Money laundering via BTC

[Zadicar]

Money laundering via btc is not a good idea and it brings bad image to digital currency if those bad doers will adopt bitcoin to their illegal activities. Morality of bitcoin will decrease and reputation wise will gain bad impact to those who are learning bitcoin as a good source of fianancial needs.This is punishable by law if anyone caught to be laundering money to any individuals.

It does bring bad image to bitcoin we can't do anything about it, it's all up to the government how will they handle this kind of crime and how will they execute the investigation if they caught someone using bitcoin in money laundering. If the government is not careful enough about the investigation the suspect might get away from it.

Its really easy for someone not to be traced or to get away to government specially when someone using bitcoin together with coin mixers then it would be very hard to trace it up thats why government doesnt really like about bitcoin because of this things.

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[1Referee]

A good article about money laundering through bitcoin. It actually explains that is really not that easy as it seems..... “It’s difficult to push large amounts of Bitcoin secretly through mixing services. It’s extremely noticeable no matter how you do it. If you catch a dealer with drugs and cash on the street, you’ve caught them committing one crime. But if you catch people using something like Silk Road, you’ve uncovered their whole criminal history. It’s like discovering their books.”  Here"s the link https://cointelegraph.com/news/laundering-drug-money-why-mafia-cant-hide-behind-bitcoin

It's utterly stupid for anyone to pump large amounts of coins through a mixer. The blockchain is basically an open book that everyone can look into at any time. I am sure that there are several agencies scanning through the transactions every day in the hope to discover potential black money trails. Those that at least understand how not anonymous Bitcoin really is, will always prefer to mix their coins in very low quantities and in a very slow manner. It's a very time consuming procedure, but it at least lowers the chances of you raising suspicion.

[youdacapt]

A good article about money laundering through bitcoin. It actually explains that is really not that easy as it seems..... “It’s difficult to push large amounts of Bitcoin secretly through mixing services. It’s extremely noticeable no matter how you do it. If you catch a dealer with drugs and cash on the street, you’ve caught them committing one crime. But if you catch people using something like Silk Road, you’ve uncovered their whole criminal history. It’s like discovering their books.”  Here"s the link https://cointelegraph.com/news/laundering-drug-money-why-mafia-cant-hide-behind-bitcoin

Criminals may not work itself, is a mistake when doing mixing process for single account in large numbers, they will divide it in dozens of accounts and range services with unknown identity. Mixing service only an option, the credibility of service providers are also not as easy as it's to provide information to law enforcement agencies (anonymous powers). This is not about good and bad, just some ambiguity in that news.

[iv4n]

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 not possible to do money laundering via btc! Most of you here are wrong, money laundering is when you making `clean` money from illegal money! For money laundering you need to have proof where is that money coming from, definition is clear: Money laundering is the process of transforming the profits of crime and corruption into ostensibly 'legitimate' assets. Bitcoin is still illegal, so you can launder money via btc, you need legit business to launder profit from bitcoins as well. Legit business is registered business, where you play taxes.

[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?

It`s not possible to do money laundering via btc! Most of you here are wrong, money laundering is when you making `clean` money from illegal money! For money laundering you need to have proof where is that money coming from, definition is clear: Money laundering is the process of transforming the profits of crime and corruption into ostensibly 'legitimate' assets. Bitcoin is still illegal, so you can launder money via btc, you need legit business to launder profit from bitcoins as well. Legit business is registered business, where you play taxes

Your point is more or less clear

Though it is still obscure why it is not possible to launder money with bitcoins just like with any other fiat currency out there. There are quite a few exchanges across the world (this is what immediately crosses my mind), and most of them are perfectly legitimate businesses with physical presence and registered addresses which might be even paying taxes. So if you set up one, I guess, you can easily launder money by selling and buying bitcoins from yourself or through closely affiliated ("dummy") traders.

[BitcoinGirl.Club]

To make a clean transaction you need not to be a rookie to do this,as its imperative you cover your tracks to prevent being traced. IMO you are better off mixing small chunks of your btc for clean coins and keep a low profile on how you spend your bitcoins to stay under the radar no matter the temptation.

[Viscore]

To make a clean transaction you need not to be a rookie to do this,as its imperative you cover your tracks to prevent being traced. IMO you are better off mixing small chunks of your btc for clean coins and keep a low profile on how you spend your bitcoins to stay under the radar no matter the temptation.

