Crime funded by bitcoin

[Elcapsono]

It no secret by now that BTC is the currency for grey/black.sector

Any currency can be used in dark transactions, but in bitcoin because of anonymity there is an advantage. Therefore, many countries are still afraid to accept it.

Crime is funded by every currency on the planet. The only reason talk about it connected with Bitcoin so much is that for the common public, there is nothing else for them to say and the government mentions it all the time because they don't like currency they cannot manipulate.  it hit the press pretty hard because it was a new way to move anonymous funds and that made it interesting.

The issue isn't that everything is used for illegal purposes. Even fiat is used by money launderers but 70-80% of the transactions done in fiat are mostly legal while in bitcoins, you cannot regulate the currency and the number of users dealing in bitcoins are gamblers and ones who want to save taxes thus invading their own tax regulations. Some only are real investors who want to take advantage of the price and trade in it.

In many countries non-payment of taxes is already considered a crime and is prosecuted under the criminal code. We understand that Bitcoin makes it possible to avoid taxation. This is exactly what will be the root cause of Bitcoin's prosecution under the law in criminal cases.

[Dimelord]

Since Bitcoin was ever released, I've thought of the possibility of this. Will crimes be easily funded now due to bitcoin and it's anonymity? How do you think the authorities will combat this? Will this lead to a decline in the price of bitcoin? I've had this on my mind for a while now and I would like to hear your guys opinions.

Criminals would not like to use bitcoins for their activities since it is pseudo anonymous and each and every transactions are registered in a public ledger.So it could be easily traced out by cyber crime police.But they have other options like Monero and Zcash which were fully anonymous and it would best suit for their activities.Even if the criminals use bitcoin for their activities,it would have no impact on bitcoin price since bitcoin is not dependent on them.

[hawthelegend]

Yes, that is true. Bitcoins has been widely used in so many illegal things that i cant count with all the fingers i have, even with the help of my toes. But that's not important. The guilty here is not just bitcoin itself but all other currencies out there also, whether paper or gold. Now,  tell me what currency hasnt been used for crime even once?? None right?? The culprit is not bitcoins or any other currencies. But the people using them as tools for their illegal ways. Bitcoin looks bad to those who dont know it that much yet because it is being labeled as so by the media and orher people who worship banks because banks themselves dont like the idea of a currency they cannot get a hold of or control.

Thats just for me tho, i dont know what others think.

[CryptoBry]

Crimes can be funded using any form of money be it fiat, digital or any type of imaginable medium of exchange. It can even be funded by credits or just a promise that one can go to heaven if he can murder as many innocent lives as he can.

The point is that Bitcoin can be used to fund anybody and unfortunately Bitcoin has no way to find out if its user is using the whole thing for illegal purpose or a divinely-guided one. Now, this is the same thing with other money, for that matter.

How to combat this one? There is now an ongoing debate on how to regulate Bitcoin service providers, though not necessarily regulating Bitcoin because they can have a hard time to do that even if they will ban Bitcoin.

[dissident]

Bitcoin is more traceable than a lot of ways to launder money, from gold to cash, even gemstones or collector's items.. anything that has value can be used as a medium of exchange.  If so many big money interests weren't criminals themselves, cash would be outlawed by now and everything would be digital with traceable spending cards. Fortunately a lot of criminals are among the world's elite as well, and they're not going to legislate away ways to make themselves richer.  Bitcoin's a great way for billionaires to launder money.. it's part of the reason it's becoming so popular.. there's a huge underground world out there separate from the official, lawful world that people see on the surface. Humans can be very narcissistic and attracted towards "dark" activities because the allure of being "bad" and just getting ahead any way they can.

[Pretzels]

What if the crime is funded by paper currency or some kind of stuff like gold, will it also be the same fate as you say bitcoin 

i must agree. wether it is a physical or a digital money it will always be use to do good or bad. so i dont think that it is a good idea to blame all the illegal acts to bitcoin or to other digital currencies.

[bitbunnny]

Bitcoin can be used for illegal activities just like any other currency, payment method, credit card or similar. The problem is that Bitcoin or some other cryptocurrency is more convenient and easier to use for criminality because of the anonimity, the fact that in many countries Bitcoin isn't regulated in any way and it's much more difficult and sometimes eve impossibe to trace the transactions. But that doesn't mean that Bitcoin is criminal currency.

[hinatashoyou]

Bitcoin is always associated with crime, illegal, drugs, money laundering and many other negative things. It is true that some people use bitcoin for crime. But that's only a small part, only a person. Why only talk about bitcoin from the negative side, whereas many other benefits of using bitcoin, more potility of bitcoin that we can use rather than just see the negative side

[szpalata]

What if the crime is funded by paper currency or some kind of stuff like gold, will it also be the same fate as you say bitcoin 

i must agree. wether it is a physical or a digital money it will always be use to do good or bad. so i dont think that it is a good idea to blame all the illegal acts to bitcoin or to other digital currencies.

