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Author Topic: Can Bitcoin also lead to corruption ?  (Read 50873 times)
betMaster
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July 31, 2017, 02:55:58 AM
 #581

Being untraceable is one of bitcoin's advantages and disadvantage at the same time; criminal activities can be found by bitcoin without getting to know the source of the money which make it easy for them to transfer money wherever and whenever they want. It's also a safe way to send money as a bribe. I hope that bitcoin don't get used in corruption otherwise people will think it's illegal or dangerous.
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calandra78
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July 31, 2017, 01:33:27 PM
 #582

Corruption with bitcoin is even more easy.There is no refund option with bitcoin so we cant get our stolen money  back if we didnt get colaterral or If he is maybe from same coutry like as and we can proof that but it is really hard to proof it.Also bitcoin is anonymously so nobody cant track it so it is easy for use for mafia.
You are right, Corruption with bitcoin is easy as you said. So people can do a lot with cryptocurrency as it's not tracked and most bitcoin wallets without ID. So as a result you can control bitcoin as you want without any risk of use.
I agree with you, with the existence of the bitcoin, this will simplify the mafia is going to do corruption 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 mafia. 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.

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July 31, 2017, 04:12:38 PM
 #583

This is something that many countries fear, when they fight against corruption of course the existence of bitcoin can be exploited by corruptors to save their money.

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July 31, 2017, 04:45:17 PM
 #584

Taking into consideration that bitcoin its pseudo anonymous, i dont believe people would use it for steal money, since there are others coins which cant be traced at all. Btc-e owner has been part of the corruption and people had found it, soo even being hard to trace isnt impossible, soo sooner or later someone will catch you.
 Some projects born to steal bitcoins like hyip, cycler, doubler, in the general the coins losted is few and doesnt worth to try to find the owners, since its ilegal and i doubt authorities will loose their time over such.
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July 31, 2017, 07:18:07 PM
 #585

Bitcoin is just money. Money is not the source of corruption, but greed and lack of moral standards is. Therefore BTC is not leading to corruption in the first place.
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July 31, 2017, 07:27:26 PM
 #586

Being untraceable is one of bitcoin's advantages and disadvantage at the same time; criminal activities can be found by bitcoin without getting to know the source of the money which make it easy for them to transfer money wherever and whenever they want. It's also a safe way to send money as a bribe. I hope that bitcoin don't get used in corruption otherwise people will think it's illegal or dangerous.
It is hard to be untraceable with bitcoin as everything is public and with the law catching up,it is difficult to run an exchange without KYC and other procedures so,i think these so called anonymity about bitcoin is just a myth and you need to find some other coin if you really want to be anonymous. 

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July 31, 2017, 07:40:28 PM
 #587

This is something that many countries fear, when they fight against corruption of course the existence of bitcoin can be exploited by corruptors to save their money.

What a turnaround.
First we have corrupt politicians that are against bitcoin because of bribery they receive from banks and now they are afraid because of corruption.
Isn't this a mind-blowing argument?

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August 01, 2017, 08:53:21 AM
 #588

In my opinion, no. If in use to save money the results of corruption may be.
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August 01, 2017, 10:15:33 AM
 #589

It is possible that someone is doing corruption with a digital currency such as bitcoin. You can corrupt and save money into bitcoins. No one knows that you are the owner of the money. Because the bitcoin is anonymous. I think a great way to get rid of your financial records is by turning them into bitcoins. Maybe if the corruptors know it they will save their money on bitcoin.
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August 01, 2017, 10:40:28 AM
 #590

It is possible that someone is doing corruption with a digital currency such as bitcoin. You can corrupt and save money into bitcoins. No one knows that you are the owner of the money. Because the bitcoin is anonymous. I think a great way to get rid of your financial records is by turning them into bitcoins. Maybe if the corruptors know it they will save their money on bitcoin.
Recently there was a big news about the arrest of the BTC-e operator Alex Vinnik and the case is about the money laundering based on this link https://cointelegraph.com/news/us-government-seizes-russian-bitcoin-exchange-btc-e-domain.
That clearly says that bicoin was use for corruption like any other currency, but the thing is we are wrong on what we believe that it's anonymous because this shows a good example that you can be trace if you do illegal activities.

