Can Bitcoin also lead to corruption ?

[slackcryptoz]

Corruption is all about the human activity where money has been used to make the process get completed in a short or to solve some issues that has taken place. In recent day the usage of bitcoin for corruption has increased a little that the past days. This is all because of the increased corruption over every sector.

[millgates]

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 it's more difficult to corrupt if the money is in the form of Bitcoin, because the bitcoin transaction is transparent and can be seen by the public. So we can know to which address the money is sent. If we are still using paper money then we will be more difficult to trace the transaction. Because most of transactions using fiat are not recorded.

[frowsiter]

One of the disadvantages with Bitcoin is that it can be used for criminal activities, such as the payment of ransom, bribes.etc. And as long as the receiver decides not to convert his coins to fiat, it is almost impossible to trace him.

Yeah thats true but I don't think converting it to fiat will also lead to tracing of the money because justification can be given that the money was received from trades or investment or even online earnings. There is no real way for the bitcoin transaction to be tracked. We do not put any purpose or comments while transacting the bitcoin from one person to another as we would do with the banking system. If we are giving away big money then it is completely traceable there so we need to justify the tax department what transacted for what!

[Carlsen]

You can use bitcoin as a form to transfer value in corruption.
It is a persons choice to do a corrupt act, and bitcoin is only a chosen method to play a role in it.
I would not say that bitcoin leads the people to corruption. It is used for it. I think there is a difference.
What I must admit is that in corruption bitcoin can work as a catalyst.
But the basic problem is there, with or without bitcoin.

[Singbatak]

It can also be used corruption Because of its many investment it is like corruption. And many people have lost money and robbed because of it. Bitcoins are also used to support the terrorists as they would of course this would be bad for us. And much more. I hope that this corruption will continue to be a bit of a sight on bitcoins

[eloymjb]

 definitely yes .. corruption is all over the world and in everywhere aspects of the world .. example of the corruption in bitcoin industries .. that too many investment site that in first that you have to invest then you make withdrawal in order to you to make invest more .. but in the end its scam .. many site that scam

[nemagia]

Unfortunately, bitcoin is already actively used in corruption because of its anonymity. The whole reason is in human greed and while people will be greedy, corruption will exist with any currencies.

[yasher]

Most certainly, everything related to wealth can be corrupted.

[dobladi]

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?

As lomg as there's an involvement of money, there' always be corruption. There's anonymity so we won't know if a corruption in Bitcoin is happening or when will it happen, what are the signs and the likes. We just need to acvept it , as ling as its users are still earning profit out of Bitcoin, it won't be a hindrance for them to stop.

[jc89]

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?

Everything that involves money in any form leads to corruption. As you said it, it is everywhere as long as there are greedy people. I can say that every one of us are greedy but in a certain level. One example is that all of us here wants to have more btc in our wallets. It's just that most of us are working hard and in a clean way to reach that goal. But there will always be people who uses every means even illegal just to have what they want. Some are scamming people and I think it is considered a corruption.

[jekanmasin]

to answer your question. it is a yes. why? bitcoin is anonymous coin. corruption will be. and has be. human nature are greed. everything that involves money sure lead to corruption.

[Finestream]

to answer your question. it is a yes. why? bitcoin is anonymous coin. corruption will be. and has be. human nature are greed. everything that involves money sure lead to corruption.

You are right and therefore we cannot expect that the government will not touch bitcoin, as it is getting more popular now the more the government will be regulating it. That way, they can monitor and trace transactions that are illegal, such as money laundering which is widely happening all over the world.
When there is a regulation, we have to abide the rules because that is only for our own good, if we will make an illegal activities then that would be depending on us, its our call anyway.

[Vinalians]

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?

yeah but it will happen if the bitcoin get centralized bitcoin today is not centralized right , decentralized meaning the government can't just take some money there and they cant manipulate the price as long as it is decentralized it can't lead to corruption.

[noictib]

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 don't know why everyone, non bitcoiners , are thinking that bitcoin is leading to the corruption , why not everyone are thinking in the positive ways :/
Here personally before to start my life eith the bitcoin make a question and made research about that in the Google and found that it cannot lead into corruption because it is not easy for us to cash out bitcoin simply by anyone , All people have respected life in this world and why they will support bad people for illegal work .
And if think if a people is making use of bitcoin for illegal purpose then where he will cash out , he will surely needed the bank account to have bitcoin value and this will result into the need that from where he got this bulk amount of the earnings .
So in my opinion there is no such chances of the scam or corruption like thing to happen in this world .

[Alpinat]

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 it can because some of the people saying that bitcoin is the best wallet that we can use to hide our money, politicians can do it also, if someone has to investigate what is their treasure, they can't find it because they are using bitcoin to hide their money , so it can lead to corruption.

[radjie]

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 be done because the nature of bitcoin is not real money, so bitcoin can be misused by people who want to hide their income from the government.

[helloicon]

Well since its record and ledger are registered in the computer of many people, it will be not easy to be used in corruption.

[cotton ball]

What the SEC is currently doing is trying to remove the anonymous nature of bitcoin, this becomes controversial and will eliminate the hallmark of bitcoin, but in the end we will understand one thing that bitcoin should enter the public economy legally, bitcoin must also be as per the existing rules In order for everything to run smoothly. Currently bitcoin is a well-tested medium used for corruption and various money laundering activities.

[CROYA86]

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.

Exactly once, it's all back to the user again, if used for good then it will be good, but when used for bad things it will also be able to ruin it all this tergantuing from the purpose of bitcoin users themselves

[Kiweikoo]

Unfortunately, bitcoin is already actively used in corruption because of its anonymity. The whole reason is in human greed and while people will be greedy, corruption will exist with any currencies.

We must understand that corruption is not related to the type of currency, it is related to the users. If we are mistreating any currency whether it is digital or fiat, it is purely our fault. It is not only bitcoin that is used in the black market because before bitcoins this market was active too.