Money laundering via BTC

[Senja Kemuning]

I think people will not be interested in using bitcoin for money laundering, it is because they know that there is a great risk and there is no country that admits it.

[1715555113]

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[1715555113]

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[diegz]

I think people will not be interested in using bitcoin for money laundering, it is because they know that there is a great risk and there is no country that admits it.

Isn't that an advantage? No one is claiming bitcoin so when you put your money in it, it's like your money fly somewhere else.

Actually if someone wants to hide their money they should use bitcoin, but the big question there is how much amount of money the bitcoin can handle. I really do think that if a wealthy man from the government wants to use bitcoin, I think we need more bitcoin so we could accommodate and welcome those corrupt officials? 

[Farma]

I guess money laundering by bitcoin has often done. This is done so that the transaction can not be, or difficult to be tracked by several parties. even if its own transaction has been designed to not be detected, but, with some sites mixers, it makes the transaction is completely unknown, and this is one of the advantages of bitcoin.

[Spoetnik]

https://en.wikipedia.org/wiki/Drug_cartel

@OP
Who wants to know ?

When enough liquidity gets going with Bitcoin then look out !

[Mr. Big]

I guess money laundering by bitcoin has often done. This is done so that the transaction can not be, or difficult to be tracked by several parties. even if its own transaction has been designed to not be detected, but, with some sites mixers, it makes the transaction is completely unknown, and this is one of the advantages of bitcoin.

Everyone can do money laundering thru bitcoin, but for sure, only small time people... But I have a doubt on how will you enter your money to bitcoin if it is big amount, for sure you will use a bank account, and by that, the government already have an idea on what you did with your money... They won't  go long after that, for sure they will do a back track from that bank and before...  

[Theb]

I guess money laundering by bitcoin has often done. This is done so that the transaction can not be, or difficult to be tracked by several parties. even if its own transaction has been designed to not be detected, but, with some sites mixers, it makes the transaction is completely unknown, and this is one of the advantages of bitcoin.

Everyone can do money laundering thru bitcoin, but for sure, only small time people... But I have a doubt on how will you enter your money to bitcoin if it is big amount, for sure you will use a bank account, and by that, the government already have an idea on what you did with your money... They won't  go long after that, for sure they will do a back track from that bank and before...  

I don't think so. Creating several wallet addresses together with combining small deposits won't make your laundering obvious. Also Coinbase accounts can make you create new wallet addresses in one account. So what you have is 1 account with multiple addresses which will make tracking and transparency hard for the government. Anything can be avoided provided that you give proper precautions to it.

[Mr. Big]

I guess money laundering by bitcoin has often done. This is done so that the transaction can not be, or difficult to be tracked by several parties. even if its own transaction has been designed to not be detected, but, with some sites mixers, it makes the transaction is completely unknown, and this is one of the advantages of bitcoin.

Everyone can do money laundering thru bitcoin, but for sure, only small time people... But I have a doubt on how will you enter your money to bitcoin if it is big amount, for sure you will use a bank account, and by that, the government already have an idea on what you did with your money... They won't  go long after that, for sure they will do a back track from that bank and before...  

I don't think so. Creating several wallet addresses together with combining small deposits won't make your laundering obvious. Also Coinbase accounts can make you create new wallet addresses in one account. So what you have is 1 account with multiple addresses which will make tracking and transparency hard for the government. Anything can be avoided provided that you give proper precautions to it.

Nope, actually the act was already been done when you say that you can launder money using bitcoin and that you transfer it from one of your wallet address to another, that's effective I know, but what I am talking about is the government has already traced you when you deposit your money to banks before you could transfer it to bitcoin, that's enough evidence for you to be liable and the government will start at that point and backwards... 

[morantis]

I guess money laundering by bitcoin has often done. This is done so that the transaction can not be, or difficult to be tracked by several parties. even if its own transaction has been designed to not be detected, but, with some sites mixers, it makes the transaction is completely unknown, and this is one of the advantages of bitcoin.

Everyone can do money laundering thru bitcoin, but for sure, only small time people... But I have a doubt on how will you enter your money to bitcoin if it is big amount, for sure you will use a bank account, and by that, the government already have an idea on what you did with your money... They won't  go long after that, for sure they will do a back track from that bank and before...  

I don't think so. Creating several wallet addresses together with combining small deposits won't make your laundering obvious. Also Coinbase accounts can make you create new wallet addresses in one account. So what you have is 1 account with multiple addresses which will make tracking and transparency hard for the government. Anything can be avoided provided that you give proper precautions to it.

