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Author Topic: Can Bitcoin also lead to corruption ?  (Read 50873 times)
biskitop
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October 09, 2017, 02:31:32 PM
 #981

could be, who is not tempted by the value of bitcoin is very high. however, so far there has been no case of corruption in bitcoin, but if the distribution of coins is not closely monitored, then corruption can happen. we just pray, hopefully there is no corruption, and bitcoin is the most secure digital currency in the world.
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Heyyyrenz
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October 09, 2017, 02:39:31 PM
 #982

Not just corruption but also illegal works, We all know that in cryptocurrency world we are anonymous or even in the internet we don't know who's behind the internet or what's his true intention. As for the answer in your question, Yes it's true that bitcoin can also lead to corruption let me give you an example.

If a person earns a lot of money from illegal works and he/she don't know where to hide his money because if he/she gonna put it in the bank it the transaction will be track so if the person invest all his money that comes from illegal works it will not be traced he/she can store it to different wallets etc. since we're anonymous here in the internet it would be hard for the government to track. In other words it is a "Money Laundering"
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October 09, 2017, 02:42:40 PM
 #983

Bitcoin can't lead to curruption itself. The corruption is already taking place on the earth with paper money.

So there is no link between btc and corruption.
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October 09, 2017, 02:45:02 PM
 #984

Perhaps yes, because there are so many feature's in bitcoin that untraceable. If these are the means to transact money, Government may hardly track the crime because its out of their control. If there are positive things to btc negative as well are prone.
Corruption is the attribute of a person. It has nothing do with the tool with which corruption is being done. As far as untraceable part is there, monero does much better job in hiding it. I mentioned this somewhere else as well. What we need to understand is that the Bitcoin is just a tool, an instrument, a currency which is far superior. Its superiority is tangible when transfer of value is observed between people from different countries or continents. What is done with bitcoin was happening earlier as well. Instead of bitcoin people were using diamond, gold other methods like art painting or collectibles. Thus it is not the bitcoin which is leading to corruption but the people who want to use it for corruption.
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October 09, 2017, 03:25:50 PM
 #985

Perhaps yes, because there are so many feature's in bitcoin that untraceable. If these are the means to transact money, Government may hardly track the crime because its out of their control. If there are positive things to btc negative as well are prone.

Corruption is the attribute of a person. It has nothing do with the tool with which corruption is being done. As far as untraceable part is there, monero does much better job in hiding it. I mentioned this somewhere else as well. What we need to understand is that the Bitcoin is just a tool, an instrument, a currency which is far superior. Its superiority is tangible when transfer of value is observed between people from different countries or continents. What is done with bitcoin was happening earlier as well. Instead of bitcoin people were using diamond, gold other methods like art painting or collectibles. Thus it is not the bitcoin which is leading to corruption but the people who want to use it for corruption.

Fundamentally, I agree with you here. There is generally a percentage of people who will abuse the system, no matter what. There have always been bad people and there always will be bad people.

However, I think the big thing to take into consideration is the "threshold/barrier to action". For example, with diamonds, or gold, or physical currencies, you would still have to transact in person by procuring those metals/funds and ensuring delivery to the recipient, which increases the risk to the person. With digital currencies, that risk (which likely acts as a sufficiently large deterrent for many people) is removed and replaced with an anonymous digital transfer.

Cryptocurrencies undoubtedly have the potential to be a massive force for good. However, it's our responsibility to ensure that this future takes place and that we continue to monitor and evolve the technology so that we make it harder for people to abuse blockchain-based assets to carry out malicious or damaging acts directed towards other people.

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October 09, 2017, 07:57:14 PM
 #986

Neither Bitcoin nor any other currency leads to corruption; it’s the Personal greed to get more which leads to corruption. Bitcoin is way people can exchange money without disclosing their identity. It can help people in exchanging money leading to corruption but Bitcoin cannot be blamed for that it's one moral value, ethics, greed for more power and money, financial problems and much more leads to corruption. Bitcoin just acts an easy instrument for the one who loves to expand corruption and effects economic development.
We cant really blame bitcoin but this thing would really put some negative paint on it specially into those people who arent aware on bitcoins usage and potential specially if media would decide to say negative things about bitcoin then it would really give bad impressions into those people who arent aware on the truth.It is indeed acts as a tool by someone who do have criminal minds on corrupting money since bitcoin would really be the perfect vessel to make such plan. Decentralized and anonymous stuff is the perfect recipe on hiding those funds.

