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Author Topic: Money laundering via BTC  (Read 27215 times)
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August 30, 2018, 08:38:58 AM
 #761

The presence of bitcoins in a person can be checked if this person is of some interest to the inspection bodies. Relevant authorities can identify everything, including the presence of bitcoins.

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September 03, 2018, 08:40:44 PM
 #762

Truly, Bitcoin aids money laundery especially in developing countries. Bitcoin transaction is kept on blockchain which allowed people to traced it, the transactions are never truly anonymous. Many illegal activities going through bitcoin but the evidence still there, including money laundering. However, my concern about sites offering to mixer bitcoin, so it can't be traced right? But, I don't think those mixer sites will easily accept money laundering. That's why some countries issued regulations about bitcoin and exchanges to prevent any kind of those transaction.
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September 03, 2018, 10:21:22 PM
 #763

Truly, Bitcoin aids money laundery especially in developing countries. Bitcoin transaction is kept on blockchain which allowed people to traced it, the transactions are never truly anonymous. Many illegal activities going through bitcoin but the evidence still there, including money laundering. However, my concern about sites offering to mixer bitcoin, so it can't be traced right? But, I don't think those mixer sites will easily accept money laundering. That's why some countries issued regulations about bitcoin and exchanges to prevent any kind of those transaction.

What do you mean by that? It's not the purpose of mixing sites to ask for the origin of funds. M'm pretty sure that with enough effort the mixing algo could be reverse engineered, so no action that you take is untraceable. It's just that you would have to be a first class criminal for them to want to get to you this badly. They would have to invest a lot of money and time to trace coins after they've been mixed and that's why it gives additional safety and anonymity to average users like us, but I wouldn't use a mixer to hide a couple million dollar drug deal. I wouldn't choose bitcoin for that at all.

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September 05, 2018, 09:34:54 AM
 #764

Truly, Bitcoin aids money laundery especially in developing countries. Bitcoin transaction is kept on blockchain which allowed people to traced it, the transactions are never truly anonymous. Many illegal activities going through bitcoin but the evidence still there, including money laundering. However, my concern about sites offering to mixer bitcoin, so it can't be traced right? But, I don't think those mixer sites will easily accept money laundering. That's why some countries issued regulations about bitcoin and exchanges to prevent any kind of those transaction.

What do you mean by that? It's not the purpose of mixing sites to ask for the origin of funds. M'm pretty sure that with enough effort the mixing algo could be reverse engineered, so no action that you take is untraceable. It's just that you would have to be a first class criminal for them to want to get to you this badly. They would have to invest a lot of money and time to trace coins after they've been mixed and that's why it gives additional safety and anonymity to average users like us, but I wouldn't use a mixer to hide a couple million dollar drug deal. I wouldn't choose bitcoin for that at all.
Though bitcoin is a anonymous transaction but because it is digitally transaction, there's no way it isn't traceable because there a program that can trace the origin of your transaction if your identified scammers or launder. Because of cryptocurrency currency criminality would be lessened.

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September 05, 2018, 04:22:55 PM
 #765

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?

That is possible, because bitcoin is a freedom currency and is not regulated by the government, bitcoin can be used for good purposes and also as a medium for money laundering.

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September 10, 2018, 04:33:26 AM
 #766

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?
With the use of bitcoin, probably less than all crypto currency laundered dirty money. Recently, the European Union released information that only 0.67 percent of the cases of bitcoin were used for illegal purposes. This is due to the fact that bitcoin is only relatively anonymous. There are many crypto-currencies with a much greater degree of anonymity than bitcoin and they are used for this.

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September 11, 2018, 04:16:11 PM
 #767

Money laundering via BTC. Yes, it is inevitable, because:
- BTC Not regulated and limited by any regulations by countries.
- Use bitcoin, transaction billion dollars no one knows!
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September 14, 2018, 03:04:56 AM
 #768

it is and it's the reason why the government don't like it, and why in some country it's banned, but there are way to know if your money were used for illegal activity

the so called "taunt"(if i remember correctly) bitcoin, have their value reduced this was also a problem for the bitcoin fungibility


maybe for developed countries the reason for banning bitcoin for money laundering makes no sense, but for developing countries with very many criminals, especially corruptors who have very much money, of course the ban makes sense. because to limit their illicit money escape, countries try by all means to limit their illicit money movements one way by not legalizing bitcoin, because the state cannot detect or prevent criminals from saving their money ..
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September 14, 2018, 03:35:17 PM
 #769

