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Author Topic: Can Bitcoin also lead to corruption ?  (Read 50873 times)
usorin
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October 15, 2017, 12:20:06 PM
 #1021

Actually bitcoin can make corruption more traceable than it is now. With all blockchain transaction being visible you can always follow the money trail. That's something you can never do with cash and only an insane person would allow people to wire bribes to their personal bank account.
You also have to realize that corruption has nothing to do with forms of payment. It's based on 2 factors: economy and people's mentality. When your government makes it easy and cheap for you to get all the permits and your job pays well you have no incentive to bribe others.
All i can say is that you are completely right. To exist corruption there has to be some ready to break the rules. You pointed some good points of view, looking forward for other comments from you.
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October 15, 2017, 12:31:43 PM
 #1022

Corruption happens because of human greed and does not depend on the currency that is used in the country. I think bitcoin is already actively used in corruption.
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October 15, 2017, 12:35:06 PM
 #1023

corruption can be done by anyone and anyone, so bitcoin can make money from corruption, it can happen because of the dishonest human nature that corrupts in any way.
If we talk about corruption and bitcoin, then I will say that it will not at all the bitcoin which will lead to corruption. It is we, the ones who are having bitcoins which will use bitcoin for the sake of illegal activities and corruption. Bitcoin itself is a very good thing. We actually need to stop bitcoin from being used on corruption and other illegal activities which can bring bad name to bitcoin.
Even how often you will say that, they will not stop using bitcoin into illegal activities and corruption because doing bad things are already common for them and they want that way to earn money and the only solution for them to stop is by having the authority to arrest them or bring them in the police station and conduct an order that they need to stop what they are doing or else they will go to jail.
As we all know that money is the root of all evil, even if our intentions of BTC is good but there are greedy people just watching and looking for opportunity to strike, like what happen to silk road were using BTC to proliferate their illegal drugs business, hopefully we have already learned our short comings of that, but it is very possible to trace easily the criminal activities because this  is  electronic transaction that we can trace where money goes and stop illegal activities.

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October 15, 2017, 12:45:48 PM
 #1024

I think, bitcoin could be an alternative for corruptor to do money laundering or other actions that potentially harm the state. Because of character anonymity bitcoin .

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October 15, 2017, 12:50:00 PM
 #1025

corruption can be done by anyone and anyone, so bitcoin can make money from corruption, it can happen because of the dishonest human nature that corrupts in any way.
If we talk about corruption and bitcoin, then I will say that it will not at all the bitcoin which will lead to corruption. It is we, the ones who are having bitcoins which will use bitcoin for the sake of illegal activities and corruption. Bitcoin itself is a very good thing. We actually need to stop bitcoin from being used on corruption and other illegal activities which can bring bad name to bitcoin.
Even how often you will say that, they will not stop using bitcoin into illegal activities and corruption because doing bad things are already common for them and they want that way to earn money and the only solution for them to stop is by having the authority to arrest them or bring them in the police station and conduct an order that they need to stop what they are doing or else they will go to jail.
As we all know that money is the root of all evil, even if our intentions of BTC is good but there are greedy people just watching and looking for opportunity to strike, like what happen to silk road were using BTC to proliferate their illegal drugs business, hopefully we have already learned our short comings of that, but it is very possible to trace easily the criminal activities because this  is  electronic transaction that we can trace where money goes and stop illegal activities.
Why money is evil? All things is fresh at begin, money and Bitcoin also like that. Example Bitcoin, it only created to helps us solve the problem transfer money between countries without any limits instead of use bank system. But by the user, the nature of Bitcoin has changed to many type.
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October 15, 2017, 02:40:50 PM
 #1026

Bitcoin is does allow for a free market but it will actually deter corruption because markets and systems will be fair therefore people will have no chance to be corrupt.
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October 16, 2017, 01:58:46 AM
 #1027