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August 01, 2017, 11:45:48 AM
 #591

As bitcoin functions without the intersection of external parties, it becomes easy for people to make use on illegal activities such as corruption and other related factors. This has now decreased a lot as people give importance as an trusted investment. Now too a small amount of people prefer bitcoin for such activities and one such recently happened with the ransom-ware attack.

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August 01, 2017, 12:09:34 PM
 #592

I think that there are no causes to corrution other than human nature so bitcoin doesn't cause corruption. Corrupted people tend to be corrupted under appropriate situations.

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August 01, 2017, 12:13:30 PM
 #593

This is something that many countries fear, when they fight against corruption of course the existence of bitcoin can be exploited by corruptors to save their money.
Of course all governments agree on fighting corruption in their country. Because a lot of corruption will be very harmful to the state. So when bitcoin offers a secret and anonymous financial transaction of course it will launch the process of money laundering on corruption, of course the government will ban bitcoin for obvious reasons
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August 01, 2017, 12:48:22 PM
 #594

Yes it can, because all the transactions of bitcoin are anonymous and the corrupt people needs such type of platform to save their black money and to transfer them anywhere without taxes and without government consideration. Everything can be use either in positive of negative way, this is the negative use of bitcoin to do corruption.
Yeah bitcoin has anonymous and decentralized facilities and that's what criminals or criminals use to do illegal activities.
The corrupt just need to wash their money into bitcoin and then they can convert it again to fiat without being seen. That's bitcoin expertise


There are ways to track it though but with the use of mixing services it sure does help criminal activity a lot.

I have yet to hear of bitcoin being used in corrupt cases though, but I guess it's only a matter of time now.
I think the mixers have more benefits to other people and yes with mixer they can hide their money but still I will say that with it corruption is not possible because all of the transactions are appear on the explorer and I think the mixer owner will know about the transactions. So corruption with bitcoin is not possible.
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August 01, 2017, 01:02:45 PM
 #595

This is not impossible. Bitcoin has a great value when converted to money and because of this, it is prone to greediness and those greedy people are those with corrupted minds as the word suggested, corrupted minds will obviously lead to the dishonest act which the primary factor of corruption

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August 01, 2017, 01:09:34 PM
 #596

What kind of corruptions you are talking about? Bribes? Money laundering? Insider trading? Every single one of those existed before bitcoin and they will exist after it. If bitcoin made being corrupted easier, so what? Internet also made so many crimes possible. People even can hire hitmen from the internet. Do we blame the internet for that? No. Every technological advancement comes with pros&cons.

correct, crime is everywhere, but I think to make corruption in the form of btc was minimal happen, because I think btc has a very transparent transactions, might be the kind of corruption such as money laundering, corruption referred to by op.

Probably, its natural to its environment since we are talking about money where in people could turn they heads 360° if it is involve in a certain conversation, and money was always connected with corruption among leaders in each countries, since bitcoin is decentralized, power were distributed among the users here in bitcoin which makes criminals do illegal activities just to get bumch of money.

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August 01, 2017, 01:16:33 PM
 #597

Bitcoin can be used by different criminals just like corrupt officials. Maybe some of them are already practicing it since bitcoins existence. The government can't hardly identify them if they don't conduct thorough investigation and background check of their officials. Thats why some countries trying to study what laws they can provide in order to monitor cryptocurrencies ecosystem like bitcoin.


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August 01, 2017, 01:35:08 PM
 #598

Corruption is something that you can't escape when it comes to currency. Offcourse Bitcoin can be very well used in corruption due to its added advantage of anonymity in terms of person's identity and so does the case with cash. Unless there is some big incident of corruption, nobody is going to investigate anything.

Corruption is more dependent upon person's mentality than the form of currency being used.
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August 01, 2017, 01:52:19 PM
 #599

Definitely. Bitcoin can really be used on corruption because of its anonymity features on which really can be used on corruptions,crimes and other stuffs.This is the sad reality but we cant really do anything about it since it do have the properties that criminal minds would really see it as an advantage. We would like to use on bitcoin on a good way but we cant stop those bad people out there specially on government officials  Grin

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August 01, 2017, 02:06:09 PM
 #600

I believe that bitcoin may also lead to corruption because bitcoin can be transfer easily from one person to another person's account without knowing the person's identity.


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