Definitely, it can help to spread the crime but if government takes proper measures, then such cases may not arise. Moreover in the case of News channel, everyone knows horrifying stories make a great headline and news channel will try to put Bitcoin into bad light but if government supports the cause and take out campaigns in the favor of Bitcoin then probably such issues will not arise. Also, crime can be triggered in many ways drugs, gang mafia, smuggling and so on, the list is endless. It is duty of police to track down the criminals and put them behind bars rather than defaming Bitcoin.

:...:
deadthings
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October 09, 2017, 08:14:08 PM
 #987

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, yes, anonymity, way of payment, everything is happening fast and on the Internet, and most importantly it is not a legal currency anywhere that is subject to verification and taxation.
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October 09, 2017, 08:31:45 PM
 #988

I think there are a lot of definitions of the word corruption in the dictionary and I think, Bitcoin can lead to corruption based from the definition that I know. Corruption for me, is when people use something but that something is not for that people but for other purpose or other people, though in bitcoin it can be called on another word. For example, I am running a signature campaign, lets say it is A signature campaign. My campaign manager is X and been my partner for 6 years. I trusted him so much, that I put the whole 10 bitcoins to the address of the campaign. After that I didn't hear about him or what happened to my bitcoins, as far as I know, he run off with my bitcoins, and used it not the way it will be used.

You can just simplify it by saying, to exploit people and or do that is immoral. 



Definitely  anything that can bring power or trigger greed can corrupt people.  Bitcoin like money is no exemption.  Bitcoin can give people power, financial capability, and fame.  If a person cannot get enough of these with Bitcoins then he can turn into a corrupt person exploiting everything he can to get more of what Bitcoin offers.
Corruption existed even before bitcoin has began to operate. Yes bitcoin can lead to corruption because of the users who abuse it. Bitcoin gives many users the power and that is what people want, the power where they can do whatever they want. And that power sometimes leads to bad actions like corruption.
Yep! Corruption is not related to the currency or system anyway. The corruption is basically related to the users, we people are corrupt not the system or bitcoin. Bitcoin like all other currencies can be misused up to some extent but with passage of time, we will see much improvement in the system which will reduce usage of bitcoin for wrong deeds.
rhodelmabanal
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October 09, 2017, 09:04:40 PM
 #989

You just said it yourself. Because of money corruption can always happen as not all politicians are as nice as they are appear on some people or the

voters rather. In the end people will still prioritize themselves and their preferred persons over strangers. Yah it is easy to track their transactions using

the blockchain explorer but most people uses multiple addresses and is still generating so how can you know if that particular address is theirs? . After

that they can just buy a hardware wallet, store it in a box and just bury it somewhere.  The problem is hiding the exchange of your fiat to bitcoin.

Yes, politicians are now idiots that what we think, they only use people's power to achieve powers. If politician give bitcoins to people I think they could also corrupt people as the time comes.
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October 09, 2017, 10:21:10 PM
 #990

It could come about simply because corrupt men and women are constantly searching for ways to cover funds from corruption so it really is challenging to know then with bitcoin individuals who are corrupt will extremely very easily conserve their cash to be bitcoin as an expense.
Asawakobana2017
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October 09, 2017, 10:51:06 PM
 #991

They are doing corruption when they are into fiat money and these corrupt people are doing it wherever they want.

So I'm pretty sure that bitcoin can also lead to corruption but only for those people that wants to use this medium for their bad plan.


They can be more corrupt people in bitcoin because they can't be track down by the authorities and they can whatever they want like illegal stuffs because bitcoin is anonymous and that is what they like to do illegal things by being anonymous. So there is no doubt that bitcoin will become a gateway for the bad people to be more corrupt than before.
When the authorities you mentioned just bought bitcoin, they'll be sure giving their address and sending it somewhere, but it's still can be traced, bitcoin is basically pseudo-anonymous that's mean it's not totally anonymous, it can be traced.
Actually, in my opinion, the corruption can be annihilated by using bitcoin and giving out the transparency towards citizens by showing off the address and its function to whether buying to pay the expenses of a project and much more, once the money is moved out, people could easily figure it out.

