Money laundering tools

[Ishiro5]

The argument of bitcoin being a money laundering tool, on the one hand, is valid and on the other hand, can be baseless. I say this because before the emergence of bitcoin and crypto, money laundering has always been around and will remain so far we have people who want to launder money. Its a human thing and not the problem of bitcoin.

[Virtual miner]

Yes that’s true. Cryptocurrency can be used for money laundering. In fact four primary areas of criminal activity lend themselves to cryptocurrency: tax evasion, money laundering, contraband transactions, and extortion. This is the reason why many countries are against cryptocurrencies. But I think that’s the fault of people and not Bitcoin that they are using this wonderful technology for such illegal motives

[niteroy]

Perhaps Bitcoin and cryptocurrencies are a convenient tool for money laundering and tax evasion, but only if you use them carefully, because all transactions are recorded in the blockchain and in time, if you used your wallet to pay for services or purchases of goods, then you can be identified, and this is not entirely convenient for those who want to get away from taxes and launder money obtained by criminal means. Bitcoin is more likely to eradicate corruption through openness of transactions, but this is only if it is accepted by governments as a means of payment.

[maculeth]

with its easy and fast transactions, and not through banks and private, bitcoin is very vulnerable to money laundering. because anyone can buy as much bitcoin and keep it in the wallet personally, nobody knows, including the bank.

[webdevmastery]

In my opinion, BTC is not a traditional currency like gold and silver because it does not have any use value, so it is not a credit currency. It's basically just one use, money laundering tool. The tool explains why bitcoin prices are spread across the country and abroad. Domestic money is changed into bitcoins and then physical transportation to overseas exchange for foreign currency escapes regulation and the cost of money laundering is lower than before, and the risk is low.

We can say that bitcoins can be used for money laundering but it was just the same as fiat, the only bad thing is that, if we are using cryptocurrency on illegal transactions like drugs but as a of today, i believe that using crytpocurrency is a good thing.

[lelangsabun]

yeah some crypto stuff like this are majority used by people to illegal thing, but we must not follow something like that, if we want to make crypto stuff are accepted in the wolrd community

[Similificator]

Yes that’s true. Cryptocurrency can be used for money laundering. In fact four primary areas of criminal activity lend themselves to cryptocurrency: tax evasion, money laundering, contraband transactions, and extortion. This is the reason why many countries are against cryptocurrencies. But I think that’s the fault of people and not Bitcoin that they are using this wonderful technology for such illegal motives

When there are something new, people will get curious with it while other criminals,. There really are a lot of problems that occur every time that there are new things because people will always do improvements for themselves even thieves  will also follow with the trends to understand more.

[icoprofits]

as mentioned in this article money launders use property as source nt bitcoin for more clear understanding https://blog.bitmex.com/money-launderers-use-property-not-bitcoin/

[WonderGlue]

That's not true. Try to change bitcoin to Fiat. Maybe you know a secret way to change cryptocurrencies bypassing exchanges? All exchanges require documents and money will be very difficult to wash. The cost of exchanging via black exchangers is higher than you will pay a legal income tax. You can launder money through investments in legitimate business.

Yes, localbitcoin, is well know and no identification is required that I know of.

[sclmte]

Perhaps Bitcoin and cryptocurrencies are a convenient tool for money laundering and tax evasion, but only if you use them carefully, because all transactions are recorded in the blockchain and in time, if you used your wallet to pay for services or purchases of goods, then you can be identified, and this is not entirely convenient for those who want to get away from taxes and launder money obtained by criminal means. Bitcoin is more likely to eradicate corruption through openness of transactions, but this is only if it is accepted by governments as a means of payment.

It could be possible as some people doing illegal activities could hardly to trace due to it's anonymity. It is one reason why  some countries never adopt these form of currency to control such events and could bring justice to the people affected. That's why government tried to regulate crypto and put an end of its anonymity.

[BeGoods]

Yes that’s true. Cryptocurrency can be used for money laundering. In fact four primary areas of criminal activity lend themselves to cryptocurrency: tax evasion, money laundering, contraband transactions, and extortion. This is the reason why many countries are against cryptocurrencies. But I think that’s the fault of people and not Bitcoin that they are using this wonderful technology for such illegal motives

Although the error is on the user, but the government certainly can not blame them because they are anonymous, of course the target target error is bitcoin, that's why they forbid bitcoin. you're right bitcoin can be used for that, and now there seems to be no way out for this problem..

[King money]

The statistics have already appeared that bitcoin is used for illegal or criminal purposes somewhere around ten percent. Bitcoin is simply inconvenient for this. For money laundering and for other crimes, more confidential coins, such as monero, are used. Therefore, the conversation about the use of bitcoin for money laundering or for committing other crimes has no basis. Who says this, either does not own the situation, or deliberately spreads false information about Bitcoin.

a very big possibility because the government can not easily trace transaction if the traditional money is converted into bitcoin especially if they are using dummy account.

