Money laundering

[pixie85]

I think it's very problematic to do this, because you will still exchange through an exchanger or other structure, where this money will appear.

Not necessarily. You can turn your Bitcoins directly into goods or services. If you used an altcoin to launder money you choose an altcoin - bitcoin exchange with no ID requirement. After you've successfully obtained Bitcoins just go to an online marketplace that accepts it and buy whatever you like.
Money laundering isn't there to hide income from the government. It's there so that you can openly pay taxes and spend it, making it look like it comes from a legal business.

[batang_bitcoin]

Are blockchain-based transactions easy for money laundering?

A newbie with 1 post asking this thing? Are you up with something fishy or related into different shady activities and you are asking if blockchain based transactions can be easy for money laundering? Don't let yourself involve with such heinous activities. Everything has been made good and it's looking bad depending on your perspective and the way you will use it. I don't support this act, don't do it please!

[949miner]

And why would they be? It is pretty difficult to try to withdraw money, and that is even much more difficult to launder money, and if that is what you are asking for, let me tell you that you are going to go to jail if you do it.

Be careful, i dont know why the masses are always saying that bitcoin has been created for that kind of purposes, and in fact, it is false.

It is pretty difficult to do that kind of activities, and more with bitcoin, it is a mess, and everyone who do that kind of things need to pay taxes.

Are blockchain-based transactions easy for money laundering?

[lillyann]

Lol, dont even get into that,  you will get caught out in the end. I am self employed and I declare every penny I make Its just not worth trying to launder money

I recommend not laundering money as well, always be legal guys. But you must consider this too:

When governments make bitcoin illegal (and they will sooner or later) they will ask people to deposit their bitcoins on the government's hands, just like they asked for people to put gold into the government's hands in 1933.

The difference is gold does not have a blockchain, but bitcoin has, so if you declared your bitcoin, you are already on the list of "person that owns bitcoin" so you will be the first to get a letter by the government asking you to give them all of your btc. Consider that.

Nearly all the highly economically developed countries have embraced crypto-currencies, and are currently rewriting legislation to make it taxable as either a security or a currency. What makes you think that it's going to be banned? Bitcoin is just as difficult to trace as cash, and yet cash remains.

Money you have to spend to be identified. BTC is open. kazra can look into operations performed. The problem in the initialization of who the wallet account belongs to.

[squatter]

Are blockchain-based transactions easy for money laundering?

It doesn't make sense to introduce "dirty" fiat money into the cryptocurrency ecosystem in order to clean it. There is so much friction between fiat currency and cryptocurrency, and there isn't much volume in the markets to support large scale money laundering.

There are good ways to launder cryptocurrency itself (e.g. money you receive from the DNMs). Using VPN and the TOR browser and mixing your bitcoins is one way. Strong privacy coins like Monero are another method. But it's important to note in all cases that organizations like INTERPOL and the FBI are privy to much better blockchain analysis tools than the rest of us. There may be various privacy exploits that we don't know about yet. TOR and VPNs can be compromised. You never know. As someone mentioned, if you need to launder fiat money, there are better-established, more liquid, and safer methods to do it.

[khaled0111]

This is you r first post and the only thing you want to ask about is money laundering!!

Bitcoin can be used for money laundering and other illegal activities. Bitcoin is just a new technology and you can exploit it as you want.
Stay a way from troubles, don't think you are 100% anonym even when using Bitcoin.

[patt0]

Are blockchain-based transactions easy for money laundering?

Well I think they can but at least in some coins I don't think they would be efective. Let's not forget that the transactions in the blockchain are public, so once they are tracked and associated to a user for some reason, they should be easy to track. A lot of people say that bitcoin is associated with money laundry, but I don't think that's true. Transactions using monero, zcash or private coins like those, might be efficient, but I don't think all blockchain-based transactions make money laundry easy.

[Mike Mayor]

Lol, dont even get into that,  you will get caught out in the end. I am self employed and I declare every penny I make Its just not worth trying to launder money

.

