Can Bitcoin also lead to corruption ?

[xvids]

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?

This is true. Everything that is valuable like money for example can lead to corruption. For example, the tax on bitcoin. The government wants bitcoin to be taxed simply because it's value is high, and when the value is high the tax is high as well.

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[pecson134]

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?

It depends on how a certain people use bitcoins. Bitcoins only serves as a medium for a potential corruption. We all know that those corrupt people would desperately hide their ill-gotten wealth on any means even if they bother or worst kill other people on their own interest. Corruption is not limited to the government or private organization but also those small established groups or an undistinguished person.

[yojodojo21]

Sad but True. Eventually in My Country (Philippines) we are encountering rumors from our Television Reports that Bitcoin is Scam And Is use For Scamming my Fellow citizens, what Is Not Really Appreciated into my part is Because They Are Blinding people Who can also earn Money Through Internet. And The bad Thing is the Report Really affect the mindset of those people who have heard it.

They Just Want to earn bitcoin only by Themselves and this is the reality of my country, corruption is really a problem in Philippines. I know There are Politicians who uses Bitcoin for there bad negotiations.

If This Post is Sensitive.
Kindly Delete OP.

[Sundark]

Although blockchain is a safe technology that excludes corruption in finances, bitcoins can be used as a tool for corruption. Smart evils will find the way how to make more money out of crypto.

[Redanim]

The available limited data indicate a positive correlation between friendly to bitcoin normative environment and good governance.  This may indicate that the potential for digital currencies and the basic technology of Blockchain may pose a threat to countries with a low level of corruption, which is typically inherent in the abuse of public power for private benefits.

[BitcoinCommodor]

My answer is no we can’t say that bitcoin can lead to corruption because this is also a type of money people can use it for investment and their personal sale and purchase in these days. Bitcoin can’t lead to corruption it is the form of crypto currencies which is very valuable and important for profits.

Well, whatever is considered as money or means of getting money can lead to corruption, and even the Bible said that, if you’re a Christian. So, I won’t say that only Bitcoin leads to corruption, cause Dollar, Euros, Pounds– they can all lead to that thing we call corruption. Even natural resources like Gold, diamonds and silvers  can lead to the same thing. They’re all the same.

[anshul_848]

bit coin brings a lot of hope to the table but it didn't mean that they are giving way to corruption. The digital currency, which was launched with an aim to destabilize crony capitalism, certainly sounds revolutionary. And it has indeed shown how a money can survive only on public consensus, without needing government and central banks. It is now being used for plethora of purposes: to buy essay, goods, products online, as well as a mean to simplify cross border remittance.With every transaction going into a public directory, watchdogs can easily trail money to check on its conclusive spending. Private and public sector banks, as well as income tax authorities, could utilize blockchain to create private chains. so there is no way to corruption.

[super5star]

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?

Maybe you are taking about greed? I dont see where to apply corruption here. Are you trying to say those who manage campaigns or those who've been entrusted with huge amount of coins to be distributed? I think they are accountable for all the accountings of every penny they distribute.

Bitcoin was introduced in 2009 by a group of programmers as annynomous currency. It was established as as an anonymous currency then how could the transactions be tracked? Bitcoin is completely anonymous and doesn't reveal the real identity. Even if special regulations are applied on bitcoins, it can't change its way of dealing. Bitcoin will always stay annynomous and perhaps that is a major drawback.

[Cloak1]

I guess not. Bitcoin doesn't belong to any institutes or agencies,  so no one can authorize it. It has its own system which can avoid the risk of being corrupted.

[Zendalet]

Maybe a better question:

Can Bitcoin also lead to defeating corruption?

Isn't it more traceable than fiat? With Bitcoin you can't just write fake numbers in a paper ledger.

[bitkaboom2]

the corruption and the bitcoin are two separate things. bitcoin is the way in which we can earn. in bitcoin there is very low level of chances of corruption. bitcoin help to those people which are unemployed and it is better thing.

[Cjbrinces11]

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.

Corruption is in everywhere. In school, market, home and specially in government. For example in school, getting a high grades and you were desperate with it, you chose to cheat and do the wrong way, this is a kind of corrupting a grades to get something. And I would not be shock if there will be no corruption here but if it isnt thanks to God. So let us be a good steward to stop corruption.

[DIMKAZDS]

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?

Maybe you are taking about greed? I dont see where to apply corruption here. Are you trying to say those who manage campaigns or those who've been entrusted with huge amount of coins to be distributed? I think they are accountable for all the accountings of every penny they distribute.

