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Author Topic: Do you think that bitcoin can reduce corruption?  (Read 2214 times)
Sled
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April 19, 2018, 03:55:49 AM

have you heard about money laundering using bitcoin?there's so much news i read in my timeline about that. but i think using Bitcoin will reduce corruption because using cash to money laundering is better than using bitcoin. the reason is unless you're a suspect already and the notes are marked, cash is untraceable. This is perhaps one of the reasons (smart) government agencies are happy about Bitcoin, Bitcoin creates an illusion of anonymity and privacy , but a sufficiently determined attacker (like the NSA) can eventually trace Bitcoin transactions back to an IP address.  Cool

Well, I have heard about it but not in a high level it is happening, just like you said that money laundering using the bitcoin, may be in my country, it is not happening. But i know that in coming time, people use bitcoin for money laundering. But i heard some politicians are using bitcoin and other crypto currencies becasue of save their black money.     
That is true and that is why a lot of people prefer decentralization because not all of the people are in good intentions because some of them have bad intentions like the other politicians or even the drug dealers and other people that are doing illegal stuff because they are using the cryptocurrency to get into the safe area since it is decentralized and anonymous.

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April 19, 2018, 03:59:55 AM

It's hard to say, but I really don't think any government consider crypto as a sizable competitor to their currency.. if such a thing could even exist..
I also think fiat currency is fairly transparent in a lot of currency, it's just the banking system or different financial facilities that may not be so much. Of course if something becomes a threat, then they may consider banning, but no sensible government should.

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April 19, 2018, 04:06:58 AM

Now that governments have a competitor in terms of currencies, do you think that they will make an effort to make the economic system more transparent or will they just try to ban everything?

I hope so because the bitcoins habe no one source so in that case there is no one person that can be too greedy about that money but the thing ia the corruption depends upon the person behind it because anyone can be a start of corruption if he or she becomes greedy about the money that they are getting and we cannot escape corruption it is everywhere as long as there are a person as long as they are not we are not satisfied in the benefits that we are getting
A lot of factors that can be considered the cause of corruption. It can be due to personal interests and greed with no regards to moral boundaries, has no sense of service, lack of courage, transparency and a lot more. Bitcoin is not controlled by any single network, which means transparency is present and it fights against money laundering. Its blockchain technology is what makes it stand out. Instead of data being stored in central server, it is simultaneously stored on nodes where it communicates with the others to record and verify each transaction. Notwithstanding, let's be responsible and be sincere to what we do and say, it still the right attitude that counts.

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darklotus17
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April 19, 2018, 04:59:21 AM

It can beat not bitcoin, but blockade. It's very simple - when all financial transactions are going to happen in the blockroom, nobody can give a bribe without writing to the block that every user can track on the Internet. This is the whole limit of the new financial system

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April 19, 2018, 05:18:25 AM

have you heard about money laundering using bitcoin?there's so much news i read in my timeline about that. but i think using Bitcoin will reduce corruption because using cash to money laundering is better than using bitcoin. the reason is unless you're a suspect already and the notes are marked, cash is untraceable. This is perhaps one of the reasons (smart) government agencies are happy about Bitcoin, Bitcoin creates an illusion of anonymity and privacy , but a sufficiently determined attacker (like the NSA) can eventually trace Bitcoin transactions back to an IP address.  Cool

Well, I have heard about it but not in a high level it is happening, just like you said that money laundering using the bitcoin, may be in my country, it is not happening. But i know that in coming time, people use bitcoin for money laundering. But i heard some politicians are using bitcoin and other crypto currencies becasue of save their black money.     
yup it's something more like people using bitcoin or other cryptocurrency to "clean their hands" or to "save black money". the results is, when my father(common people) is heard bitcoin, they will think bitcoin is not good currency&dont have good future to invest. and Maybe it's one of other factors that some country banned bitcoin?  Grin
romeo23
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April 20, 2018, 09:18:34 AM

Blockchain technology such as Bitcoin can not just reduce but in fact eliminate corruption, as blockchain is a shared ledger which is shared either publicly or privately between multiple entities. All transactions are recorded on the blockchain, and once added these records cannot be deleted or updated, i.e they remain in the blockchain forever.Moreover, all these records are available for anyone on the network, that is anyone can view and verify these transactions. Therefore since everyone knows all the transactions that have happened in the past, there is no way to cheat the system. That is why, it is known as a trustless trust system. Blockchain provides a secure, efficient and trustworthy way of working. It is because of these advantages that organisations are interested in the blockchain, already a number of banks have invested in blockchain technology. There are various companies that are helping businesses to apply blockchain in different areas.Like in In India as well, companies, like BlockSmiths, a consultancy helping businesses to utilise blockchain technology are coming up. Seeing the elevated interest in blockchain in the recent years, it can be said that blockchain has a promising future, and we can all look forward to a significant decrease in corruption.
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April 20, 2018, 09:22:04 AM

Well forget the currency aspect. The fact that immutability is now possible I think is absolutely huge to reducing corruption. Think about how many people access government/company files and edit, remove things for under the table favours! this can all be stopped
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April 21, 2018, 11:02:55 AM

It could be if every person is well educated enough about bitcoin. But first, bitcoin should be legalized.There will no longer corruption especially if every officials of the country will use wisely the bitcoin where they can earn much.
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