Crime funded by bitcoin

[Nilda]

Crimes like tax evasion and money laundering? Government should act faster in regulating cryptocurrency before it gets out of hand. Terrorist being funded by bitcoins, kidnappers asking for bitcoins as ransom...

[Asusnumbaone]

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.

It is a possible event to happen and it is already happening. Way back 2009 up to now 2018, bitcoin has been used in the dark web or deep web to transact with different person like hackers and illegal dealers. It is also use their as a payment for the access of different porn sites or child rape also known as pedophile. We use and benefit from the positive effect of the bitcoin. While the others are using bitcoin to do the dirty and bad things. Anyway FBI tracks the users in the deep web that enters to the dark web.

[kitkat04]

After bitcoin was created way back 2009. It is already use by the hackers, illegal dealers and human traffickers to transact or as a payment for the service or transaction happens. It is also use as a payment for the access of different child porn or pedo sites.  The FBI hunts and tracks the users who enter in the dark web or even in the lolita city. The disguise their self as an illegal dealers and catch the people that made a transactions to them. They are just waiting for the divers in the deep web to commit a crime.

[johnlhy251]

Bitcoin is not the problem and never has been the problem. Such thinking is simple minded and people who think this way are almost always certainly no ones. Crime can be funded without money did you know that ? Crime can be fueled by hatred .  Blaming bitcoin is like blaming the internet for pedophiles. Anything can be used for good or bad.

This is true, anyone can do crimes with or without miney. Most online crimes now, using bitcoin as ransom. e.g. ransomware virus

[russella31]

It could be possible. Because of bitcoin's anonymity, bitcoins can be use in crimes. Using bitcoin in crimes is unavoidable. But somehow, bitcoin can find ways to stop it.

[Yarsk]

What ever that has a positive use also has it negative use also, bitcoin can be use to aid crimes and criminality due to the fact that bitcoin is decentralized and can be use to carry out payments at any time and from any where so bitcoin is a great tool in the hand of criminals since it transaction can't be track.

[marcbitcoins]

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 mean illegal activities? Because crime can be possibly done without using any resources such as do to your anger and hatred to someone in which you could be tempt to do a crime anytime now but if you are referring to illegal activities of course it can be funded thru money laundering and that is why some nations want to regulate bitcoin before they adopt it so that it can never be use in any illegal activities.

[barneystinson]

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.

Hello, this is a very interesting topic you have opened and its good to know that someone is also sharing the same sentiments as I have too.
Here is my point per point opinion on each questions you have raised.

How do you think the authorities will combat this? > The only way is to have this regularized by SEC's. Meaning each bitcoin wallet should have an identity at least. Which we dont fully want. Since regularization will mean taxation also. But as long as we have an ID for each wallet, all transactions can be traced.

Will this lead to a decline in the price of bitcoin? >Probably not, even if bitcoin would be used for "criminal money" a larger part of it still revolves on traders and adopters.
Using btc on illegal transaction would not cover majority of its entire market cap.

[LastJedi]

With government law officials auction off the bitcoin that they confiscate during their raids,
it is hard not to say that crime is never funded by bitcoin.
Just as you can not say it is not funded by any other funding system like payoneer, payza, skrill, etc.

[beej]

It is a likely scenario, we may never truly know the specifics of any crime being funded
by bitcoins. In reality it's been used, utilized and affiliated with criminal activities. It's
no surprise to anyone since we all know that it is a decentralized currency and it has
this anonymity feature, which is the focal point that's attracting this much attention to
criminals and authorities alike. Bitcoin is a significantly conspicuous piece of innovation
exploited by criminal activities in the internet, sadly due to this actuality it has tainted
bitcoin's reputation.