Bitcoin was introduced in 2009 by a group of programmers as annynomous currency. It was established as as an anonymous currency then how could the transactions be tracked? Bitcoin is completely anonymous and doesn't reveal the real identity. Even if special regulations are applied on bitcoins, it can't change its way of dealing. Bitcoin will always stay annynomous and perhaps that is a major drawback.

Yes bitcoin is leading to corruption.Since bitcoin is not under any central bank or any government,there are no taxes on the payments,so all the payments are received in black.There is no track of any payments through cryptocurrencies so many businessmen use it to get their payments.There is a lot chances that scams  can occur as a large amount of money can be sent wherever and whenever you want to if the payment is digital.Moreover bitcoin does not reveal the identity of the donor and receiver.

[Galahad111]

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 can lead to corruption when the government will include on it. Because money are involved corruption is not possible in every economy.

It's not only the government can do corruption, even simple individual can make this kind of activity if they really aim to do so.
Bitcoin is just a payment system and it would not function if we will not use it, in short it's a tool so if we make illegal transactions using bitcoin, that is our fault and not on the system.

Blaming the gun for murder instead of the shooter is wrong. It is a very basic common sense and even crystal clear to a blind person. It is not the assets that produce corruption but the mean minds of politicians who are mere puppets in the hand of powerful ones like Rothschild, Nazi etc.

In addition to this, bitcoin is a savior. It has given freedom to common people. Nobody can snatch public’s money by heavy taxing.

I must appreciate your logic of reasoning. There is no way that we can blame bitcoin for being used in any kind of illegal activities or stuff like that. In fact, it is the faults of the ones who are having bitcoin in their pockets and who are actually encouraging use of bitcoin and other crypto currencies in such kind of activities. Bitcoin itself is a very profitable thing. We actually need to use it in a right way.

A good point highlighted. These are we humans who make the use of anything positive or negative and then face its consequences. Bitcoin is providing us easy and quick service , high security and multiple opportunities on a single platform . If a person is misusing these qualities then we shouldn't blame bitcoin rather blame ourselves for it.

[khaled0111]

Due to the fact that Bitcoin transactions are untraceable and no one knows which transaction is used to pay a criminal activity or for a money laundry, we can say that Bitcoin can help corrupted people.In the other hand Bitcoin can be used to fund charitable works or supporting good causes. Therefore, we can not blame Bitcoin network because of people misusing it.

[shesheboy]

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 considered as money because it has a value but no one holds bitcoin because its decentralize unlike money that is hold by governments so theres no way that bitcoin can lead to corruption not unless they will legalize it to a country and banks and governments will hold it then it would likely lead to corruption soon and governments will more likely to add law to it like putting tax on bitcoins which is i find unfair.

[Bacotan Bae]

The more corrupt the type of corruption, corruptors will try to secure the money of corruption, I think corruptors understand that saving money in bitcoin is very risky because the value can drop so he loses. corruptors prefer to keep money to foreign banks rather than bitcoin.

[BitcoinMarketer39]

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?

Obviously yes, if bitcoin in every country will be handled by government then they will place tax rate on it and they will manipulate the price's and that is the time consumers will lose their interest.

[dali_masmoudi]

Anything with a big value can lead to corruption, but we have to control our selves in order to keep us away from that.
You can just earn your money with a legal way because crime money will not last long and as the quote say : "Easy come easy go".
There is corruption even in the IT world which can cause very serious problems (like Wanna Cry).

[redsun114]

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 can lead to corruption when the government will include on it. Because money are involved corruption is not possible in every economy.

It's not only the government can do corruption, even simple individual can make this kind of activity if they really aim to do so.
Bitcoin is just a payment system and it would not function if we will not use it, in short it's a tool so if we make illegal transactions using bitcoin, that is our fault and not on the system.

Blaming the gun for murder instead of the shooter is wrong. It is a very basic common sense and even crystal clear to a blind person. It is not the assets that produce corruption but the mean minds of politicians who are mere puppets in the hand of powerful ones like Rothschild, Nazi etc.

In addition to this, bitcoin is a savior. It has given freedom to common people. Nobody can snatch public’s money by heavy taxing.

I must appreciate your logic of reasoning. There is no way that we can blame bitcoin for being used in any kind of illegal activities or stuff like that. In fact, it is the faults of the ones who are having bitcoin in their pockets and who are actually encouraging use of bitcoin and other crypto currencies in such kind of activities. Bitcoin itself is a very profitable thing. We actually need to use it in a right way.

Obviously, the fault is on the side of users not the currency itself. It is us who are misusing bitcoin and destroying its image around the world otherwise those who have used in right way are now millionaires or earning decent amount of money with bitcoin.

Bitcoin is just like other currencies and even before bitcoin, corruption was there and people do corruption even with paper money.