I think the exchange fee through a black exchanger is higher than you will pay a valid income tax. You can launder money through investments in a legitimate business.
Try changing the bitcoin to Fiat. Maybe you know a secret way to change currency cryptocurrency through exchange? All exchanges require documents and money will be very difficult to wash.

[Reagan_alvaro]

right . This is one of the reasons for this market development. With a market when transactions are anonymous between buyers and sellers, do you think that is the right place to clean the money?

I think all the black money goes into crypto, because it's great for black money and this money is safe on these people, no one can claim or ask back from the system holders.
To make sure the bitcoin of his money laundering tools, many hackers and cardamom scammers told BIG THX to satoshi that he was doing bitcoin

[deppil]

The argument of bitcoin being a money laundering tool, on the one hand, is valid and on the other hand, can be baseless. I say this because before the emergence of bitcoin and crypto, money laundering has always been around and will remain so far we have people who want to launder money. Its a human thing and not the problem of bitcoin.

Just because of anonymous bitcoin then many people stigmatize that bitcoin is used for money laundering. I think it's just a speculation from someone. because we ourselves have no evidence whatsoever regarding money laundering done by some people. lets think positively

[cluit]

LOL… I’m surprised how most of you all has turned to call Bitcoin a money laundering tool. To be sincere, when I got into Bitcoin I never had money laundering in mind, I was just looking for a quick, easy and cheapest way to transact money. Apart from that, there are lots of uses for it.

Bitcoin is can be used for both good and bad, depends on who you are and the path you have chosen. One thing for sure that there will always be the bad eggs in the community. There are good people making use of Bitcoin for the good and there are also criminals and bad people using Bitcoin to carry out their evil plans. We all should only hope for the good, anyone in his right senses wouldn’t support evil.

[sepeda karat]

Different people have different opinions, when we say bitcoin is a washing tool, it is also possible, because bitcoin can be used for some pusposes but it depends on the people about how they act and use bitcoin. Many different issues about bitcoin are used for any bad action, but there is no evidence to prove that is true.

[Barbut]

LOL… I’m surprised how most of you all has turned to call Bitcoin a money laundering tool. To be sincere, when I got into Bitcoin I never had money laundering in mind, I was just looking for a quick, easy and cheapest way to transact money. Apart from that, there are lots of uses for it.

Bitcoin is can be used for both good and bad, depends on who you are and the path you have chosen. One thing for sure that there will always be the bad eggs in the community. There are good people making use of Bitcoin for the good and there are also criminals and bad people using Bitcoin to carry out their evil plans. We all should only hope for the good, anyone in his right senses wouldn’t support evil.

People are ignorant! Banks are money laundering companies, they operate for centuries, they finance wars, wash money from selling drugs, weapons, food, and everything in the countries where is war. But people thinks its easier to call bitcoin money laundering tool then to learn something about traditional system and how it works, some basics, nothing more.
I would like to ask people what they think how they launder money before 2010? Simple question that require simple answer.

[ALF01]

LOL… I’m surprised how most of you all has turned to call Bitcoin a money laundering tool. To be sincere, when I got into Bitcoin I never had money laundering in mind, I was just looking for a quick, easy and cheapest way to transact money. Apart from that, there are lots of uses for it.

Bitcoin is can be used for both good and bad, depends on who you are and the path you have chosen. One thing for sure that there will always be the bad eggs in the community. There are good people making use of Bitcoin for the good and there are also criminals and bad people using Bitcoin to carry out their evil plans. We all should only hope for the good, anyone in his right senses wouldn’t support evil.

People are ignorant! Banks are money laundering companies, they operate for centuries, they finance wars, wash money from selling drugs, weapons, food, and everything in the countries where is war. But people thinks its easier to call bitcoin money laundering tool then to learn something about traditional system and how it works, some basics, nothing more.
I would like to ask people what they think how they launder money before 2010? Simple question that require simple answer.

The method of money laundering was developed by famous American criminal Al Kapone. He received money from gambling, prostitution and sales of alcohol, during a ban in America in the 1920s, portraying him as an income from his automatic laundry. Namely, one of his business ventures was a company in which the citizens in the machines washed and dried their laundry with coins. He displayed illegally acquired money as income derived from coins embroidered in washing machines in which citizens were washing their laundry. He paid taxes on that income, and the money flowed into legal currents - he was "washed". However, the system has been compelled by bookkeeper Meyer Lansky to allow his friend and employer, again a criminal, Bugsy Siegel to legally gain wealth. Simple method, clean money.

[topkhai]

If you look from the negative side it can be done. Money laundering isnt just happening to crypto, there is always a gap to do evil, it's up to you

[SplendidHunter]

I have heard also, that bitcoin was involved in many criminal issues, but only this fact doesnt make bitcoin evil, it is people, who use it in the wrong way.