Yes i do agree with you. People often use this kind of currency as transaction because of its transparency, also some people used it for illegal purposes. As far as I'm concern BTC is still currency and maybe it would also come to the point that it will be the root of corruption, maybe.

I agree regarding  to what you've said, it is because the ability of bitcoin to its transparency. Other said bitcoin is clean and no bad thing happening. But we don't know, one thing I'm sure about it. It is depend on the people on how they manage the earning in bitcoin and use it in good purposes.
paul00
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October 09, 2017, 11:00:49 PM
 #992

Corruption has a wide range of aspect. For me everything can be corrupted especially those with a good value. Since bitcoin has value i think it can actually be corrupted. Since technology/internet is affected by lots of factors, there are also various ways on how bitcoin can be corrupted like for example when you had your account hacked. Since it is in the internet all you need is a wise and well trained information technologist to at least corrupt bitcoin.
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October 10, 2017, 05:01:12 AM
 #993

Corruption is a psychological sickness, hard to remedy. In fact bitcoin may be utilized for corruption or income launderers. In simple fact several issues can be a place for corruption, not just bitcoins, gold, stocks, home can be a device for corruption
Japinat
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October 10, 2017, 05:10:52 AM
 #994

Corruption is a psychological sickness, hard to remedy. In fact bitcoin may be utilized for corruption or income launderers. In simple fact several issues can be a place for corruption, not just bitcoins, gold, stocks, home can be a device for corruption
Bitcoin cannot change the nature of a person, If he has that bad intent to feed his personal interest he will do corrupt things.
What we can benefit with bitcoin is it's transparency and a faster tool for transaction and only the government can decide if they will use it to ensure there is transparency for every transaction, however if they are corrupt it will make bitcoin useless to solve the problem.

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bitcoworld
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October 10, 2017, 05:13:39 AM
 #995

It can lead to everything what people will lead him in and that is also
good so. I mean Bitcoin is something what is free and something what
dont lets track governments what you are doing.
Bitcoin is a decentralized currency so yes it can lead to everything
what have value to buy it and also corruption  Cheesy

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October 12, 2017, 05:35:32 AM
 #996

You can't say it use for corruption, bitcoins are use for some negative activities like money laundering or drugs. Its all happening on internet and we can't blame internet for it. The identity of the person involve in corruption (using bitcoins ) cant be traced but bitcoin transactions are anonymous.There's some disadvantage of bitcoins.

Yes you are right. Corrupt people can do anything with bitcoin and the most easy corruption is money laundering. They will make money due to corruption and then will invest in bitcoin. Whi knows how many bitcoin someone hold and not the controllers will ever ask where the money comes from. They will easily put their money in blockchain wallet which will give ythem extra earnings in the future.
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October 12, 2017, 07:21:47 AM
 #997

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.
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October 12, 2017, 09:41:55 AM
 #998

You can't say it use for corruption, bitcoins are use for some negative activities like money laundering or drugs. Its all happening on internet and we can't blame internet for it. The identity of the person involve in corruption (using bitcoins ) cant be traced but bitcoin transactions are anonymous.There's some disadvantage of bitcoins.

Yes you are right. Corrupt people can do anything with bitcoin and the most easy corruption is money laundering. They will make money due to corruption and then will invest in bitcoin. Whi knows how many bitcoin someone hold and not the controllers will ever ask where the money comes from. They will easily put their money in blockchain wallet which will give ythem extra earnings in the future.

I agree, It's possible that bitcoin can also lead to corruption, just like the other regular currencies if ever the government decided to recognize and used it also. Even if the use of bitcoin is anonymous, it is not impossible for those greedy people to make it happen. I also believe that their greediness will pushed  them to find a way.

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October 12, 2017, 09:52:33 AM
 #999

Yes it can, because of value of bitcoin and when using transaction using bitcoin no one can see to whon bitcoin was send i mean a personal id no need for transaction, so governments or mybe police can not prove who was receive the bitcoin.  This hole can use for bribery without prove no one can not be arrest.

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October 12, 2017, 10:28:54 AM
 #1000

This becomes a serious problem because anonymous bitcoins will make everyone think of putting money into bitcoin so nobody can keep track so money is safer.

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