Nope, actually the act was already been done when you say that you can launder money using bitcoin and that you transfer it from one of your wallet address to another, that's effective I know, but what I am talking about is the government has already traced you when you deposit your money to banks before you could transfer it to bitcoin, that's enough evidence for you to be liable and the government will start at that point and backwards... 

and then what will happen.........remember i quoted the law, a neat thing to base legal discussions on....i would stay awake and listen to you guys spout off non-facts some more, but at least the morning will be entertaining to read....so, please, in light of the factual law that has been stated in this thread, what will happen next?

[deisik]

Actually if someone wants to hide their money they should use bitcoin, but the big question there is how much amount of money the bitcoin can handle. I really do think that if a wealthy man from the government wants to use bitcoin, I think we need more bitcoin so we could accommodate and welcome those corrupt officials?

Did anyone hear about people using Bitcoin to bribe some guy in the government (or elsewhere)?

Is it safe to grease the wheels this way? If no one got caught so far, does it mean that no one actually tried to use bitcoins for exactly this purpose or does it mean that it is just a perfect tool for passing the money under the table to someone and no one can be caught at all. Really, how can such bribes can be traced? After all, you can always back off and claim that this is not your Bitcoin address, and you hear about Bitcoin for the first time in your whole life at that



When bribery enters through the door, faith goes out through the chimney

[bitkilo]

Very simple stuff. Create business, build business, accept btc and buy your own service with your own btc. Pay the small amount of tax and you have clean money. One simple method of hundreds or thousands out there.

Lol it looks like you've experienced to eliminate the traces after carrying out illegal activities. indeed with bitcoin you can do the laundering of money, so that you will avoid taxes or else

It is not that easy, someone that look at the blockchain will see all the transactions come from the very same address and will realize that either someone is buying your service over and over again or you are the one doing it.

See every time the person will not send through the same address he has the ability to change it different address in order to do multiple transaction, how can people will identify if he keep on changing multiple address means, these thing should be take care so that we can control money laundering through bitcoin.

It wouldn't be too hard to trace those bitcoins from the first address to the last with all in between, remember that all the transaction take place on an public ledger.
They can use mixers along the way and that would help a little  but if you are talking big money then no mixer can handle it.

And what sort of "control" are you talking about, government laws and regulations? No way man, if they want to catch tax cheats then they will just have to find another way.

[BlackPanda]

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.

[cryp24x]

Very simple stuff. Create business, build business, accept btc and buy your own service with your own btc. Pay the small amount of tax and you have clean money. One simple method of hundreds or thousands out there.

Lol it looks like you've experienced to eliminate the traces after carrying out illegal activities. indeed with bitcoin you can do the laundering of money, so that you will avoid taxes or else

It is not that easy, someone that look at the blockchain will see all the transactions come from the very same address and will realize that either someone is buying your service over and over again or you are the one doing it.

See every time the person will not send through the same address he has the ability to change it different address in order to do multiple transaction, how can people will identify if he keep on changing multiple address means, these thing should be take care so that we can control money laundering through bitcoin.

It wouldn't be too hard to trace those bitcoins from the first address to the last with all in between, remember that all the transaction take place on an public ledger.
They can use mixers along the way and that would help a little  but if you are talking big money then no mixer can handle it.

And what sort of "control" are you talking about, government laws and regulations? No way man, if they want to catch tax cheats then they will just have to find another way.

Or they can do bitcoin transfer little by little as time pass by, I wonder how they can detect when the bitcoin was sent from one mixer service to another mixer service many times.  I once read an article about mixing service that it is just an exaggerated claim according to one of the FBI agent. If this is true then they really can trace those Bitcoins.

[GoodLuck2]

yeah it is quite possible and i think its depend on people we should never blame bitcoin because bitcoin is a just digital currency which made for online shopping and other financial matters so we can not blame bitcoin simple its depend on people.

[bitkilo]

Very simple stuff. Create business, build business, accept btc and buy your own service with your own btc. Pay the small amount of tax and you have clean money. One simple method of hundreds or thousands out there.

Lol it looks like you've experienced to eliminate the traces after carrying out illegal activities. indeed with bitcoin you can do the laundering of money, so that you will avoid taxes or else

It is not that easy, someone that look at the blockchain will see all the transactions come from the very same address and will realize that either someone is buying your service over and over again or you are the one doing it.

See every time the person will not send through the same address he has the ability to change it different address in order to do multiple transaction, how can people will identify if he keep on changing multiple address means, these thing should be take care so that we can control money laundering through bitcoin.

