Why do people need to use Bitcoin for Money laundering?

[raidarksword]

Well money laundering was always there from the start before bitcoin was invented or created. As technology grow, developed and adapted online is easy to do illegal ways such as laundering and bitcoin is no exception. Transactions can be tracked but cannot identify who the person or group were doing such acts, so that's why many scammers and frauds circulating online. That's why such governments afraid to adapt bitcoin because of these frauds.

[davison2]

Unlike the existing banking system, bitcoin is decentralized and you cant really trace its transactions to the subject. Plus, a very huge amount of money run through the banking system will always raise eyebrows.

[Gyromancer]

Indeed, bitcoin is very prone to be used as a crime of money laundering. People use bitcoin for money laundering because the process is easy, fast, and cheap. Money laundering users did not require operational and tax costs. The transaction process is easy and fast because it uses a decentralized blockchain technology. In addition, money laundering users are benefited from anonymous facilities in bitcoins. So, it is difficult to trace and not dealing with state financial authorities.

[cacvy3]

I dont know, but because of those people is that a lot of people is skeptical about putting money on bitcoin, because they think that iti s ilegal or fraudalent. That is the most important reason of why there is as lot of bad advertisement about bitcoin on the internet.

[ALI AKBAR]

There is no doubt that all the coins in the world are used for laundering. Bitcoin is a currency and bitcoin if people do not have money laundering. People can always find a way to gain money. We also know that getting money from Bitcoin is not an easy thing to do. In this case, you can use a bank account to withdraw cash.

[alfonso94]

Because bitcoin is perfect tool for money laundering its cheap and very anonymous nobody will trade you if you will use mixers and service like that.

Yes,being anonymous makes the criminal do the shit. They were the shit headed individual who ruins the bitcoin reputation. But if I were in the government I would not blame the government for this because whatever kind of currency launderers will always find their way.. 

[stayeduptolate]

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?

Bitcoin is a kind of crypto currency which can take you to the sky if you use well and wisely and it can also take you too the ground if goes into the wrong hands. As each coin has too sides bitcoin being so vulnerable and so advantageous too have some bad points and these are the points because of which governments do not wants to legalise it. Bitcoin investment does not involve any third party seizure and therefore it is next to impossible to track bitcoin transactions, this feature is made user transactions confidential and safe but this feature is misused and now being used for illegal activities like selling drugs, explosives, money laundering etc.

[Bile123]

There is an opinion of specialists that it is more difficult to launder money through Bitcoin than through fiat money and real estate.

[TheGodFather]

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?

Bitcoin is anonymous and that’s what makes it great if you look around and see all the wonders in the world is that there would also be some drawbacks. And with bitcoin it has been an instrument of some groups or persons that use the cryptocurrency as a way to scam and manipulate people. With it they can use it as a tool for money laundering as it can be untraceable and very hard to tract or detect.

[umbara ardian]

because technology owned by bitcoin is very sophisticated wallet owned bitcoin has no owner name so make bitcoin very suitable for money laundering and very suitable in use for money laundering

[Rebecca Bragaa]

Bitcoin is a perfect tool for money landering because no one will track your transactions and personal information. So if criminals want to hide, Bitcoin will benefit.

[Deborah Brancoo]

Criminals use the money earned from illegal actions to buy Bitcoin and because Bitcoin trading doesn't require identification, the transactions are easily completed. Also, the fee for each transaction is low.

[Nancy Nevess]

One can easily convert anything of value, including fiat money, into Bitcoins, simply by bartering or buying them. As a result, one could easily sell illegal services or products strictly for Bitcoins, or purchase large amounts of the digital currency with regular fiat currency, then transmit the digital currency offshore and either exchange it for more illegal products and services or convert it to another nation's fiat currency and deposit it into a bank. It's how money laundering by Bitcoin works.

[Gyromancer]

Indeed, bitcoin is very prone to be used as a money laundering act. This is caused by bitcoins that do not have a clear legal landing. Bitcoin in some countries is prohibited so bitcoin does not have a strong legal basis as a valid payment instrument. This makes bitcoin easy to use for crime. The absence of an authority that supervises and regulates bitcoin makes irresponsible people to commit crime through bitcoin. Maybe, that's a bit of my analysis.

[TahuDiniHari]

it is very feared and will harm the bitcoin at some time, many of the perpetrators or suspects of corruption who will do money laundering by buying and investing bitcoin. which is my question, what does a bitcoin do if it happens?

[rawr1620]

i haven't heard any of it but i suppose you can use it as a money laundry because banks nor government do not control bitcoin and the investment plus profits you can gain in bitcoin can double from the money they make.

[vonnyaries]

as we can see that bad people use bitcoin for bad things like money laundry, do dirty transaction, corruption, and all thing that bad, why? because bitcoin is anonymously so they think that bitcoin is can't trackable and its true that bitcoin is can't trackable, so i think that bitcoin is the one of the the bad currencies because of anonymously

[Sam San]

There have always been enough other tools besides bitcoin for money laundering.Any transactions are easily tracked, and dirty money has been at all times,unfortunately, and money laundering needs to be fought by other methods.Yes, all governments for some reason do not like bitcoin. But we must understand that this is our future.

[jpaul]

Its quite simple, The freedom Bitcoin has from the governing institutions is the main reason as to why its used for mony laundering, BTC operates freely without being monitored and is protected buy the Block chain, the transactions are untraceable making it possible for money loundels to do their business with ease

[arya123210]

yes of course they will use bitcoin for money laundering because that's the only one of the fastest way to get them so much money so they use bitcoin just to earn a lot of money