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olushakes
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November 17, 2017, 04:21:49 PM |
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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 For those holding the view that bitcoin is laundering, then they are either not well informed or decide to stick to ignorance. The question you want to ask is that politicians and people of high value net worth would not even need to pass through the bank to launder money. They would carry the raw cash in their private jets and move it wherever they wanted to take it to. To the drug lords, they don't even have the time to start buying bitcoin in bit because buying at once will also mean using the bank they would prefer to use their normal route of moving funds in and out. Its because of the fear of silent law that's why a lot are skeptical about using the bank. |
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thecodebear
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November 17, 2017, 04:25:28 PM |
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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 Money laundering is an actual thing, not just an opinion. If you launder money through Bitcoin then you are laundering. Just like if you launder money through anything then you are laundering. Bitcoin itself is not laundering, that statement is nonsensical. Anyone who would say such a thing is just trying to scare people, which means they are most likely a banker or part of a government that is afraid of Bitcoin's power, or they are just an idiot who is just mindlessly spouting off the last negative news clip they saw about Bitcoin. |
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Kattleya
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Activity: 32
Merit: 0
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November 17, 2017, 04:30:36 PM |
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There are a lot of ways to do money laundering. Not necessarily with Bitcoin. Money laundering is when you put money from illegal activities in an investment or savings and take out the money from there to make it appear to be "clean money." I dont agree that Bitcoin equates to it. I get my salary through Bitcoin and I transfer it to my bank account. The Bitcoin I receive came from honest and hard-earned work. Although, it is very easy to launder money in Bitcoin. It's part of the cons of it. But I guess that is present in any other currency or monetary form.
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rasmadisulaiman
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November 17, 2017, 04:48:16 PM |
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I do not think so, if bitcoin = money laundering then saving and investment in the bank can be said as money laundering. There is no basis that bitcoin is laundering.
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1NV3ST0NM3
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November 17, 2017, 04:51:44 PM |
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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 No not in any world are you committing a crime if you are earning some bitcoins. Most of the countries have no laws regarding bitcoin as a currency. But you have to make sure just one thing that do pay tax upon your earned btc when you transfer it to your bank I think rest of it is almost fine. |
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ecnalubma
Sr. Member
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Activity: 1540
Merit: 420
www.Artemis.co
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November 17, 2017, 04:55:41 PM |
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Lets not put in our mind that bitcoin is always subject to money laundering but How about traditional money? whats the difference there's nothing wrong with it? Only people with bad motives creates negative impression about cryptos. Besides you can only get redflag from banks if your account is suspicious and involves millions of amount.
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kimochidesh
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November 17, 2017, 05:00:46 PM |
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It's not so...BTC transaction does not mean you are doing money laundering. No doubt, BTC made money laundering easier but that does not mean everyone who is BTC user is a criminal.
Even cash is an anonymous entity, till now criminals are using it for money laundering. But cash user are not money launders.
So BTC is not = Laundering.
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HighlanderMonk
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Activity: 266
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November 17, 2017, 05:05:14 PM |
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You definetly can do laundery with bitcoins, but there are always people who can say bad words about great stuffs. So it doesn't matter
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g4vinshreds
Full Member
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Activity: 223
Merit: 101
Trader
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November 17, 2017, 05:08:45 PM |
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The banks and the government are just trying to scare you. They just want to take your money. They want taxes and fees and such. Honestly bitcoin is not anything to do with laundering other than the fact that it's more easy to do laundering with than fiatt most likely. Hopefully they stop doing thesee stupid scare tatics.
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Theb
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November 17, 2017, 05:15:07 PM |
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Transferring or converting your Bitcoin to Fiat currency via bank deposit won't make you be suspected of money laundering or something they won't even know in the first place that the one you are depositing came from Bitcoin as the third party involve is the one who will deposit fiat currency into your bank account. Also I don't think in our present day that we associate Bitcoin in criminal activities because as of right now it is commonly associated to being an "investment" for people.
