Bitcoin = Laundering

[BlackRacerX]

Some say that you cant claim or transfer your bitcoin to a bank because they will suspect you of laundering.

So if youre using Bitcoin, youre basically a laundering and a criminal

I just want to understand if its any different or just similar. Thank you

It's bitcoins main feature is that there's no limit to how much you can transfer bitcoins that's why it sounds like laundering. For what it's worth, you're actually sending bitcoins and not money so it cannot be associated with money laundering. They're just scaring people off.

[Gudhal Untu]

Very likely, we all know that bitcoin is anonymous, nobody knows who owns bitcoin so bitcoin becomes a haven for corruptors to save their money to bitcoin. with issues like this it's time for wallet providers to verify users.

[centralbanksequalsbombs]

Hahaha NO. Don't you know back in 2013 all big banks in every country essentially waged war on Bitcoin?

Bitcoin has been banned all over the world by all big banks in nearly all countries since 2013 (for over 4-years) and the banks have completely failed at stopping Bitcoin's growth. At a bank, just try to do a bank transaction say its for "Bitcoin" and watch your transaction be blocked for review.

BUT Everyone in all countries are still finding a way to get Bitcoins. They simply never say "Bitcoin" when dealing with banks. People are smart.

Notice how Bitcoin has for years successfully defeated all opposition?

Nothing can stop Bitcoin as it reached escape velocity back in 2013.  What do you think everyone's been doing for the past 4 years??

Today we are probably 1% adopted in the world.
Wait until we are closer to 3% adoption in the world.

Once we hit 4% adoption in the world, then Bitcoin = mainstream.

Let that sink in.

[rfcdejong]

Some say that you cant claim or transfer your bitcoin to a bank because they will suspect you of laundering.

So if youre using Bitcoin, youre basically a laundering and a criminal

I just want to understand if its any different or just similar. Thank you

Very strange opinion that bitcoin contributes to money laundering. The dollar and other currencies are more used in the shadow segment. I think after a while the government will approve the cryptocurrency and then we will see it in the banks.

[darkangel11]

Bitcoin has been banned all over the world by all big banks in nearly all countries since 2013 (for over 4-years) and the banks have completely failed at stopping Bitcoin's growth. At a bank, just try to do a bank transaction say its for "Bitcoin" and watch your transaction be blocked for review.

BUT Everyone in all countries are still finding a way to get Bitcoins. They simply never say "Bitcoin" when dealing with banks. People are smart.

Where did you get this information from? I have been using various banks all over Europe without any problems. It's totally legal to transfer money to and from exchanges to your personal bank account and most of those exchanges are registered businesses with words like Bitcoin and Cryptocurrency in the description. I haven't had a single transfer blocked by a bank and I don't expect it to happen in the near future, since no countries are against it. It's an investment like any other. There are known scam companies registered all around the world, fake charities and such, and you can send them money whenever you like. Nobody will block you.

[Raimy]

The term laundering is just being used to dissuade people from using it. Sure, there are probably people who use it to launder their money, but these people also probably use cell phones, drive cars, and wear jeans also so are the authorities trying to ban these items too?

The good old greenback is used more often that anything else for illegal activity so if they want to ban things used in crimes they should start with that. BTW, in some big cities the laundry detergent tide is used to launder money, so not only it being ironic, they probably better ban that too.

[arseaboy]

Some say that you cant claim or transfer your bitcoin to a bank because they will suspect you of laundering.

So if youre using Bitcoin, youre basically a laundering and a criminal

I just want to understand if its any different or just similar. Thank you

Very strange opinion that bitcoin contributes to money laundering. The dollar and other currencies are more used in the shadow segment. I think after a while the government will approve the Cryptocurrency and then we will see it in the banks.

I agree. seems that they are justlinking bitcoin to this in order to make some bad reputations, as many people are now getting aware about crypto and
the big chance of getting much larger income in terms of investment, they just wanted to avoid full support coming from most peoples fiat, for sure if
we can all showed them the true value of bitcoin they will not treat this like this but love it as an opportunity to have a better life.