Of program it can guide to corruption as its an decentralized currency and no 1 can have manage on it so no 1 would know who is transacting and in that circumstance it can be utilized for corrupted pursuits.
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October 16, 2017, 03:35:04 AM
 #1028

Since bitcoin is about money, greed of people can be expected because its a man's natural reaction when it comes to money , they get blind of it without thinking others

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October 16, 2017, 04:48:02 AM
 #1029

We all know that there is corruption everywhere, like in government or any other organization. Because of money, corruption can always happen with greedy people who always wants more money to them. Since bitcoin can be considered as money, can it also lead to corruption?
Yes, I believe that there's a possibility becauae still, it involves money. And as long as money is involved into something, corruption will always be present. I'm nit sure on how corruption works in Bitcoin since it is decentralized, maybe it is on ICO projects or campaigns which is related to Bitcoin something like that.
Yes you are absolutely right that possibility of corruption is everywhere but I am looking no way of corruption especially in case of bit coin as digital and crypto currency world and I think that corruption will be also a modern way of corruption.

There are different kinds of mindsets in this world so the corruption will depend upon the nature of an individual itself.
I also agree with you. The possibility is always there, because I think this is the very safe place to keep the corrupted money. No proof, no inquiry, no recovery and the money gone to the wallet of corrupt people. I think bitcoin will provide them the opportunity for more and more corruption. Now they cannot use or keep the black money in their bank accounts but bitcoin will give then the safe and easy way.

Actually corruption is and will be there forever, Bitcoin is just a medium that is or will be used by the corrupted peoples. But recently might be for this reason many countries are trying to regulate and also introducing KYC and AML to curb corruption. I believe there will be loophole or a way to still hide your money but atleast it will restrict or might even reduce it till some extent.



Just as with fiat money, bitcoin can simply become a medium for corruption. It would all boil down to the morals and values of a person - as to whether how they could use bitcoin. Bitcoin will not LEAD someone towards corruption but rather their selfishness will. They may use bitcoin as a tool to act on their selfishness. Corruption may be found anywhere, it may perpetuate through anything. Hopefully, the proper authorities would prevent these kind of acts through proper regulation.
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October 16, 2017, 04:55:32 AM
 #1030

I think yes. There will always be that somone who will Bitcoin for corruption. We can't stop it but we can avoid it.

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October 16, 2017, 05:52:39 AM
 #1031

Since bitcoin is about money, greed of people can be expected because its a man's natural reaction when it comes to money , they get blind of it without thinking others
Maybe! However, you must to remember the nature of human are greedy, no one has not greed when its wants anything. So, when a person starts to invests into Bitcoin, of course this person wants to makes money from Bitcoin and the marketplace does not tolerate anyone.
dissgo
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October 16, 2017, 06:01:06 AM
 #1032

I think yes. There will always be that somone who will Bitcoin for corruption. We can't stop it but we can avoid it.

I agree.
and also since the transaction is opened for everyone watching it, u can track the address, but since it's anony, that's the risk u should take.
cause the digital may be hacked by someone or whatever to do
ZzV1Finn
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October 16, 2017, 06:11:18 AM
 #1033

We all know that there is corruption everywhere, like in government or any other organization. Because of money, corruption can always happen with greedy people who always wants more money to them. Since bitcoin can be considered as money, can it also lead to corruption?
It's easy corruption is that, the right reward for solving problems, and what a difference in what currency it is to do, if you can cash out later, the doctors will take the food with food. Therefore, while there are people who want easy money, corruption will always be.

drachman
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October 16, 2017, 07:34:01 PM
 #1034

Indeed i feel so it may possibly direct to that if huge holders will manipulate and management bitcoins price tag in the market,also if the community alone confront some errors or intentionally dhut down the method and collect all bitcoins of all users.If federal government regulated bitcoins may be an situation to
The biggest problem which government have worry from accepting bitcoin as legal currency is this that bit coin have very high chances to use in corruption and specially in money laundering. So if some one have black money and he wants to make it white money he can simply purchase bitcoin in local market then convert it in other country in dollar then send these dollar to his own country pay some taxes on it and make your black money white in few hours.
This is true but I think any conversion from fiat to BTC and from BTC to fiat is going to be watched very closely, in order to avoid that kind of behavior the real problem is what it is going to happen when people can convert their fiat to bitcoin and they can use that bitcoin freely in any part of the world.