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HabBear
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November 17, 2017, 05:32:51 PM |
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So if youre using Bitcoin, you're basically a laundering and a criminal By this rationale.... If you use the Dollar, you're basically a money laundering criminal. If you use the Yen, you're basically a money laundering criminal If you use the Euro, you're basically a money laundering criminal. Frankly, if people can launder Bitcoin, than Bitcoin is officially money, currency...that's great for all of us. |
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easyrimka
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November 17, 2017, 05:33:19 PM |
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only fools continue to buy BTC, its too late, BTC is now clearly a ponzi scheme..
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gpamfmcq
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November 17, 2017, 05:36:24 PM |
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That's a wrong idea. There are governments in several countries that are working with virtual currencies, and many shopping sites are also planning to pay for virtual coins, which is a trend, and people who enter earlier will have more advantages.
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easyrimka
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November 17, 2017, 05:40:02 PM |
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That's a wrong idea. There are governments in several countries that are working with virtual currencies, and many shopping sites are also planning to pay for virtual coins, which is a trend, and people who enter earlier will have more advantages.
yes maybe , but BTC price is to much high to be a legal asset and realist , 7000$ is just unbeliavable ... |
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icochick
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Merit: 10
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November 17, 2017, 06:06:07 PM |
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Bitcoin is not money laundering -- it is a cryptocurrency which is another type of currency --
It is ignorant and uninformed to say that bitcoin = money laundering because it obviously is not that..
While not everyone has adopted its use yet - it soon will come and then it will be mainstream and accepted worldwide.. just wait..
smh.
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hypersonic1
Full Member
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Activity: 343
Merit: 111
Endless Horizons!
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November 17, 2017, 06:25:55 PM |
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If you pay taxes on your bitcoin, which legally means you have to sell it off for USD. You are not a criminal. Until you sell they can't tax it. This is the same with capital gains and stocks.
If you use it to hide your illegal activities. Then yes you are a criminal.
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bambazamba
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November 17, 2017, 06:39:32 PM |
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Money laundering can turn out to be a reason of concern for those who have its huge amount .
I have no fear of being suspected for money laundering as i don't have much of it and i also don't use it in unethical practices . Unethical practices used in the darkweb gives a alot of benefit to those people and they might get caught for money laundering .
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Haunebu
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November 17, 2017, 07:04:25 PM |
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If you pay taxes on your bitcoin, which legally means you have to sell it off for USD. You are not a criminal. Until you sell they can't tax it. This is the same with capital gains and stocks.
If you use it to hide your illegal activities. Then yes you are a criminal.
Completely true. Some people refuse to pay their taxes even when they gain huge profits which classifies them as money launderers. Bitcoin was meant to provide a decentralized means of money exchange which got corrupted thanks to many scammers and hackers out there. The dark web is filled with people looking to launder money using bitcoin in different ways. Pay your taxes as responsible citizens people. |
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senne
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November 17, 2017, 07:42:26 PM |
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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 No, that is totally incorrect assumption of working of Bitcoin. There are many wallets leaving Bitcoin that works on the same function where you cannot transfer back you credit after being sent and it acts a layer of security. Bitcoin is considered for Laundering and criminal activities because one cannot track the owner of the wallet from the address, it gives anonymous position to the wallet holder. Whereas , in other wallets one can easily know the user from its centralized data base. |
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Ilegendph
Full Member
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Activity: 434
Merit: 103
Thinking on the higher plane of existence.
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November 17, 2017, 07:57:19 PM |
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I think you can defend yourself if someone accused you for money laundering because here in the web we have what we call transactions IDs, communication history and digital signature. If you cannot explain where your income from bitcoin most probably you guilty of that accusation. And regarding the tax evasion using bitcoin, I think its is possible by not declaring it and converting only small amount of money from your bitcoin savings so that no one will notice it.
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