Why do people need to use Bitcoin for Money laundering?

[DooMAD]

Speaking of double standards...

Another fine example.  Criminals funded by criminals.  That's how the UK operates now.  Or probably has done for decades for all we know.  All done in Pounds Sterling and Euros.  It's no longer remotely believable to say Bitcoin is a tool for money launderers.  That shit just doesn't fly now.  It's governments, banks and big businesses that launder money.  And they do it with fiat.  The word "corruption" doesn't even come close anymore.  It's an obscenity.  

Probably won't even make the evening news, either.  The public don't give a shit.  Too busy being enslaved, apparently.

[Shenzou]

The answer is pretty simple, because bitcoin anonymous, you don't need any id or any type of identification or personal information to get your hands on bitcoin, so it makes it easier for anyone trying to hide their tracks and escape from paying taxes to the government, or launder illegal money, that is why bitcoin is being used by all the hackers and drug dealer on the black market, and that is what government have against accepting.

[MakeMoneyBtc]

It is not that easy to do money laundering with bitcoin since it is kind of hard to exchange a big sum of bitcoin without exchangers or other person will observe something is suspicious. I am talking here about online exchangers because it is almost impossible to sell bitcoin worth of millions, maybe billions for cash

[Ishiro5]

This is my point too when i attend events and people raise the concern of bitcoin being used for money laundering. The question I ask is ''has money laundering not been happening before bitcoin ? So it is a human thing and not about the technology, money laundering will continue to happen with or without bitcoin. It is just a way for people who want to de-market bitcoin to do so.

[BitHodler]

The answer is pretty simple, because bitcoin anonymous, you don't need any id or any type of identification or personal information to get your hands on bitcoin, so it makes it easier for anyone trying to hide their tracks and escape from paying taxes to the government, or launder illegal money, that is why bitcoin is being used by all the hackers and drug dealer on the black market, and that is what government have against accepting.

Bitcoin isn't anonymous. It's important to understand that once your transaction is confirmed, it's stored in the blockchain for ever. Initially you might consider yourself safe, but at some point the link to you CAN be made.

Fiat as in conducting cash transactions in that regard is a far better way of remaining your privacy, and thus a better option for criminals and whatnot. No logs or transaction history, nothing will ever point to you years later.

It's a frequently debunked subject, but it keeps being used as an excuse to put blame and shame on Bitcoin, which should stop for once. Cash is by far the main root of evil when it comes to all things Bitcoin is being blamed for.

[Crislyn4116]

Before the blockchain not been created. The bitcoin uses in anything bad. Like they use bitcoin to pay drugs and they use money laundry to make sure there money is safe and no one can trace the amount of the money. But the blockchain created the bitcoin now is transparent if any one will do money laundry it can be traceable.

[xuan87]

Some people misunderstood about Bitcoin,many people still think that Bitcoin transaction in untraceable, so most of them do money laundering using Bitcoin, and I think it's not fair to accused Bitcoin as a media to do money laundering, before Bitcoin was created, people always used fiat to do money laundering but nobody complained, I think there are some people that don't like Bitcoin to grow

[Victorycoin]

Between 2004 and 2010, HSBC laundered Billions of Dollars for the Mexican Drug cartels and nobody blinked an eye. After

7 years of doing this, they got busted and they paid US$1.9bn in fines. {This could be recovered in profits, within a few

weeks} Most people saw this as a slap on the wrist for the people who were involved with this. Not one person working for the

Bank got jail time for doing this.    https://observer.news/featured/5-years-ago-hsbc-fined-record-us1-9bn/

Ross Ulbricht, was sentenced to life in prison without parole for creating and running Silk Road, which allegedly facilitated

the sale of $250 million worth of drugs.

                                    Why are we seeing such double standards, when Bitcoin is involved?

At least for HSBC, there were a proof and they were caught for this illegal transactions, because everything happened within the system. But for bitcoin it won't leave any proof, just a ledger entry in blockchain. It is pseudo anonymous in nature, hence governments are actually worried that bitcoin is the much better and cheaper option for money laundering. So it's not about double standard game played by the governments. Bitcoin has now become a favorite currency for illegal transactions like money laundering and terrorism financing. We as a common people, certainly don't want such nuisance to happen in bitcoin network because it's hard to catch. 