Well you one of very few. Not everyone lives in a country that sounds taxes reasonably. Some people live in countries where tax money is abused and government members are actually stealing it and tax papers are not getting services they should get and when they do it's poor. Then you would not even want to pay tax based on morals. Paying tax to a government that wastes it feels like you are directly supporting and encouraging government fraud. You pay tax and they get even more money to abuse. They rewarded with more money. This what I'm talking about now is one of the reasons for crypto. To he separate from the government. You don't have to declare everything but don't be stupid about it and buy a really nice car when you not declaring much. It's totally legal to do a side job besides your normal one and if you work for yourself the government doesn't need to know every little thing you do.

[vincentong17]

I think their are coins that are compatible for some illegal activities regardless they don't need blockchain but they use anonymous coin to make a transactions. but some of coins required to transaction using blockchain.

[megynacuna]

Are blockchain-based transactions easy for money laundering?

Money laundering is illegal so this is not advice nor endorsement. Bitcoin transactions are not particularly good for large scale money laundering. You have to obtain bitcoin without leaving any personal trace and then sell it with an appearance of legitimacy. I am sure there are ways, but it is not that good.

I don't even know why people are trying so hard to attach money laundering to bitcoin because just like other fiat currencies you can not determine how one should use his money and so if they use it illegality it is up to the system to apprehend them rather than blame it all on bitcoin.

[SakinaPrincess]

Never even think of money laundering, You need to earn money legally It can be questionable in the end you know.

[Nilda]

This is the reason why crime syndicates and corrupt government officials are hiring IT experts. That’s why governments should band together to counter this.

[BORDS]

Are blockchain-based transactions easy for money laundering?

blockchain technology can really be used in money laundering.
since it provides users an anonymous way of doing their transactions and governments as of now doesn't have the capability to trace.
so if anyone does use it for laundering then it could be used.
but i would advise you not to do it though.
 

[Kakmakr]

Money laundering is much easier with normal cash, just open a front business and fake the sales and deposit the clean money in the Bank, like most money laundering operations work or open a strip club. Why go through all that trouble to learn Bitcoin and then take the risk that some exchange might block your account, when you convert large amounts of fiat?

Bitcoin is also pseudo-anonymous and cash is almost 100% anonymous. ^smile^

[Ailmand]

Are blockchain-based transactions easy for money laundering?

Having to think of it, I think there is a possibility, but it would be done indirectly rather than directly. Money laundering is the process of making dirty money or illegally obtained or produced money seem to come from a legal and legitimate source. It can be done in many ways, and I think the possible practices that can be tied up with the cryptocurrency market is if an illegally obtained money would be used to buy and invest in the cryptocurrency market. I actually think that that would be a smart option to divert the attention of the authorities because once money is converted into cryptocurrency holdings and be dealt with, it won't have the paper trail  that most money-related processes have; however, if the authorities would track the person who personally used the money, then there can still be a chance of identifying the perpetrators.

[bristlefront]

Yes. They took advantage on its anonymity in order to clean the dirty money they have stole without the notice of investors. Most of them are syndicates the are producing pyramid scheming investments.

[fer3219]

could be possible cause there are so many ways cryptocurrency can be used  for illegal actions as mentioned above is only the top of the iceberg

[Empiretoken]

Suppose a corrupt politician official goes to an investment bank. Said official has a ton of money, and since they have a ton of money then then bank is likely to want to bend the rules to get that money in the system. It turns out that because banks are too big to fail, that it’s unlikely that someone will go to jail for helping the official, and the worst thing that will happen is that the bank will get fined.

[sino22]

could be possible cause there are so many ways cryptocurrency can be used  for illegal actions as mentioned above is only the top of the iceberg

cryptocurrency does have many ways, many people who use it in any way they think. so we should not be surprised too if bitcoin users that many and have many ways. so in a lot of ways then people are looking for profit from bitcoin.

[jbarcenas18]

Money laundering remains serious concern in our country. I'm against with this, I wanted to earn money in a legal way with effort and hardwork.