Can Bitcoin also lead to corruption ?

[Mr.Anonymous]

I have not heard more examples of corruption with the use of bitcoin. It will be difficult to do as most people don't know what it is and don't have the necessary amount of bitcoins. Besides, any action on the Internet are easier to track than Fiat.

If they want exchange FIAT to BTC, I think BTC still is best place for corruption. Because very hard for track the source who send this money if they not use exchange website.

[Pattart]

It can't lead the corruption countries which have already problem with corruption will use that payment system to make it easier but in countries where laws and police are working to make corruption less posible it would be really easy prove that corruption happend and it can take liability from people who made ilegal action

Yeah corruption already exists in many countries, and very happy when corruptors can be arrested and confiscated many of their treasures washed with houses, cars, etc. But when corruptors launder their money with bitcoin surely it will greatly help corruptors to hide their money?

[stompix]

I have not heard more examples of corruption with the use of bitcoin. It will be difficult to do as most people don't know what it is and don't have the necessary amount of bitcoins. Besides, any action on the Internet are easier to track than Fiat.

How many cases of corruption with diamonds have you read in the news? Or with gold?
Bitcoin is used by far too many poeple to make it relevant on global scale but once it does you will see people getting their bribe in BTC , it's just a matter of time.

And in a world that tends to get rid of cash and replace every banknote with virtual fiat and bank transfers, BTC is actually the way to go.
You can track BTC in the blockchain (although with a good mixer used time after time it will become extremely hard) but there is nothing that can link a person to a wallet or to an address.
You can't hide your bank account as god as you can hide a password to an address full of coins.

[deppil]

It can't lead the corruption countries which have already problem with corruption will use that payment system to make it easier but in countries where laws and police are working to make corruption less posible it would be really easy prove that corruption happend and it can take liability from people who made ilegal action

I think it's not necessary to be hypocritical not to admit that bitcoin really helps corruptors to launder money from corruption they do, how not bitcoins have an anonymous nature and they can hide their corrupt money in bitcoin safely, I think nobody knows this is happening or No, because of the anonymous nature of it

[Casmania]

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?

Whenever there's money involved, corruption is always there. People can always get tempted by money whenever, whatever type of currency as long as it has value or wherever it does exist and bitcoin can be used as a "storage" for corrupted money because aside from it keeps identity, it has its full potential to bee used sooner of later. It also can be used as another investment to circulate and make your money grow aside from keeping it in this currency.

[Cofee.BLUE]

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 yes because many people are easy earning and gaining an income with just one click away through their gadgets that they use to operate bitcoin with the help of internet cinnection. With this people who excessively been using bitcoin can be greedy leading to corruption. But bitcoin must not be blamed abiut it because it was the result of their behaviour upon using bitcoin.

[ethereumhunter]

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 yes because many people are easy earning and gaining an income with just one click away through their gadgets that they use to operate bitcoin with the help of internet cinnection. With this people who excessively been using bitcoin can be greedy leading to corruption. But bitcoin must not be blamed abiut it because it was the result of their behaviour upon using bitcoin.

if the money is involve in one company/organization/government, then there are possibility for people to corruption because like above me said, someone become greedy when he see there is any opportunity to grow the money. he will be thinking how the amount could be increase. and with bitcoin, people can increase the amount of the money and take the profit when he decide to cash out all of the money. but its not bitcoin mistake, its depend on what people thinking about bitcoin. if we are always committed to make a good thing, then i am sure that in the end we are a good person.

[youdacapt]

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 yes because many people are easy earning and gaining an income with just one click away through their gadgets that they use to operate bitcoin with the help of internet cinnection. With this people who excessively been using bitcoin can be greedy leading to corruption. But bitcoin must not be blamed abiut it because it was the result of their behaviour upon using bitcoin.

if the money is involve in one company/organization/government, then there are possibility for people to corruption because like above me said, someone become greedy when he see there is any opportunity to grow the money. he will be thinking how the amount could be increase. and with bitcoin, people can increase the amount of the money and take the profit when he decide to cash out all of the money. but its not bitcoin mistake, its depend on what people thinking about bitcoin. if we are always committed to make a good thing, then i am sure that in the end we are a good person.

The application of kyc in every trading market is the key that they have been accepted by the government in the country, I think in the end all bitcoin market trading will be forced to use the same system or its fate will end like btc-e, it will eliminate the anonymous nature of users bitcoin but will reduce the impact of money laundering, corruption is a disease that can not be eliminated by the world and can only be prevented.

[Anfisman]

According to Wikipedia, Corruption is a form of dishonest or unethical conduct by a person entrusted with a position of authority, often to acquire personal benefit. Corruption is very dangerous because can make vey bad impact, it can even make people become poor and the country gets worse. Unfortunately the current corruption can happen anywhere including through the current internet help, so there is a possibility it happens through cryptocurrency.

[Japinat]

According to Wikipedia, Corruption is a form of dishonest or unethical conduct by a person entrusted with a position of authority, often to acquire personal benefit. Corruption is very dangerous because can make vey bad impact, it can even make people become poor and the country gets worse. Unfortunately the current corruption can happen anywhere including through the current internet help, so there is a possibility it happens through cryptocurrency.

There is not need to explain further because we all know what is corruption and we also know that it can happen anytime using anything that has a value.
Bitcoin is a valuable asset and it can lead to corruption because people might use this and take advantage of it's being anonymous, so they can easily use this in illegal activities. It's not new to me anymore because I have been hearing news before that bitcoin was use for ransom or any related illegal but in the end we have to blame the violators not the tool.

