Money laundering tools

[max fray]

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.

Your theory could be true except for one aspect - the price of bitcoin is very much volatile and could change in several hours.
This adds additional risk to using bitcoin as a money laundering tool - one can easily lose 20-30% of his money before he manages to sell bitcoin and get his fiat back.

[t2yax]

One of the biggest problem that occurs in our own currencies now. We saw what are the effects of money laundering. We cannot expect much for more when it comes to bitcoin. We cannot see or we are blind in bitcoin transations and where it is originally originated.

[brickafterbrickwalldpt]

There are many other cryptocurrencies which would be easier and more secure as a money laundering tool. Bitcoin is not completely anonymous and it is possible to track transaction. Bitcoin is not only about money laundering but it is also an important currency which will be widely used in the future due to its adoption and growing value.

[Whitly]

I can't agree with OP, maybe in past it was, but now it's totally impossible, because first, by laundering I don't mean small amounts, because it won't be a problem to find guy another country who will buy for cash up to 10,000$, but from amounts 300,000$ - 1M$, almost every exchanger will request documents, plus such amount can  easily effect on price.

[St4yInTh3D4rk]

I can't agree with OP, maybe in past it was, but now it's totally impossible, because first, by laundering I don't mean small amounts, because it won't be a problem to find guy another country who will buy for cash up to 10,000$, but from amounts 300,000$ - 1M$, almost every exchanger will request documents, plus such amount can  easily effect on price.

Yes the money laundering through crypto currency is quite harder because bank deposit is the only best way to buy and sell the crypto currencies so they have to record their earnings if they want to deposit that money into banks but people may find loopholes to launder but nothing in this world is perfect so bitcoin is also can be used in bad side but it doesn't mean we have to top using the bitcoin.

[ALF01]

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.

Your theory could be true except for one aspect - the price of bitcoin is very much volatile and could change in several hours.
This adds additional risk to using bitcoin as a money laundering tool - one can easily lose 20-30% of his money before he manages to sell bitcoin and get his fiat back.

I dont think you would bother with 20-30% loss if the money is already stolen, u didn't earned it, just buy bitcoin and altocoin giftcards, uploat to your wallet, exchange it a few times, and voila u have untraceable crypto money, you can say mined, or buy some used mining equipment or gpu-s, they are also very expensive and easy to resell.

[ahiaba.john@yahoo.com]

Well, it is not only Bitcoin that is used as a money laundry tools but dollars and any other currency in your can be use as a money laundry tools. And i don't agree with you that your conclusion that Bitcoin is not a currency.

[no0dlepunk]

ha ha. that was a very nice analysis my friend... but that's not how it works. you may treat it as an asset that can be bought over the web, and could be sold the same way. You can say it is an escape, but you should also keep in mind that there are fees among the brokers. These brokers were taxed.

[martychubbs]

There are some part that we are missing in the whole story - all crypto currencies including the Bitcoin that accumulate in them the whole adbanced techonoly.

[xiebaowang]

Bitcoin is essentially semi-anonymous, between completely anonymous and fully open.
Bitcoin can query transaction information from the blockchain because all transactions are public. Although BTC's bitcoin public key address cannot track the query, BTC wants to convert it into cash and can still trace it through the information!

[nazaididuan1]

Money laundering is the conversion of illegal money into legal money by some means!
Really want to launder money, antiques, stocks, insurance are much better than Bitcoin!
BTC is a good choice for transferring assets!

[molenracing]

I do not agree that Bitcoin is said to be a money laundering tool, because Bitcoin is a digital asset for the future. if anyone makes bitcoin as a money laundering tool, it's not the wrong Bitcoin but the wrong person. for sure Satoshi Nakamoto created bitcoin not for a crime tool.

[skaynet]

bitcoin is not a tool to launder money. it's just the wrong people use it, but now the exchanger is tight because opening an account exchanger must go through verification kyc

[ALF01]

Bitcoin is essentially semi-anonymous, between completely anonymous and fully open.
Bitcoin can query transaction information from the blockchain because all transactions are public. Although BTC's bitcoin public key address cannot track the query, BTC wants to convert it into cash and can still trace it through the information!

U can trace it if u buy btc, but if u exchange a few btc to alt currencies with a few exchanges nobody can really track where the money is gone.

[BitProCoin]

I don't think bitcoin helps a lot with laundering money because that has a lot of fees and requires documents the perfect way to lauder money is to establish virtual businesses or non profitable ones and declaring that they make u gain a lot of money.

[yahamidu]

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.

I think people have a different opinion, when we say bitcoin is a washing tool, that's 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. That's in my opinion.

[orions.belt19]

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

The use of crypto have become a way to facilitate these kinds of criminal activities. It’s sad that bitcoin has become associated to these and has given it a bad name. Criminals have taken advantage of the anonymity of bitcoin and the fact that it’s decentralized. It would also be hard for the police or investigating bodies to trace so its preferred by the  criminals.

[MiXxe]

According to a specific internet site, money laundering means : Money laundering is the process of creating the appearance that large amounts of money obtained from criminal activity, such as drug trafficking or terrorist activity, originated from a legitimate source. The money from the illicit activity is considered dirty, and the process "launders" the money to make it look clean.

(Read more: Money Laundering https://www.investopedia.com/terms/m/moneylaundering.asp#ixzz5IsvThSeo )

This indicates that money laundering is from an illegal act of obtaining money. In the contrary that's what bitcoin does. If so, why is it that it is free to be used to gain money even though it is not yet legalized by the government?

Please use common sense mate.

[validavi]

It is not a money laundering tools. All exchanges require KYC for big investments, you can in fact buy gold without receipts.

[Biggapp]

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.

This is right. Bitcoin is being used in different criminal activities like human trafficking, drug smuggling and many more. But with this, we can’t just say this bitcoin is harmful. No, there are more advantages associated with this coin rather than those evils. So better is to make yourself equipped with best knowledge and then make fantastic improvement in this world. Make your life