Yeah, you're absolutely right. It is very much possible to make money laundering via BTC.
Thats some countries marked bitcoin as illegal.
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September 15, 2018, 12:30:53 AM
 #770

Of course, I think bitcoin is a powerful means for us to commit money laundering. That was the cause why bitcoin is still doubtful, in country where I live, feared bitcoin will be a great tool for criminals to clean the money from tracking. Especially with all the capabilities of the bitcoin which of course complicates the authorities. But anyway that's the advantages of bitcoin, we can not oppose it. Thank you.
this is not the case in developed countries, because with advanced technology they are still reaching to track the origin of illegitimate money owners with bitcoin mixer services, the government can still call to release suspicious data from criminals, but for developing countries it is still difficult to do because their financial system has not well integrated, so to anticipate the government still has not legalized bitcoin as a legitimate medium of exchange.
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September 21, 2018, 08:43:48 AM
 #771

the money washers will do anything to carry out their actions not only in bitcoin but on other assets and that may be possible but the government must provide policies and refinements so that the money laundering movement is even smaller such as KYC
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September 22, 2018, 07:19:30 PM
 #772

Money laundering is just diseases for our country it's considered punishable work. I think most provably it's happened by bitcoin and it's so easy to transfer black money one country to others country. Identity is not published in btc  that's why it's increasing day by day.

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September 23, 2018, 06:11:00 AM
 #773

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?

One of my Indian friends told me that when the demonetization of the old banknotes happened there in 2016, a lot many of the black money holders converted their cash to BTC. And they immensely benefited from this measure, after the Bitcoin prices shot up by 20x in 2017.


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September 23, 2018, 07:49:06 AM
 #774

It is more hard to detect the movement of cryptocurrencies that the fiat and there are already reports of money laundering that uses bitcoin recently. This is might be the reason why some governments are imposing regulation on every crypto exchanges to monitor the flow of bitcoin transactions for possible money laundering.

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September 25, 2018, 06:28:04 PM
 #775

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

all possible crime levels can happen, it's true you say we don't know when it comes to what we need to do is keep watch and secure what we have but for now bitcoin security I think it's safer and might reduce crime.

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September 25, 2018, 07:11:44 PM
 #776

so would you do it if you got a lot of coins? Smiley

transferring obviously isn't a problem.

but getting Fiat out for sure.

1. I know there are companies that issues you a credit card or even bank card (maestro in EU), per mail. there is of course tight limitation on drawing money, but still...

2. Go to Swiss / Bahamas or something and you have account where nobody cares if for the income the taxes were payed. you can get your Fiat there, but how to export cash? I think there is max 10.000 before you have to show it to customs

3. any ideas?
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September 25, 2018, 09:21:07 PM
 #777

Specifically in bitcoin, on the contrary, less dirty money, because all transactions are recorded in the public book.

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September 26, 2018, 12:44:32 AM
 #778

Specifically in bitcoin, on the contrary, less dirty money, because all transactions are recorded in the public book.

Money Laundering using bitcoin can be trace because the end point is you need to cash out where you need to be verified in order to avail the service.
If you are under the radar of the government you will definitely get caught, like you said, there is a public ledger where anytime can be reviewed.

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BeGoods
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September 26, 2018, 01:24:34 AM
 #779

Money laundering is just diseases for our country it's considered punishable work. I think most provably it's happened by bitcoin and it's so easy to transfer black money one country to others country. Identity is not published in btc  that's why it's increasing day by day.
That is why the government is afraid of the threat of cryptocurrency, because the facilities owned can make many people do money laundering to avoid the taxes they have to pay, so the government experiences material losses because their biggest income comes from taxes and it is lost due to the arrival of Crypto.

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September 27, 2018, 01:01:10 AM
 #780

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?
for criminals like corruptors putting money from their crimes in bitcoin is a stupid thing, we all know bitcoin has a block chain, a recording machine for every transaction in bitcoin that records all new transitions connected to the previous block, so law enforcement can validate blockchain with follow notes that record every transaction until the first transaction of the satoshi nakamoto maker makes bitcoin, so it's all transparent for law enforcement to investigate suspicious money circulation.
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