Criminality and Bitcoin

[CisColtz]

The bitcoin dark side will always be there and let's be real , nasty stuff are happening in every domain. We all know that bitcoin and other coins are used on blackmarkets.

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[bettercrypto]

I stumbled upon the news about Louis Ong, "bitcoin investor" from Seattle, who got busted for money laundering.

It occurred to me that Bitcoin might be a perfect money-laundering tool.

Don't you think that?

Are there any facts that might prove me wrong?

No.  Bitcoin is perfect anti money laundering tool.  I tell you why, Bitcoin blockchain is transparent.  You cannot hide your transaction once the address is linked to your account or your transactions account.  Bitcoin needs to be converted and government will start from that point tracking addresses backward to point out who is the culprit.

[daronch]

https://www.deepdotweb.com/2016/01/23/bitcoin-playing-an-increased-role-in-crime-europol-says/

Would you believe that the existence of bitcoin has increased the number of criminality in  some countries in the world. This is the issue that was being thrown by the EuroPol and the UK Metropolitan Police. According to them bitcoin has played a huge role on the increasing criminality in their area. They added that a huge number of cybercriminals were using bitcoins in their activities.

This just shows that as bitcoin develops both advantages and disadvantages will tag along.

It is part of the attraction of bitcoin in the first place. The anonymity. It is a challenge for law enforcement for sure.

[batang_bitcoin]

It is part of the attraction of bitcoin in the first place. The anonymity. It is a challenge for law enforcement for sure.

Also a reason for the government agencies not to support bitcoin because they are aware that bitcoin does have this feature of anonymity. But later on there's not that much any issues regarding anonymity with bitcoin though last time there are ransomware that requires their victim to pay them in bitcoin for the removal of that malware and for gaining back the access to their files.

[Tszunami98]

Either an unexperienced journalist or a political driven agenda in that article. This argument is really dtupid and only for uneducated individuals. The most crimes are commited using US dollars, and i dont see anayone making a noise to ban the american dollar.
There is no relevance about what coin or money is used to make a illegal transaction.

[valentine401]

because of this issues ICOs has been banned by several country now. It gonna rise issues about ICOs funded the terrorist also. Look like not all peoples doing a good thing. That why now some country very strict about ICOs now. For me this is a must do by any country.

I am not sure but i think that the only reason why they banned bitcoin in other countries is that, Bitcoins are being used in illegal transactions like drugs laundering or the currency of the current country is being affected by the bitcoin that's why their government is not allowing it.

[Melquart]

I don't believe that criminal are criminal because of bitcoin. Criminal likes to use bitcoin because things we like about bitcoin like anonymity, decentralization and low fees.

[william8829]

https://www.deepdotweb.com/2016/01/23/bitcoin-playing-an-increased-role-in-crime-europol-says/

Would you believe that the existence of bitcoin has increased the number of criminality in  some countries in the world. This is the issue that was being thrown by the EuroPol and the UK Metropolitan Police. According to them bitcoin has played a huge role on the increasing criminality in their area. They added that a huge number of cybercriminals were using bitcoins in their activities.

This just shows that as bitcoin develops both advantages and disadvantages will tag along.

People who do not understand Bitcoin may think is has to do with criminals because increased anonymity is one of its aspects.  What these same people do not understand is that it is even more useful to non criminals.  

[DoublerHunter]

https://www.deepdotweb.com/2016/01/23/bitcoin-playing-an-increased-role-in-crime-europol-says/

Would you believe that the existence of bitcoin has increased the number of criminality in  some countries in the world. This is the issue that was being thrown by the EuroPol and the UK Metropolitan Police. According to them bitcoin has played a huge role on the increasing criminality in their area. They added that a huge number of cybercriminals were using bitcoins in their activities.

This just shows that as bitcoin develops both advantages and disadvantages will tag along.

People who do not understand Bitcoin may think is has to do with criminals because increased anonymity is one of its aspects.  What these same people do not understand is that it is even more useful to non criminals. 

That is right, it is more useful for the people who are not criminals because if you will have a chance to work in bitcoin then the people will realize that bitcoin is not always into bad things because it offers a lot of opportunities that they can grab to earn and change the way of their life and be rich in shorter time than the usual way of getting rich.

[Cavyanpo]

Several criminals these kinds of as terrorism and illicit drugs, they started to use the anomaly attribute of bitcoins to illegally and spreading them.

[Francer]

Bitcoin is new sort money.transactions can do any individual with out first names,here we have possibility of criminality. here sending and receiving bitcoins to anybody by way of the handle,some a single overlook direct this for decentralized facility.

[Przemax]

The problem with criminality is that the bigger fishes are remaining to be immune to any persecution from governments.

