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kirito1614
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June 30, 2018, 10:26:35 AM |
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Clearly the primary reason is on the grounds that bitcoin is way less demanding, less expensive and furthermore its harder to follow than utilizing managing an account framework. Despite the fact that you can followed the exchanges and the exchanges are recorded, you can never now who claims it, somebody can have in excess of a thousand deliver to circle and shroud exchanges amongst accounts and when you know which one is the correct address, the measure of cash inside as of now been exchanged to elsewhere.
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"The nature of Bitcoin is such that once version 0.1 was released, the
core design was set in stone for the rest of its lifetime." -- Satoshi
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Advertised sites are not endorsed by the Bitcoin Forum. They may be unsafe, untrustworthy, or illegal in your jurisdiction.
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Rustandy
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Activity: 163
Merit: 0
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June 30, 2018, 10:55:56 AM |
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In transactions, bitcoin users may not necessarily state their true identity. Usually if there is a malicious intention, his wallet is not exposed on the internet.
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CoinstarF
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June 30, 2018, 11:05:08 AM |
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It's because bitcoin is a decentralised currency not owned by any banks or financial institutions.Its true that bitcoin is used for illegal activities.I think that these financial firms are funding media to conduct a propagation against bitcoin as they suffer from bitcoin a lot and just misuse the media for the benefit of their interests.
People use bitcoin for money laundering because it is unidentified onwner they cannot send summoned if ever elligal transactions caught by the law enforcement. |
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airdnasxela
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June 30, 2018, 11:33:31 AM |
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I think the reason why some people use bitcoin for money laundering is because of its nature. Because of decentralization of bitcoin, it permits the bad people to use it as a tool on money laundering. It is very hard for someone to track on someone's actions unless they will check and try to see all the things that the person does. Also, no government can regulate the use of bitcoin that is why there are these double standards.
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funchiestz
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June 30, 2018, 11:39:53 AM |
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I think the reason why some people use bitcoin for money laundering is because of its nature. Because of decentralization of bitcoin, it permits the bad people to use it as a tool on money laundering. It is very hard for someone to track on someone's actions unless they will check and try to see all the things that the person does. Also, no government can regulate the use of bitcoin that is why there are these double standards.
All money units can use for money laundering someway. Bitcoin has easy way for money laundering. But that does not make it a bad thing. |
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Ilegendph
Full Member
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Activity: 434
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Thinking on the higher plane of existence.
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June 30, 2018, 11:43:25 AM |
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Why are we seeing such double standards, when Bitcoin is involved?
Maybe its because bitcoin is still a technology that has loop holes when it come to legal thing. Law/s are not yet established and rules for using it still on construction for some countries. |
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zoeylee
Copper Member
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Activity: 238
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Semi-Decentralized Exchange
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July 03, 2018, 09:41:37 AM |
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In my opinion, people need to use BTC for money laundering because nobody knows any identity of its transactions. Its a decentralized currency, that's why it's the bad side of BTC it can use for any black market. That;s why it must be regulated for the safety of people.
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abanansah
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Merit: 10
www.daxico.com
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July 03, 2018, 09:46:10 AM |
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The double standard arrive from people who always think of negativity of bitcoins and want it down. Bankers are laundering money in billions but nothing is said of, when a cryptocurrency user try to move money worth hundred thousands, it become a major news.
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Dana-pasar
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July 03, 2018, 09:49:01 AM |
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because in Indonesia itself. we still find it difficult to exchange cryiptocurrency with paper currency. the easiest way is to redeem bitcon or etherium with rupiah currency .
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Nikifor25
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July 03, 2018, 09:52:39 AM |
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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? Since the cryptocurrency is not tracked it is very convenient to withdraw and launder money because they go a very long way. |
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johnwest
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July 03, 2018, 11:23:38 AM |
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Its very easy to send and receive money anonymously with cryptocurrencies. So it is definitely easier to launder money with it. These are the people who bring more negativity into crypto and overall shame on the community.
