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Author Topic: Can Bitcoin also lead to corruption ?  (Read 50873 times)
cybersofts
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November 07, 2017, 08:09:44 PM
Last edit: November 07, 2017, 08:21:34 PM by cybersofts
 #1261

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?
Corruption is to Bitcoin like air is to a bird. It's the natural environment. Greed, lack of regulation, possible anonymity, irreversible transactions. It's a perfect formula.
As an actual ledger it can't be corrupted and that may well help reduce overall corruption elsewhere. Many things surrounding it carry a fairly nasty smell.
Yes, there are so many ways that bitcoin may lead to corruption.
Firstly, when you put your money in bitcoin, nobody knows about it but you and you didn't pay taxes.
Secondly, bitcoin anonymity might also help politicians, rich and greedy people for saving their loot money anonymously.
Thirdly, when you own bitcoin you are the in control to do good or bad, that may also help some people to bribe others without knowledge of others.  
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November 07, 2017, 08:20:30 PM
 #1262

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?

corruption can happen anywhere and anytime, especially if in terms of money, everything is in the individual
It all depends on the person who are having a major portion of bitcoins in their wallets. If they want to use bitcoin in any kind of illegal activities like that of corruption, then it is very much possible to experience this thing. Bitcoin itself cannot be used in any kind of activities. It is we, who has to decide where to use our bitcoin. We need to stop bitcoin from being used in such kind of activities.
Yes if bitcoin is used in any illegal activity that not the fault of bitcoin that totally depend on the user an before bitcoin corruption will be done through the cash so ban it also and now all the governments are also thinking to perform check and balance in transaction so that no one can use it in illegal way and bitcoin organization must have ti remove its anonymity so that serious crimes are avoided through it.
I agree with this, with the existence of the bitcoin, this will simplify the corruption is going to do. Because in this system it is extremely difficult to track even by programmers though. a person will not easily get evidence that could incriminate the corrupt. While the bitcoin himself mentioned that it is a virtual currency that is anonymous then there will be people who know and can be used without risk of it.
Yes definitely bitcoin can lead to corruption.Since it is not under the control of any government or central bank,it cannot be traced down.People can transfer all their black money from one place to another just in seconds.Criminals can also use bitcoin for receiving their payments for their illfull deeds.Bitcoin wallet is used for this purpose.Only the giver and receiver know about it and money can be transferred only in seconds.Therr can also be smuggling of bitcoins too as the price of bitcoin is increasing day by day.
I agree with you it is a big danger but what to do about it? bitcoin exists because we do not trust the banks why should we worry about those stuff unless you are doing it just let it go.
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November 08, 2017, 04:46:38 AM
 #1263

Wealth can very much lead to corruption. Provided that Bitcoin favors anonymity it is quite easy for people that are not ethical to slip into corrupted or at least non legal practices.

Everything that involves money will lead people to corruption, scamming and illegal practices. Money is a root of evil we all know that. However, we as individuals, must know how to handle our money without greediness. We must be contented with the fruit of our hardwork. Don't get the earnings that belongs to somebody else.
Bitcoin is different and corruption is different thing if some is using bitcoin for corruption purpose so I think it’s totally wrong and I think it’s totally out of question that bitcoin is going to lead corruption because when you study bitcoin in detail so you will see that it’s going to teach you a very good things not bad things.

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November 08, 2017, 04:49:12 AM
 #1264

Yeah it can. In the form of hidden payments i think. So you can get a kickback from anyone in the world and no one can define both of you. Isn't it a perfect way of corruption?

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November 08, 2017, 05:00:08 AM
 #1265

I think the right question for this is "Can people start corruption on Bitcoin?". Bitcoin is just a Bitcoin. It is up to us how we'll use it. This will define if Bitcoin will lead to corruption or not.
Yes, that's what I'm pointing out. Bitcoin is Bitcoin and we can't blame it for the corruption that is happening everywhere, but due to its great features, many people are taking advantage of it and using bitcoin as a way to do hidden transactions or hiding their laundered money so that it can't be traced easily by the government because it is decentralized.

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November 08, 2017, 05:46:52 AM
 #1266

I think the right question for this is "Can people start corruption on Bitcoin?". Bitcoin is just a Bitcoin. It is up to us how we'll use it. This will define if Bitcoin will lead to corruption or not.
Yes, that's what I'm pointing out. Bitcoin is Bitcoin and we can't blame it for the corruption that is happening everywhere, but due to its great features, many people are taking advantage of it and using bitcoin as a way to do hidden transactions or hiding their laundered money so that it can't be traced easily by the government because it is decentralized.

Right and i think this could be considered as a draw back of bitcoin because money laundering is happening every day and bitcoin is the safest way to do so. As far as corruption is concerned i think there is no corruption in bitcoin, people are using bitcoin for hiding black money.
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November 08, 2017, 10:31:48 AM
 #1267

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 it can. I believe that what it ever it is as long as it has a high value, people tend to want to acquire all of it or at least many. Greed is in the nature of man I guess. So, that leads to corruption of bitcoin, of course.
Yes you are right. When people get to know about the value of this highly famous currency then they obviously dream about having all of it in a matter of few seconds. This is the nature of human beings and it could not be changed in any way.