And those does not have to remain very anonymous. The problem for the country are the small criminals and those use the btc. So it is more like a fight with a small criminality and not big that uses bank anonimity like with panama scandal.

[rodel caling]

https://www.deepdotweb.com/2016/01/23/bitcoin-playing-an-increased-role-in-crime-europol-says/

Would you believe that the existence of bitcoin has increased the number of criminality in  some countries in the world. This is the issue that was being thrown by the EuroPol and the UK Metropolitan Police. According to them bitcoin has played a huge role on the increasing criminality in their area. They added that a huge number of cybercriminals were using bitcoins in their activities.

This just shows that as bitcoin develops both advantages and disadvantages will tag along.

bitcoin use of criminals do you believe you are here in bitcoin for the bad intention i think people here in bitcoin industry the goal is to get better life for the good way of earning but without bitcoin criminal are always criminal fiat money are also can use for criminality using the money transfer for online banking so there have nothing defference bitcoin or fiat using for criminality.

[kiddeon123]

their is always criminality everywhere even in bitcoin, bitcoin can be used in good terms and also in bad terms because it is anonymous, you can use it in illegal transactions and etc, I think that is also the reason why most of the government around the world is refusing in the bitcoin to be an official currency in their country. But I think the problem is not on bitcoin but on its regularization.

[Xenophoto]

their is always criminality everywhere even in bitcoin, bitcoin can be used in good terms and also in bad terms because it is anonymous, you can use it in illegal transactions and etc, I think that is also the reason why most of the government around the world is refusing in the bitcoin to be an official currency in their country. But I think the problem is not on bitcoin but on its regularization.

The problem when you invent something is that you never know how people are actually going to use it. Are they going to use it for good or bad or are they going to use it for a much different purpose?

With the reason that bitcoin isn't the official currency of a country because bitcoin is being used by criminals for illegal transactions, then every single fiat should already be burned by now. Bitcoin is known for being used in the deep web but fiat currency are certainly used 1000x more frequently than bitcoin for illegal transactions. With all the corrupt government, all the huge syndicates, and all the drug lords out there, with no question, the amount of fiat being transacted for illegal stuffs exceeds the market cap of bitcoin. Just think about the amount of bitcoin users (around 0.00x percent) and the amount of fiat users. It's all statistical.

I think the reason the governments are not accepting bitcoin is that it exploits the idea of having a non-taxable money and the idea that fiat currency is constantly inflating.

[nightwishx]

I think it's just a problem to drop the bitcoin. So far we have known many other coins or other methods that have a higher intensity of criminality. but they never mentioned it.

[8Habits]

I think it's just a problem to drop the bitcoin. So far we have known many other coins or other methods that have a higher intensity of criminality. but they never mentioned it.

Just like a tree that bears lots of fruits, it will be the subject of looting or in the case at bar, a subject of bitcoin critics. Those critics don't use their mind that even with fiat money, illegal transactions are also prevalent. Criminals have many ways to use whether fiat or bitcoins with their illegal transactions.

[chichan13]

https://www.deepdotweb.com/2016/01/23/bitcoin-playing-an-increased-role-in-crime-europol-says/

Would you believe that the existence of bitcoin has increased the number of criminality in  some countries in the world. This is the issue that was being thrown by the EuroPol and the UK Metropolitan Police. According to them bitcoin has played a huge role on the increasing criminality in their area. They added that a huge number of cybercriminals were using bitcoins in their activities.

This just shows that as bitcoin develops both advantages and disadvantages will tag along.

My teacher always tell me: correlation is not = to causation. Those countries are highly urbanized. This metropolitan areas are subjected to high rate of crimes. They are also the first ones to adapt in the progress of tech. For me, it's just a misconception since some people don't like bitcoins because of it's participation in illegal online transactions.

[Ultegra134]

I think it's just a problem to drop the bitcoin. So far we have known many other coins or other methods that have a higher intensity of criminality. but they never mentioned it.

That's not really the case, indeed, there are other Altcoins involved in criminal activities and accepted in Dark net markets. However, Bitcoin was the first cryptocurrency, hence the first one to be involved into the Darknet.

[xBitHodler]

I think it's just a problem to drop the bitcoin. So far we have known many other coins or other methods that have a higher intensity of criminality. but they never mentioned it.

That's not really the case, indeed, there are other Altcoins involved in criminal activities and accepted in Dark net markets. However, Bitcoin was the first cryptocurrency, hence the first one to be involved into the Darknet.

You are right. So why would we ban illegal usage of Bitcoin. Even if we managed to somehow do it, crimanls would switch to another anonymous cryptocurrency (for example Monero). Criminals may choose it because it's fairly stable and the price has been increasing in the past years. If I were such person, I would also use Bitcoin.