Exactly, we cannot control how someone should use his or her bitcoins just like the governments around the world cannot control the usage of their respective fiats by individual citizens therefore It's unfair to link crime to Bitcoin in this sense.

[eternalgloom]

Bitcoin is always associated with crime, illegal, drugs, money laundering and many other negative things. It is true that some people use bitcoin for crime. But that's only a small part, only a person. Why only talk about bitcoin from the negative side, whereas many other benefits of using bitcoin, more potility of bitcoin that we can use rather than just see the negative side

I've found that now it's less so. I mean, Bitcoin is usually mentioned when another cryptolocker type malware pops up, but there isn't an actual negative connotation tied to Bitcoin usually.

Most articles about Bitcoin I see these days are usually just talking about the price and the technology behind it.

[michellee]

Bitcoin is always associated with crime, illegal, drugs, money laundering and many other negative things. It is true that some people use bitcoin for crime. But that's only a small part, only a person. Why only talk about bitcoin from the negative side, whereas many other benefits of using bitcoin, more potility of bitcoin that we can use rather than just see the negative side

i think this is what people thinking in out there which don't know anything about bitcoin so they judge bitcoin is for only illegal activity but if they want to learn a little bit, then i am sure that they will open their eyes and see that bitcoin is not like that. many of that people giving negative side with bitcoin and i hope in future, people will see what is bitcoin for the real so they can join with bitcoin world and make investment like what we do.

[KnightElite]

Since Bitcoin was ever released, I've thought of the possibility of this. Will crimes be easily funded now due to bitcoin and it's anonymity? How do you think the authorities will combat this? Will this lead to a decline in the price of bitcoin? I've had this on my mind for a while now and I would like to hear your guys opinions.

You have a point. If there is someone who uses bitcoin for bad decision it is very bad for the reputation of the bitcoin. Maybe it will cause the bitcoin to go down. It is one of the scariest problem that is hard to solve.

[peter0425]

Since Bitcoin was ever released, I've thought of the possibility of this. Will crimes be easily funded now due to bitcoin and it's anonymity? How do you think the authorities will combat this? Will this lead to a decline in the price of bitcoin? I've had this on my mind for a while now and I would like to hear your guys opinions.

You have a point. If there is someone who uses bitcoin for bad decision it is very bad for the reputation of the bitcoin. Maybe it will cause the bitcoin to go down. It is one of the scariest problem that is hard to solve.

Well we have see that they have already used bitcoin in a negative way. Ransonware. The hackers asked payment in bitcoin so it put bitcoin again in a negative way like used by hackers and terrorist in illegal means. But since the activity has died down, the effect on bitcoin is temporary only and we can see now that bitcoin price is increasing again.

[Rj Manik]

There are laws in the country that they think are criminal transactions by Bitcoin.If there is a criminal transaction by Bitcoin, how can you cash in such a large amount?And if the Bitcoin companies can catch those criminal transactions,They will take notice.And they will give legal custody to the culprit.

[TechnoMusic]

Yea criminal organisations are now funded 10x more easy then before because of bitcoin cryptocurrency which is anonymously so nobody cant catch criminal with that money which he got.

[Dudeperfect]

We are on the same page. There are multiple aspects of this topic and the most dangerous I see is the direct attack on the goodwill of the bitcoin. Well, criminals use the currency whichever is convient to them and this time if it's bitcoin then what is the bitcoin's fault in it? Govenments and other international organisations might object the legalisation of bitcoin on this issue in my opinion.

[fathur.aza]

Is it true bitcoin can finance a evil that in this world ??
If you use bitcoin as a tool of expense for evil and all of those eyes are the beginning of evil.

[erickkyut]

Since Bitcoin was ever released, I've thought of the possibility of this. Will crimes be easily funded now due to bitcoin and it's anonymity? How do you think the authorities will combat this? Will this lead to a decline in the price of bitcoin? I've had this on my mind for a while now and I would like to hear your guys opinions.

I think that many criminals are already using bitcoin to fund their crimes. i just don't know how the authorities will combat this but this will not affect bitcoin price to decline instead, it can help its price to increase because there will be additional demand for bitcoin.

[19Nov16]

When the bitcoin still like this (anonymously), anyone can use the bitcoin, it's about time there were special rules of order that the user can origin and all transactions can be tracked, so bitcoin can't use for illegal activities.

[PancherBitCoin]

How much can Bitcoin be tied to the criminal atmosphere.? The fact is that the world does not stand still, and even the criminal world is on. With the times, thanks to high technologies, it increases its skill levels in its business and uses everything that is available today in the field of high technologies. Thus, it is possible that Bitcoin is used for illegal actions by many people. More than once they came across information with a comma that showed that on the Internet they could sell drugs for Bitcoin. Even litigation was on this issue. Thus, Bitcoin can pay not only for drugs, But for other forbidden things. We need to be more careful and discouraged.