That's how it should be done, not all money launderers can be trace as the government are more focus on the big ones, when you are not in their radar, you are free to do everything you want with your money but stay cool and do not make any move that would raise their flags against you.
A person who'll spend their money coming from illegal activities should be intelligent enough to make a perfect crime, it not, this a big offense and you'll spend the rest of your life to jail.

[deisik]

To make a clean transaction you need not to be a rookie to do this,as its imperative you cover your tracks to prevent being traced. IMO you are better off mixing small chunks of your btc for clean coins and keep a low profile on how you spend your bitcoins to stay under the radar no matter the temptation.

That's how it should be done, not all money launderers can be trace as the government are more focus on the big ones, when you are not in their radar, you are free to do everything you want with your money but stay cool and do not make any move that would raise their flags against you.
A person who'll spend their money coming from illegal activities should be intelligent enough to make a perfect crime, it not, this a big offense and you'll spend the rest of your life to jail

Yeah, like Al Capone eventually ended up in Alcatraz

He was said to be very intelligent in this respect (I mean in tax evading), but he still got behind the bars in the end, so you are bound to get caught sooner or later if you continue with your habit of tax evasion big time. That's why many die-hard criminals are trying to really legalize their businesses and live a life of a law-abiding citizen (more or less)

[googlebtc]

Brief Thought is if someone commits robbery and taking money from someone on the street I think we will not blame the function of paper currency is therefore problematic and easily stolen, I think it is the same with bitcoin if someone launder money or they commit theft bitcoin what we'll blame that bitcoin is also problematic, all returned to the respective user is not problematic in bitcoin or paper money

[warwar]

Yes ofcourse and the easiest way to do money laundering is with bitcoins.Since all transaction and people behind it are anonymously transferring money from one another there is a huge possibilities that the came from illegal trade off in the market or anywhere else.So it is super easy to launder monney through bitcoins

[cjmoles]

Almost any form of currency can be used for money laundering.  However, some forms are more efficient than others, some are quicker than others, and some are less transparent than others.  So, while bitcoin can be used to launder money....it is not the most efficient, nor the least transparent means to accomplish that task.  Cash for art....art to auction....is the biggest method of laundering money today.

[BitHodler]

Almost any form of currency can be used for money laundering.  However, some forms are more efficient than others, some are quicker than others, and some are less transparent than others.  So, while bitcoin can be used to launder money....it is not the most efficient, nor the least transparent means to accomplish that task.  Cash for art....art to auction....is the biggest method of laundering money today.

It's too much of a hassle and danger to auction your with black money bought art to later end up with what you consider to be "clean" money.

If you look at how things in a regular economy go, you just start whatever business and fake sell your services or products where your black money after paying tax is as "clean" as it can get.

It happens a lot when it comes to restaurants and other places where you can have a snack or a pizza. It's quite simple and yet very effective. Since you are paying tax over your generated revenue, you won't be waking up sleeping dogs.

[cjmoles]

Almost any form of currency can be used for money laundering.  However, some forms are more efficient than others, some are quicker than others, and some are less transparent than others.  So, while bitcoin can be used to launder money....it is not the most efficient, nor the least transparent means to accomplish that task.  Cash for art....art to auction....is the biggest method of laundering money today.

It's too much of a hassle and danger to auction your with black money bought art to later end up with what you consider to be "clean" money.

If you look at how things in a regular economy go, you just start whatever business and fake sell your services or products where your black money after paying tax is as "clean" as it can get.

It happens a lot when it comes to restaurants and other places where you can have a snack or a pizza. It's quite simple and yet very effective. Since you are paying tax over your generated revenue, you won't be waking up sleeping dogs.

A piece of art discovered at a yardsale for fitty cents can bring quite the return at an auction....just saying.  A collection of art accumulated for free over a lifetime can generate even more....so can antiques, coin collections, and other items of such nature....Haven't you ever discovered a rare mint coin in your pocket change?  or, a forgotten masterpiece in your attic?  No book keeping required!

[YTBitcoin]

I'm not sure people want to save their money in the bitcoin with in large numbers, as I know they would choose a safer bank as in Switzerland or Panama. Bitcoin very risky, so if down then it could go bankrupt.

The price of bitcoin is going better and it is because of the growing demand of bitcoin and this demand will continue to grow more higher so it is not good to think that the price of bitcoin will decrease so bitcoin is also a safe way to save bitcoins. The chances of money laundering is also not more than with fiat.

[Ewinsane]

I'm not sure people want to save their money in the bitcoin with in large numbers, as I know they would choose a safer bank as in Switzerland or Panama. Bitcoin very risky, so if down then it could go bankrupt.