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Wong owah
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July 03, 2018, 11:31:34 AM |
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actually money from bitcoin can be used for its sufficiency, because bitcoin income very much at all, if I used to use it for domestic purposes.
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AutoBlockX
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July 03, 2018, 12:18:53 PM |
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Bitcoins are not linked to a person’s identity and only depend on the private key connected to the Bitcoin account. Since Bitcoin is a decentralized network, there is no central record-keeping mechanism that governments or financial institutions can after.
These conditions make it ideal for people to use Bitcoin for money laundering. You can easily hide it and be completely anonymous. You could hide away all your income and not be liable to pay taxes. There are many more ways of laundering money with Bitcoin. Child exploiters, drug smugglers, illegal firearm sellers and intellectual property rights violators are all beginning to use cryptocurrencies for their transactions.
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Jolozxc
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July 03, 2018, 12:19:29 PM |
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Great information, Here in our country case the main reason I see why some of the people here who have a knowledges on bitcoin + their knowledges about technology they can easily attract some people to invest to their scammed sites like investments for them they are safe because those people didn't know who they are (because most of investment sites don't have the real name of owner of it or who is it).
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allthingsluxury
Legendary
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Activity: 1540
Merit: 1029
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July 03, 2018, 12:20:24 PM |
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They don't, they could also use cash, or many other forms of currency which they do. However, of course Bitcoin could be used. But why would you? There are much better cryptos for doing this, than Bitcoin.
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Gold & Silver Financial News: Silver Liberation Army, Gold & Silver News, Geopolitical & Financial News, Jim Rickards Blog, Marc Faber Blog, Jim Rogers Blog, Peter Schiff Blog, David Morgan Blog, James Turk Blog, Eric Sprott Blog, Gerald Celente Blog |
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Arwinkim
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July 03, 2018, 12:47:06 PM |
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People use Bitcoin for money laundering because it is not easy to track. That's why a lot of countries are trying to ban Bitcoin and making a regulation to prevent money laundering using Bitcoin. Simply, people can convert their asset into Bitcoin and transfer it to any places around the world. But I think Bitcoin is not a good option because there are already coins that can't be tracked using private network like Dash and Monero.
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tunapa
Jr. Member
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July 03, 2018, 12:57:38 PM |
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Obviously bitcoin is the safest and easiest way for money launders as there is No verifications, no KYC, no intermediaries, no middle man for the transaction. Unfortunately the double standard being used by the agencies is disappointing and something needs to be done to it. When incidence like this are being discovered, there should be equal and proper judgment without any partialness.
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charlemagne_15
Member
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Activity: 357
Merit: 12
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July 03, 2018, 02:21:32 PM |
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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 $250 million worth of drugs. Why are we seeing such double standards, when Bitcoin is involved? Bitcoin can be used anonymous, I think that is why most of criminals use it for money laundering. Because of its decentralization, almost all countries hate it as well. I believe it is more dangerous if it not regulated real fast globally. It has a side effect which is price might fall deeper but it will find its way to be clean from the dirty hands. That was indeed true. Because of the anonymously of bitcoin, people are started to use it as a tool or medium for money laundering. Addition to that, it attracts a person or encourage them to do bad things with it due to they have a mind set that no one will know them. Another reason I see why they use bitcoin to money laundering is because of its potential value in the market and the innovation of it. |
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Jamescur
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July 03, 2018, 02:33:48 PM |
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The underlying technology of Bitcoin is the use of blockchains, which are characterized by anonymity, decentralization, and so on.
The advantage of Bitcoin for money laundering is that there is no supervision, so this illegal transaction can be given!
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letzdodiz
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July 03, 2018, 02:35:07 PM |
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Bitcoin is obviously not the primary issue, but rather it causes lawbreakers to laundering cash easier.Bitcoin is in actuality use for individuals and offenders to conceal cash from governments for some reasons. On the off chance that they needed to utilize US$ the washing is more troublesome. Utilizing Bitcoin the washing is significantly simpler on the grounds that it can be esteem exchange between people, crosswise over worldwide outskirts, et cetera. Utilizing dollars is less demanding to track and catch offenders.
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