It wouldn't be too hard to trace those bitcoins from the first address to the last with all in between, remember that all the transaction take place on an public ledger.
They can use mixers along the way and that would help a little  but if you are talking big money then no mixer can handle it.

And what sort of "control" are you talking about, government laws and regulations? No way man, if they want to catch tax cheats then they will just have to find another way.

Or they can do bitcoin transfer little by little as time pass by, I wonder how they can detect when the bitcoin was sent from one mixer service to another mixer service many times.  I once read an article about mixing service that it is just an exaggerated claim according to one of the FBI agent. If this is true then they really can trace those Bitcoins.

One of if not the biggest bitcoin mixing service is bitmixer, on their site they claim to have over BTC2500 and coild probably mix that much in one go for you but they couldn't do it again for you anytime soon since they would just be sending you back the first lot of tainted coins you sent them to mix.

As an extra precaution when mixing follow the advise below quoted from the bitmixer site:

To prevent advanced time-based analysis of your blockchain transactions, you may set a time delay for every forward address to receive the BTC. We will then send your coins according to the time delays you have specified

[diegz]

Actually if someone wants to hide their money they should use bitcoin, but the big question there is how much amount of money the bitcoin can handle. I really do think that if a wealthy man from the government wants to use bitcoin, I think we need more bitcoin so we could accommodate and welcome those corrupt officials?

Did anyone hear about people using Bitcoin to bribe some guy in the government (or elsewhere)?

Is it safe to grease the wheels this way? If no one got caught so far, does it mean that no one actually tried to use bitcoins for exactly this purpose or does it mean that it is just a perfect tool for passing the money under the table to someone and no one can be caught at all. Really, how can such bribes can be traced? After all, you can always back off and claim that this is not your Bitcoin address, and you hear about Bitcoin for the first time in your whole life at that

I haven't heard any, but for sure, if bitcoin is going to be use to bribe a government official, it's going to be anonymous since you can deny an address. But there will come a time that those who were bribed will convert bitcoin to fiat, and that is where everything will start. If you use the money to buy luxury cars or whatever, it will be noticeable and that is where investigation will come and all your properties will become questionable and papers will be asked if you declared it and if it is taxed. Unless when you convert your bitcoin to fiat you use another bank account not related to you or any of your family member or a bank account in other country.

However, if you are an ordinary man with wealth, why hide it, you could just tax it and you are free.  

When bribery enters through the door, faith goes out through the chimney

I love this one.  

[Joel_Jantsen]

Money laundering not only via bitcoin you can do Money laundering with any cryptocoin you just need to setup your selected cryptocoin is popular like bitcoin.

I don't think you understand laundering.For your information,money laundering did exist before the dawn of bitcoins.Bitcoins makes it easier if you live in a third world country.Banks and the government is quite strict in terms of daily transactions carried out in the western world.Just read a post this morning about a bank freezing someone's account after sudden transaction of £10000 from their account to buy bitcoins if I'm not wrong.

[Gembul]

Money laundering not only via bitcoin you can do Money laundering with any cryptocoin you just need to setup your selected cryptocoin is popular like bitcoin.

Yes, bitcoin is not the only media for money laundering. Because basically, money laundering can be done with any media either fiat or cryptocurrency. However bitcoin have more advantages in terms of this rotten, because bitcoin have cheap transaction fees, difficult to track, and high daily trading volume. Thank you

[bitkilo]

Money laundering not only via bitcoin you can do Money laundering with any cryptocoin you just need to setup your selected cryptocoin is popular like bitcoin.

I don't think you understand laundering.For your information,money laundering did exist before the dawn of bitcoins.Bitcoins makes it easier if you live in a third world country.Banks and the government is quite strict in terms of daily transactions carried out in the western world.Just read a post this morning about a bank freezing someone's account after sudden transaction of £10000 from their account to buy bitcoins if I'm not wrong.

I am not sure which story you are referring to because I can't remember seeing anything lately myself apart from people complaining on the forums about their accounts being closed so i wpuld not be surprised at another.

A quick Google search shows that most of the big banks have clsed down at least one of their custmers accouns each for bitcoin related issues.

Here is just one example i found:
https://www.cryptocoinsnews.com/banks-still-closing-accounts-bitcoin-activity/

[marcoman22]

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.In india, same situation is happening. More black money holders found bitcoin as their last option to get relief from government actions.

[KennyR]

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.In india, same situation is happening. More black money holders found bitcoin as their last option to get relief from government actions.

During demonetization it could have happened in India, but the scenario is different with other countries. Israel have given statement that bitcoin transactions were taxable. So India too might make regulations. But most of the money laundering is happening in the form of US dollar.