People strongly believe in bitcoin and they save their money in huge amounts in to bitcoin and they are sure that bitcoin will be more increase its price and they feel that just bitcoin is a great way to make a big profit from it because they save their money in huge amounts in to bitcoin.

[Viscore]

I'm not sure people want to save their money in the bitcoin with in large numbers, as I know they would choose a safer bank as in Switzerland or Panama. Bitcoin very risky, so if down then it could go bankrupt.

People strongly believe in bitcoin and they save their money in huge amounts in to bitcoin and they are sure that bitcoin will be more increase its price and they feel that just bitcoin is a great way to make a big profit from it because they save their money in huge amounts in to bitcoin.

Of course it's risky because it's not a typical type of savings unlike in bank where you money is very secured. When you save bitcoin you are risking your money as it might become worthless or lose it's value, thus we have to put only a certain portion of our savings to this investment. It offers great reward one should be willing to take the risk in order to have a chance for that reward which is profit.
FYI, banks are also use for money laundering and not only in bitcoin via exchanges..

[delliaerd]

I'm not sure people want to save their money in the bitcoin with in large numbers, as I know they would choose a safer bank as in Switzerland or Panama. Bitcoin very risky, so if down then it could go bankrupt.

The price of bitcoin is going better and it is because of the growing demand of bitcoin and this demand will continue to grow more higher so it is not good to think that the price of bitcoin will decrease so bitcoin is also a safe way to save bitcoins. The chances of money laundering is also not more than with fiat.

I think so. although there are few people using bitcoin, but not many. This is reasonable because bitcoin is very easy to transfer to all countries without going through a bank or a difficult process. most of the money laundering using bitcoin is the people who are in the deep web. this is not a negative side bitcoin, it depends users. bitcoin if not then they would do the same thing but in a different way.

[Capradina]

Money laundering via btc is not a good idea and it brings bad image to digital currency if those bad doers will adopt bitcoin to their illegal activities. Morality of bitcoin will decrease and reputation wise will gain bad impact to those who are learning bitcoin as a good source of fianancial needs.This is punishable by law if anyone caught to be laundering money to any individuals.

Yup, that is certainly true. Because money laundry is very against the law, so that if a bitcoin used for money laundry then everything will give bad impact. It's not just the perpetrators of money laundry but bitcoin will surely receive the effects of their behaviour, because the bitcoin can only be taken by those who have the correct key. If the perpetrators of money laundry does not give the key it will be very difficult to take their money back to be entered into the State Treasury.

[Mr. Big]

Money laundering via btc is not a good idea and it brings bad image to digital currency if those bad doers will adopt bitcoin to their illegal activities. Morality of bitcoin will decrease and reputation wise will gain bad impact to those who are learning bitcoin as a good source of fianancial needs.This is punishable by law if anyone caught to be laundering money to any individuals.

Yup, that is certainly true. Because money laundry is very against the law, so that if a bitcoin used for money laundry then everything will give bad impact. It's not just the perpetrators of money laundry but bitcoin will surely receive the effects of their behaviour, because the bitcoin can only be taken by those who have the correct key. If the perpetrators of money laundry does not give the key it will be very difficult to take their money back to be entered into the State Treasury.

We will see a lot of those money laundering activity in bitcoin in the coming years, local government should start to create a guideline or regulate the use of bitcoin in their locality so it can be prevented from happening, or else, their own economy will be the one who will suffer great on those activities if those money launderers are corrupt public officials... 

[bitkilo]

Money laundering via btc is not a good idea and it brings bad image to digital currency if those bad doers will adopt bitcoin to their illegal activities. Morality of bitcoin will decrease and reputation wise will gain bad impact to those who are learning bitcoin as a good source of fianancial needs.This is punishable by law if anyone caught to be laundering money to any individuals.

Yup, that is certainly true. Because money laundry is very against the law, so that if a bitcoin used for money laundry then everything will give bad impact. It's not just the perpetrators of money laundry but bitcoin will surely receive the effects of their behaviour, because the bitcoin can only be taken by those who have the correct key. If the perpetrators of money laundry does not give the key it will be very difficult to take their money back to be entered into the State Treasury.

We will see a lot of those money laundering activity in bitcoin in the coming years, local government should start to create a guideline or regulate the use of bitcoin in their locality so it can be prevented from happening, or else, their own economy will be the one who will suffer great on those activities if those money launderers are corrupt public officials... 

As long as the regulations are not more strict than those imposed on cash for money laundering it wouldn't be the end of the world.