[BitBenefit]

They are afraid of bitcoin so they label anyone that uses it as criminals.

[Bruno77]

Maybe I missed something but is there any bank accepting bitcoin deposits? The banks surely will use money laundering as an excusation why they don't accept bitcoin deposits, but this is of course nonsense as you can show to the bank from where you have the bitcoin. And if you acquired them legally with legal money, then there is no problem at all. The banks have anyway to follow AML laws and check everything if your deposit exceeds a certain amount.

[juddtrump]

Bitcoin is not the best way to launder money, even today, cash still the King. Although Bitcoin has been on the news with cases such as Silk Road and other sites, the problem or the peculiarities that criminals doesn´t like, is that Bitcoin Works on privacy basis, but not anonymous, for instance, all transactions are encrypted, but the private key is not anonymous, you could trace each transaction down the block chain and identify the parties involved.

[balamuda]

Some say that you cant claim or transfer your bitcoin to a bank because they will suspect you of laundering.

So if youre using Bitcoin, youre basically a laundering and a criminal

I just want to understand if its any different or just similar. Thank you

Bitcoin is not a money laundering, but a futures investment for a profit. it's just slanted news.

[CryptoChris18]

Though bitcoins are banned in some countries and if you don't live in those countries than you shouldn't consider yourself to be a part of laundering...

[Drunkenhorse]

For some people yes , but for the main crowd it is hype and a new way to earn money, not doing anything

[jontata]

nice try... next

[Lipe490]

Well, people launder money with their own fiat currency. Why would it be different with bitcoin. Even with gold, actives or cars you can do money laundering. If governments are starting to ban cryptos they also should ban fiat currency.

[hoanghoatham04]

In fact, Bitcoin is being used so badly that corrupt organizations and businesses use Bitcoin to clean up their money because of its high security, without disclosing the trader's personal information. So Bitcoin is now facing a lot of negative news.

[moonshoot]

Saying bitcoin itself is money laundering is no different than saying a painting or a bar of gold is money laundering. Can it be used for that? Sure, just like any item of value that may not be traceable to a named individual. It isn't inherently money laundering though.

The same can be said for privacy coins--even though they are specifically designed to obfuscate / disconnect the sender and receiver of a transaction, it doesn't mean that using it is equivalent to money laundering. It could be, if you gained the initial money illegally and are using the cryptocurrency as a way of making that money appear to be legitimately obtained. Someone who makes a legitimate purchase with legitimately obtained money isn't "laundering" the money just because they make a confidential / private transaction--which is done a variety of ways with any fiat currency by the way.

I would think about it like this--if you made the transaction without the obfuscation of the person's identity or the traceability of funds, would any laws have been broken due to the source of the funds (e.g., organized crime) or the purpose and receiver of the transaction (e.g., a bribe)? If the answer is yes and you are using cryptocurrency to cover your tracks, then that is money laundering. If the answer is no, then no amount of cycling through cryptocurrency conversions will make it money laundering.

[marcuslong]

Some say that you cant claim or transfer your bitcoin to a bank because they will suspect you of laundering.

So if youre using Bitcoin, youre basically a laundering and a criminal

I just want to understand if its any different or just similar. Thank you

Bitcoin is not actually the reason of money laundering. Bitcoin is just used for business and for earning money with hardwork and strategies. If you're using bitcoin, This is not a good reason to accuse you as a Criminal and doing money laundering. Bitcoin is just a cryptocurrency used to earn money and to gain profits and not for money laundering. Even fiats, can cause of money laundering but all the people who are using fiats are not accused as criminals and laundering money. That's the logic.

[Memenya]

Scare tactics by bank and government. Bitcoin is the nuclear weapon to existing financial system. We are getting a lot of services to use bitcoin like fiat money. By the end of 2018, this will happen in most of the liberal world. Banks can shove their fiat.

If somebody said like that, i think they just want to scare people to not using bitcoin.
I think the bank is also scare with bitcoin existing. I dont know what the reason why people say that bitcoin is laundering.

[zorchy]

I can not agree that the role of beatcoin is played by laundering, what kind of crime is also present, but not as it was before.