[ethereumhunter]

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 yes because many people are easy earning and gaining an income with just one click away through their gadgets that they use to operate bitcoin with the help of internet cinnection. With this people who excessively been using bitcoin can be greedy leading to corruption. But bitcoin must not be blamed abiut it because it was the result of their behaviour upon using bitcoin.

if the money is involve in one company/organization/government, then there are possibility for people to corruption because like above me said, someone become greedy when he see there is any opportunity to grow the money. he will be thinking how the amount could be increase. and with bitcoin, people can increase the amount of the money and take the profit when he decide to cash out all of the money. but its not bitcoin mistake, its depend on what people thinking about bitcoin. if we are always committed to make a good thing, then i am sure that in the end we are a good person.

The application of kyc in every trading market is the key that they have been accepted by the government in the country, I think in the end all bitcoin market trading will be forced to use the same system or its fate will end like btc-e, it will eliminate the anonymous nature of users bitcoin but will reduce the impact of money laundering, corruption is a disease that can not be eliminated by the world and can only be prevented.

yea maybe you are right because if the exchange don't have the same system then there is maybe a open gab for people which want to use the money from corruption. and if this is right, then bitcoin will be known as a bad thing that only used for illegal activity.
but for anonymous nature of bitcoin user, i think we can find a way to continuing this because bitcoin is design for freedom and anonymous so no matter government interfere, we are still safe.

[Farfenkugel]

If there is money, there is some form of corruption.

I got rolled in the bitcoin part of scam programs. You would be suprised to see how many new programs pop up every day just to lure people in and run with there money. What suprised me the most is the vast number of people falling for the extreem profit fairy tale...

Bitcoin without much regulation is a dangerous place, you have to be careful out here. But to be honest it ain't better then outside the bitcoin world. With regulated money your just a slave for the system.

[CryptoBry]

When I read this article

http://www.marketwatch.com/story/islamic-state-used-ebay-to-funnel-cash-into-us-fbi-says-2017-08-10

I thought about how when ISIS and other terror organizations discover Bitcoin there really is zero protection against money transfer into other countries. They could sell their stolen oil, transfer the money into Bitcoin in their country, send the private keys to their "friend" in another country who can then convert the money to fiat. Or am I missing something? In fact it makes their scum life a whole lot easier!

Bitcoin is open to anyone whether you are a terrorist or not. And since cryptocurrency has a certain anonymity in it this has become the perfect tool for the criminals so that somehow hide their faces and whereabouts. Of course, they have been using other currencies also. But there is no denying that with cryptocurrency it is representing to them a better medium. This has become a major contention against Bitcoin. Hopefully there can be a way to address this problem without killing Bitcoin.

[bcnaranjo]

It is possible, corrupt people always find the way to corrupt things even bitcoin is not an exemption.

[michkima]

It is possible, corrupt people always find the way to corrupt things even bitcoin is not an exemption.

And why would bitcoin not susceptible  to corruption? For sure greed will indeed find its way into anything even bitcoins. Maybe some greedy law maker will buy bitcoins and then create laws that would favor its propagation. That would definitely increase prices and he would profit the most.

[thend1949]

It is possible, corrupt people always find the way to corrupt things even bitcoin is not an exemption.

And why would bitcoin not susceptible  to corruption? For sure greed will indeed find its way into anything even bitcoins. Maybe some greedy law maker will buy bitcoins and then create laws that would favor its propagation. That would definitely increase prices and he would profit the most.

I agree thay those greedy leaders will really invest with it and they can manipulate the situations of bitcoin in the future law implementation. That would be possible for them to corrupt the money from bitcoin and transactions can be hidden from people who doesn't have transparency to government. If ever that will happen maybe people will be discourage to merge their wealth with bitcoin, because corruption could be abusive to people's funds, which I think not a good idea for those in government to took over the opportunity we had with bitcoin digital currency.

[Yarsk]

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 bitcoin can lead to massive corruption in the sense that since bitcoin is not control by any central bank it will be difficult to investigate the activities that go on in bitcoin wallets. Let say a wallet can contains millions of bitcoin that translates into billions of dollars and other local currencies.

[Sir Cross]

Yes because Bitcoin is like money, and money is a medium used for corruption. Actually it will ultimately depend on the user. Anyone can use it for good, while others may use it for illegal means. Since Bitcoin is not traceable, people may think of using it for illegal activity since they may get away with it. Or they could use Bitcoin for money laundering acts. These are just some of the corrupt practices that a person may do with the use of Bitcoin.

[Samarkand]

Yes because Bitcoin is like money, and money is a medium used for corruption. Actually it will ultimately depend on the user. Anyone can use it for good, while others may use it for illegal means. Since Bitcoin is not traceable, people may think of using it for illegal activity since they may get away with it. Or they could use Bitcoin for money laundering acts. These are just some of the corrupt practices that a person may do with the use of Bitcoin.

This is not true. Bitcoin is not as anonymous as people think. There are already several blockchain analytics startup, which
try to link BTC addresses to users. It is not that difficult. Just cooperate with a large exchange or something like Coinbase and
you are looking at more than 9 million users. Then you can already start linking the withdrawal addresses to real identities, because
most exchanges require KYC in order to comply with AML regulations.

Tracing transactions gets difficult as soon as mixing services are used, conversions to altcoins are performed
or other steps are taken in order to disguise the flow of funds.

[KingdomHearts]

I have not heard more examples of corruption with the use of bitcoin. It will be difficult to do as most people don't know what it is and don't have the necessary amount of bitcoins. Besides, any action on the Internet are easier to track than Fiat.

I don’t really think Bitcoin is leading to corruption, because corruption has been from the start even with Fiat. Rather I will say that Bitcoin might make it quite easy for them due to its anonymity.

Being anonymous is not only the reason bitcoin can lead to illegal things. Basically it is human nature as all human always want to misuse a new technology. Honestly this is what happening with bitcoins.