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October 16, 2017, 07:36:51 PM
 #1035

We all know that there is corruption everywhere, like in government or any other organization. Because of money, corruption can always happen with greedy people who always wants more money to them. Since bitcoin can be considered as money, can it also lead to corruption?

Of course anything that is related to money and earning could lead to corruption. Money and greed is always the root of greed. People will become greedy if they know they can earn bitcoin. There are people here who ignored a lot of things just to earn more money.

Terry05
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October 16, 2017, 08:18:37 PM
 #1036

Yes , definitely It can be lead to corruption if some other people will become selfish. One example are those people who doing scams. They try to lure the people and do everything just to earn a bitcoin without handwork. I remember the these quote "Money is the root of evil". Just saying.
megynacuna
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October 16, 2017, 10:25:46 PM
 #1037

Yes , definitely It can be lead to corruption if some other people will become selfish. One example are those people who doing scams. They try to lure the people and do everything just to earn a bitcoin without handwork. I remember the these quote "Money is the root of evil". Just saying.

Just like any other currency including all fiats, people crave  for it and so it can be involved in every corrupt activity or people can use it to perpetrate criminal activities that will inure to the benefit of their corrupt activities.
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October 16, 2017, 10:46:17 PM
 #1038

Yes , definitely It can be lead to corruption if some other people will become selfish. One example are those people who doing scams. They try to lure the people and do everything just to earn a bitcoin without handwork. I remember the these quote "Money is the root of evil". Just saying.
You are right but you haven’t mention the big problem due to bitcoin is money laundering. It can be easily purchase by the person who have black money or theft money and then convert these bitcoin into foreign country. Send these money into his home country through proper banking channel by paying some taxes and shows the income in foreign remittance. So bit coin can be easily use by corrupt people by making his corrupted money white.
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October 16, 2017, 11:11:13 PM
 #1039

Of program it can guide to corruption as its an decentralized currency and no 1 can have manage on it so no 1 would know who is transacting and in that circumstance it can be utilized for corrupted pursuits.
It can lead to corruption worldwide because of its decentralization. Normally when some making investment in any investment institute like banks insurance companies etc. they are asking about the source of income. But here in bitcoin investment there is law for the investors to show his income tax return and wealth statement whether these money is earned by the person legally or not. So the corrupt people have the best option to purchase bitcoin and Utilize it theft money.

that is true, criminals can hide behind the scenes and use bitcoin to move their assets from country to country without being caught for money laundering because there will be exchanges to exchange those purchased bitcoins back into local fiats.
Cherylstar86
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October 16, 2017, 11:47:10 PM
 #1040

Of program it can guide to corruption as its an decentralized currency and no 1 can have manage on it so no 1 would know who is transacting and in that circumstance it can be utilized for corrupted pursuits.
It can lead to corruption worldwide because of its decentralization. Normally when some making investment in any investment institute like banks insurance companies etc. they are asking about the source of income. But here in bitcoin investment there is law for the investors to show his income tax return and wealth statement whether these money is earned by the person legally or not. So the corrupt people have the best option to purchase bitcoin and Utilize it theft money.
Yes it may lead to a corruption because it is digitized and there are gadgets or softwares that the developers make and it's quite easy for them to operate. Too bad if there's no action for those corrupt people. They don't mind the owner's hardships in earning money they're like evils in society who play safe in getting money quickly. Since bitcoin is decentralized, it may be link to different companies under the table like banks,money express and so on. Trusting companies with bitcoin is somewhat big thing so I hope no corrupt people will really exist and do actions immediately.

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