So to fulfill their dreams they use many methods involving those that are regarded as corruption. The value of Bitcoin in international index has risen to a remarkable value and is being expected to increase more in the upcoming year.
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November 08, 2017, 10:47:44 AM
 #1268

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?
I think ofcourse it will lead us to corruption because the payment history is cannot be searched by other secure agencies which leads crypto coins to a black market industry to use them for their payments which can be in millions and their is not any other thing for  security checking where the payment is done and for which purpose.
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November 08, 2017, 11:06:43 AM
 #1269

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?
We should accept the reality that corruption is everywhere.  So, the possibility to use bitcoin in corruption is also given. Especially the greed people who will always looking to earn money even in a bad way.  They maybe use bitcoin in money laundering.  But I do not believe that bitcoin can lead to corruption.  The bitcoin will not allowed that to happen.

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November 08, 2017, 12:54:30 PM
 #1270

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?

Bitcoin is set of computer codes that allows peer-to-peer payment. It has no concept of corruption. Corruption is done by human beings behaving without morals - basically the criminal riff-raff types.
if bitcoin is used for corruption, in my opinion it's all very difficult. because the bitcoin system works and earn income from the project. so it is very difficult for people of corruption.


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November 09, 2017, 01:12:52 AM
 #1271

It can also happen if its leaders are starting to get corrupt
Politicians have always being corrupt if they were not then they will not be politicians in the first place that is why politicians in every single country of the world have a very bad reputation and it is not surprising since they are always looking for ways to benefit themselves.

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November 09, 2017, 02:21:49 AM
 #1272

of course, bitcoin is their field to launder their corrupt money, here are many opportunities but that need to be noticed bitcoin has a weak side everyone can use without being traced at all, this is what makes bitcoin banned in some countries.

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November 09, 2017, 02:52:51 AM
 #1273

Some other people say bitcoin is lead to curraption, but they dont now about bitcoin. For me bitcoin is the one who help me to be repsonsible, he gave me an apportunities to help to my family, big thanks to bitcoin, this is not to lead a corruption
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November 09, 2017, 05:35:44 AM
 #1274

Some other people say bitcoin is lead to curraption, but they dont now about bitcoin. For me bitcoin is the one who help me to be repsonsible, he gave me an apportunities to help to my family, big thanks to bitcoin, this is not to lead a corruption
Bitcoin can be use for both legal and illegal activities so it can also use for corruption but it will not lead corruption.
People should realize what is bitcoin and it's usefulness to the people, it's just a simple tool where we can use for online transaction and still it's the initiator who will decide on how he will use his bitcoin, and like I said, it can be in any purpose.

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November 09, 2017, 06:06:47 AM
 #1275

Yes because it people involved in bitcoin business remain anonymous and since everybody are anonymous authorities will hardly trace people involved in crime and other illegal activities like money laundering tax evasion and etc, That is why some country banned the use of btc. 
 
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November 09, 2017, 07:35:00 AM
 #1276

Positive differences in bitcoin occur so we need to be careful about what we do, so we must first study the different ways and follow the bitcoin rules.
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November 09, 2017, 09:06:32 AM
 #1277

It doesn't mean that Bitcoin also lead to corruption. But, yes it could be use for dishonest or fraudulent activities such as corruption. Bitcoin has a value that is widely use as a money that is not regulated. Using Bitcoin in illegal activities could really be a good way because money transaction could not be track unlike the fiat. This means that is not just useful in corruption but all kind of illegal activities even Money Laundering. This is the bad side of it, but ofcourse! it is still up to the user how they will use the Bitcoin. Because even a regulated money could be use in illegal activities how much more for this currency.

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November 09, 2017, 09:08:57 AM
 #1278

I think yes. I think while money exist in any form (fiat, electronic, crypto) there will be corruption.
And with BTC corruption can be more hidden, definately.
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November 09, 2017, 09:39:48 AM
 #1279

of course, bitcoin is their field to launder their corrupt money, here are many opportunities but that need to be noticed bitcoin has a weak side everyone can use without being traced at all, this is what makes bitcoin banned in some countries.
Yes there is a big possibility that a bitcoin can be used for corruption because corruption is everywhere. Bitcoin as a virtual currency and a decentralized system
makes it vulnerable to corruption. For example to make this sense! i corrupt a huge money in a government or in a company where i have work then i don't want to have a trace because it will contradict against my assets and liability, so what will i am going to do is to invest it all with the bitcoins. Then it is already hard to trace since i was transacted it in a decentralized system and it is already considered as anonymous transaction.

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November 09, 2017, 10:04:15 AM
 #1280

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?

I believe so. I mean if money itself, even the lowest currency can lead to corruption what more in bitcoin which has a really high value. So, there is no reason for a person to neglect or refuse on having bitcoin, they want more of it though.

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