoney which you get by laundering is illegal. While they are illegal, you can mask them as legal by some transactions. For example you can deposit that money on casino websites and than withdraw them, use bitcoin mixers yo mix your coins and after that steps you get money which you know is illegal but there is no doubts from anyone about that money.

[jossiel]

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 actually there are people that has been doing laundering with bitcoin. In fact, here in my country the central bank advises not to use bitcoin.

Because they found out that many of my countrymen are using it to launder money and there was a case that someone laundered almost $70 million money from Bangladesh bank.

I think most of the people in the dark net are doing this most of the time.

What country are you living? I don't believe that a government would advise its people not to use bitcoin, otherwise they will just simply ban it, end of story. Bitcoin is not a threat if they have a strong control to combat anti money laundering act, bitcoin is freedom and you cannot take that opportunity from the people. I'll tell you, I will be the first one to oppose to any government that would advise not to use bitcoin.

Haven't you know what did Russia before about bitcoin? They did really banned bitcoin by that time, but suddenly they have removed the ban.

Actually there are still a lot of countries that are banning bitcoin to penetrate to their jurisdiction.

Just like Lebanon

The government of Lebanon has issued a warning discouraging the use of bitcoin and other similar systems.

You may try to check the legality of bitcoin for different countries. https://en.wikipedia.org/wiki/Legality_of_bitcoin_by_country

[BADecker]

I think that money laundering would be a little easier if more people used Bitcoin.

[The_Dark_Knight]

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?

There is money laundering with fiat, by using fake business and all kind of dirty tricks, so it is not a surprise that money laundering can be done with bitcoin or with any other crypto currency.

[President79]

I think that money laundering would be a little easier if more people used Bitcoin.

This is very likely, everyone will use bitcoin for money laundering. but with prices down like this, certainly they thought of canceling if saving money in bitcoin.

[shine1123]

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 laundry via bitcoin is really possible, because it's really easy and fast. You even can use service like bitcoin mixer websites. I'm sure many smart criminals will use bitcoin for laundering their money.

[electronicash]

Mixing their blood money to the funds of their legit business seem a bit easy to do than learning all these blockchain technology just to launder.  But very doable though.

If they are like us who already learned btc, they could be using bitcoin to launder.

[deisik]

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 actually there are people that has been doing laundering with bitcoin. In fact, here in my country the central bank advises not to use bitcoin.

Because they found out that many of my countrymen are using it to launder money and there was a case that someone laundered almost $70 million money from Bangladesh bank.

I think most of the people in the dark net are doing this most of the time.

What country are you living? I don't believe that a government would advise its people not to use bitcoin, otherwise they will just simply ban it, end of story. Bitcoin is not a threat if they have a strong control to combat anti money laundering act, bitcoin is freedom and you cannot take that opportunity from the people. I'll tell you, I will be the first one to oppose to any government that would advise not to use bitcoin.

Haven't you know what did Russia before about bitcoin? They did really banned bitcoin by that time, but suddenly they have removed the ban

Don't spread misinformation

Bitcoin has never been banned in Russia. There have been massive amounts of threats about criminalizing Bitcoin use and its users in the future (just around the corner), but that was basically much ado about nothing. These threats were mostly from the Ministry of Finance and their primary aim was to not get involved with possible Bitcoin taxation. The latter would make the Tax Service of Russia (which is an integral part of that ministry) go after bitcoiners which would be an exercise in futility, stupidity and hilarity   

[gredisgold88]

can be washed with bitcoin money, and it was very easy for me, and if when launder money should know the right time, because bitcoin has a value which is very fast for a ride, and down

[dihari]

That's why Isis use bitcoin for their funds transactions (source news). Bitcoin is an anonymous types of transactions. Bitcoin got popular by the darknet transactions where the gambler, drugs seller, and anythings about black money stand. They use bitcoin to hide the bank noted and government taxes.
Bitcoin is a good way to do money laundering, and that's a weakness.

[JANGKRIK BOSS]

can be washed with bitcoin money, and it was very easy for me, and if when launder money should know the right time, because bitcoin has a value which is very fast for a ride, and down

You are right. This is the other side's weakness if it is anonymous, but I think it is also a high risk, because of fluctuating price bitcoin is certainly very risky if saving money on bitcoin, surely they would think repeatedly to take risk if prices fall. In my opinion, this is not to worry about it because I'm sure bitcoin is not a place for money laundering.

[gredisgold88]

can be washed with bitcoin money, and it was very easy for me, and if when launder money should know the right time, because bitcoin has a value which is very fast for a ride, and down

You are right. This is the other side's weakness if it is anonymous, but I think it is also a high risk, because of fluctuating price bitcoin is certainly very risky if saving money on bitcoin, surely they would think repeatedly to take risk if prices fall. In my opinion, this is not to worry about it because I'm sure bitcoin is not a place for money laundering.

Yes, of course . but if washing with brain and use some cryptoccurency highly confidential, then a double victory in the hands :-)

[canhchuacaro1]

I think that Bitcoin was originally created with the primary purpose of money laundering, it was created to limit the impact of economic crisis
As you say, we can launder money with Bitcoin
but now, in some countries, the government has implemented policies to manage this virtual currency
it makes me really worry about the future of Bitcoin

[Lisaren]

Yes, when you use bitcoin to pay or transfer money to somebody, generally bitcoin transaction it is very difficult to track somebody who uses it. there are many people who have committed money laundering by using bitcoin because it is not controlled by the government.

[stomachgrowls]

I think that Bitcoin was originally created with the primary purpose of money laundering, it was created to limit the impact of economic crisis
As you say, we can launder money with Bitcoin
but now, in some countries, the government has implemented policies to manage this virtual currency
it makes me really worry about the future of Bitcoin

You are wrong since satoshi didnt create bitcoin for the purpose of money laundering and reading on the white paper this is just created for fast peer 2 peer transaction without 3rd party involve but still its features can be really used on money laundering because of its anonymity and lots of bitcoin users use this advantage.