[Ahimoth]

It is a likely scenario, we may never truly know the specifics of any crime being funded
by bitcoins. In reality it's been used, utilized and affiliated with criminal activities. It's
no surprise to anyone since we all know that it is a decentralized currency and it has
this anonymity feature, which is the focal point that's attracting this much attention to
criminals and authorities alike. Bitcoin is a significantly conspicuous piece of innovation
exploited by criminal activities in the internet, sadly due to this actuality it has tainted
bitcoin's reputation.

It may have been used to fund crimes but bitcoin is certainly not to be blamed. Even anything good can be used for bad because of the abuse of people. Even fiat money can be used for funding crimes. But bitcoin or even fiat is not the problem but the people using it for bad intentions. Maybe it's just about having the right perspective in looking at the issue.

[ethereumhunter]

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.

Hello, this is a very interesting topic you have opened and its good to know that someone is also sharing the same sentiments as I have too.
Here is my point per point opinion on each questions you have raised.

How do you think the authorities will combat this? > The only way is to have this regularized by SEC's. Meaning each bitcoin wallet should have an identity at least. Which we dont fully want. Since regularization will mean taxation also. But as long as we have an ID for each wallet, all transactions can be traced.

Will this lead to a decline in the price of bitcoin? >Probably not, even if bitcoin would be used for "criminal money" a larger part of it still revolves on traders and adopters.
Using btc on illegal transaction would not cover majority of its entire market cap.

maybe it will like this. the government will identify the bank account number, they will analyze the account with the name of the owner, they can see that which account number will have big transferred money in everyday or monthly, then if the transfer is big, then maybe they will ask the owner what business he did and if the owner has bitcoin wallet, then he needs to add his bitcoin wallet to make easier the identification and the money transfer.

I think it might impact the price but bitcoin will still increase and not depends on this situation. but we know that bitcoin could be used for criminal activity since they don't need to fill any of document to send and to receive and they could transfer the money to every account they want.

[LChiapas]

nan?

[icanscript]

Yes it is highly possible for crime to be funded very easy than normal banks services. That is the main reason why government is doing everything to regulate and discourage bitcoins use. It will be very hard to trace crimes funded by bitcoins.

Ideas about the dangers of crypto-currency, as a means for financing crimes, are unfair and false in nature.
At opponents кpиптoвaлют there is a huge lobby which purpose is disinformation of the public concerning кpиптo currencies.

[anjaydut]

Very influential, it will make a negative impression on the bitcoin
the crime will never run out, the crime is like a chameleon, which camouflages to be invisible to the prey
and make adjustments to the environment, if bitcoins are linked to crime, as well as paper money, which has been very often used as a tool of drug transactions, terrorism, and more
think about it

[currencydesigner]

Not only Bitcoin but also privacy coins such as monero, designed to avoid tracking, have climbed faster over the past two months as law enforcers adopt software tools to monitor people using bitcoin. A slew of analytic firms such as Chainalysis are getting better at flagging digital hoards linked to crime or money laundering, alerting exchanges and preventing conversion into traditional cash.

[btcrich]

Crimes like tax evasion and money laundering? Government should act faster in regulating cryptocurrency before it gets out of hand. Terrorist being funded by bitcoins, kidnappers asking for bitcoins as ransom...

Seriously,you think bitcoin is the only way for criminals to deal things,terrorism and money laundering is going around for a very long time,even before bitcoin and now everyone wants to put their hands on bitcoin to blame,that is just weird. Criminals will always find a way to do their activities.

[Catost]

Yes, crimes could be financed using Bitcoin, but criminals also have other methods of payment so we should not disqualify BTC becuase of that.

[coinoberg]

Yes, crimes could be financed using Bitcoin, but criminals also have other methods of payment so we should not disqualify BTC becuase of that.

Surely they have other methods too but as bitcoin is more anonymous than any other method there is a shift to bitcoin by criminals that nobody can deny. I even think that the reason why bitcoin's price rose so fast is the dark side of the blockchain demand.

[BitcoinManiak]

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.

Yes, I think spotting criminals is much more difficult right now.