Of course that is a case of double standard because a crime is a crime and anyone found guilty ought not to be treated with levity. It's remarkable that financial crimes like money laundering did not just start with the emergence of Bitcoin some nine years ago, but have always been there. The only reason the HSBC incident ended up with just the payment of a fine of $1.9bn and neither the bank closed or those directly involved serving some jail term is, because it's still those in authority that own shares in these banks, so it must never go down.

[Roman Coinson]

I think that money laundering is the best thing that bitcoins can do! I'm certainly not talking about drugs money.

[juiceannabel]

i don't think many peoples use bitcoin for money laundry, but there are only a few maybe.
the reason is they want to save their money to bitcoin so their asset list not appeared too much.

[BlossomSp]

I think that now there are many criminal gangs using bitcoin to money laundering because bitcoin is blockchain technology the Government can't manage it, but on the other very useful little bitcoin for the life of us because it brings stability and financial resources bitcoin investment for a long-term and stable investment.

[jpaul]

Welcome to the real world where anything the government doesn't likes is illegal and anything they like is legal, even if its wrong. Also people don't need to use bitcoin for money laundering its just that it is easier to launder money using it as it keeps the transactions anonymous if you got the entry and exit points right.

[Washball]

There will always be double standards when bitcoin is involved, because authorities are against cryptocurrencies. Bitcoin was created for p2p transactions, so the middlemen could be avoided and transactions are decentralized. Meaning: the government has no control over these transactions. And will not be able to tax. As banks and governments are on the same side, governments will always protect the banks. And together they will try to centralize bitcoin. So, criminal activities with bitcoin will be sentenced much harder.

[Crypdon]

That is the reason why we need bitcoin to grow bi this year, when it becomes too big to fail then no-one can stop it. Not even regulation, because it is a global currency so other countries will simply carry it forward. Hope to see it pass the ATH this year

[jops]

Between 2004 and 2010, HSBC laundered Billions of Dollars for the Mexican Drug cartels and nobody blinked an eye. After

7 years of doing this, they got busted and they paid US$1.9bn in fines. {This could be recovered in profits, within a few

weeks} Most people saw this as a slap on the wrist for the people who were involved with this. Not one person working for the

Bank got jail time for doing this.    https://observer.news/featured/5-years-ago-hsbc-fined-record-us1-9bn/

Ross Ulbricht, was sentenced to life in prison without parole for creating and running Silk Road, which allegedly facilitated

the sale of $250 million worth of drugs.

                                    Why are we seeing such double standards, when Bitcoin is involved?

They use bitcoin for money laundering because bitcoin is a easy way to earn money that may provide there needs. And it is accessable trough internet us long us you have a internet connection. Thats why they use in money laundering.

[brickafterbrickwalldpt]

People do not need Bitcoin for money laundering because it isn't as anonymous as many people think. UXTOs are really easy to track if you know how to do it properly. There are many other cryptocurrencies that could be used for money laundering. For instance, Monero - it is completely anonymous, even a complete newbie would not have any problems with staying anonymous. In Bitcoin is extremely difficult because you have to take certain steps. Also, people can launder money even without cryptocurrencies so there is no point in attacking them.

[jayveerastrullo]

Actually this is normal, they use bitcoin for money laundering because they do not have permanent work or source of income for their daily life. They think easy money will give them easy and happy life.

[Bastok]

Bitcoin is clearly not the main problem, but it helps criminals to laundering money easier.Bitcoin is in fact use for people and criminals to hide money from governments for many reasons. If they had to use US$ the laundering is more difficult. Using Bitcoin the laundering is much easier because it can be value transfer between individuals, across international borders, and so forth. Using dollars is easier to track and catch criminals.

I agree with you that bitcoin  is not the main problem because even the paper money that bank  or government controlled can use in money laundering. The problem is us (not all) , some are too greedy to  get rich in instant in easy way and effortless then we become victim or suspect in money laundering .

[DonateBB]

Because Bitcoin is anonymously, its holder is not visible, so when there is a cash flow they will convert to Bitcoin to hold, if deposited in the bank they will be vulnerable to discovery. Bitcoin is safe and anonymous, so they will put all of their money into Bitcoin.

[LinAliza]

IMO, People will always be people if they have intentions to illegal stuffs or blinded by material and earthly things they will surely grab those trending and what they think they can have opportunities to gather their negative intentions and trying not to be caught by gov't officials.