Money laundering tools

[hahay]

money laundering is one of the reasons why many countries reject the existence of cryptocurrencies. actually, if they accept the existence of cryptocurrency they can track money laundering with Blockchain technology. I really hope they realize and try to use Blockchain technology in every transaction, so I think money laundering will be tracked.

Not only that, because cryptocurrency can also be misused by individuals who often carry out money laundering activities. They can wash their money into crypto very anonymously, it's easy for those who are already accustomed, because as far as I know in the crypto world has many places or containers such as the address of gambling sites, exchanges etc, which I think their transactions cannot fully detected. So there are many things from many countries and the government rejects the existence of crypto, because crypto can be misused for other negative matters and not just money laundering.

[anhhung409]

That is your negative thought. To hackers, bad guys, that's their idea and what they want to do. Conversely, for us, Bitcoin as a currency, we can trade, trade or trade with it. Because it is not real, it can not be faked or copied. And because of its special characteristics, its value is increasing

[marcbitcoins]

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.

Well Bitcoin and Crypto currency are very usefull illegal tool before but not only for money laundering but for all illegal activities specially scam projects that they use Bitcoin platform as a tool to steal the hard earned money of the people. The good thing is that this was happen before in which during the time that the regulation is not supported but now most of the  Bitcoin users are fully supported the government regulation polices to ensure that Bitcoin will not become an illegal tool.

[wahyu wida]

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.

Well Bitcoin and Crypto currency are very usefull illegal tool before but not only for money laundering but for all illegal activities specially scam projects that they use Bitcoin platform as a tool to steal the hard earned money of the people. The good thing is that this was happen before in which during the time that the regulation is not supported but now most of the  Bitcoin users are fully supported the government regulation polices to ensure that Bitcoin will not become an illegal tool.

Hopefully in my country will follow as you explain. at this time many hope that people in my country so that bitcoin is legalized. but from government it still has not found right policy, and one reason for this is money loundry

[TheClownSong]

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.

If you think bitcoin is a money laundering tool, you should look at US Dollar. US Dollar used by many illegal activity in many country and we already know it. I dont think bitcoin is money laundering tool because its depend on the user

[geberger]

money laundering is one of the reasons why many countries reject the existence of cryptocurrencies. actually, if they accept the existence of cryptocurrency they can track money laundering with Blockchain technology. I really hope they realize and try to use Blockchain technology in every transaction, so I think money laundering will be tracked.

Not only that, because cryptocurrency can also be misused by individuals who often carry out money laundering activities. They can wash their money into crypto very anonymously, it's easy for those who are already accustomed, because as far as I know in the crypto world has many places or containers such as the address of gambling sites, exchanges etc, which I think their transactions cannot fully detected. So there are many things from many countries and the government rejects the existence of crypto, because crypto can be misused for other negative matters and not just money laundering.

I am agree with your topic. Mostly people use bitcoin to scam people's money. For scammers bitcoin is just like a free money generator tool.Bitcoin makes scammers' work easy. Just one click and all your money gone.

[zhanyiguai261315]

Unless bitcoin is really a place to replace the existing currency, it will always need to enter the banking system where money laundering is strictly regulated!
The BTC's transaction records are kept on the blockchain. As long as the government is pegged to the trading platform and some large mining pools, large-scale money laundering is easy to trace.

[yatogami]

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.

What you described can be one of the scenarios for money laundering, though in reality it's not that easy to exchange tons of domestic money into btc.
Imagine how many problems need to be solved to transfer several millions of local money to launderers' bank account (or to bring several bags with cash).

[Farma]

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.

If you think bitcoin is a money laundering tool, you should look at US Dollar. US Dollar used by many illegal activity in many country and we already know it. I dont think bitcoin is money laundering tool because its depend on the user

well, I think the use of bitcoin depends on one's intentions. yes, bitcoin can be used as a money laundering tool, but of course there are several ways to prevent it. Well, I think even if you use Fiat, you can make it into money laundering. basically bitcoin is the same as money.

[BagzMM]

If bitcoin is being used for illegal transactions then it is possible. For me, it is because bitcoin is used anonymity. But let us just hope that it will not used by illegal transactions.

[Ikay]

It will use for money laundering but most of all people are using it to make an faster transaction and easy to buy thing using bitcoins that's why bitcoin are spreading around the world and make noise and popularity, even there are some of people use it for money laundering but its not a tool that use only for stealing or even money laundering.

[coinfinger]

yes of course this bitcoin can be used as a money laundering tool and that is what makes bitcoin dangerous because money is in bitcoin and cryptocurrency can be cleared without a trace, but everything can be recorded on the system and blcokchain.

Unfortunately this is a reality and is the sole reason why Bitcoin is banned in countries yet to develop. In developing countries, it has not been recognized so far for the economy is still in the phase of development and introduction of a system like Bitcoin can be way to ill effective for the economy in the form of money laundering and the illegal transactions that otherwise would not be possible to get done.

[Tetutu]

No, you're totally wrong - money laundering - it is probably not about BTC but about fiat money, especially cash which is hardly trackable, BTC will help worlds economy, you'll see.

Money laundering is one of the reasons why bitcoin is banned in many countries, even though money laundering is only one negative side of bitcoin. While the positive side is a lot, especially the blockchain technology that can improve efficiency in the management of corporate or state finances. As long as the government can carry out monitoring, money laundering can be traced.

[nightfury]

That's already one of the terms coined for bitcoin "a perfect tool" for money laundering because its decentralized and you can make enormous amount of money transaction in the blockchain without having your identity exposed. That's what pushing some corrupt politicians to do money laundering because the risk of being caught is already low.

[LieTOme]

if you think that of course you have money that is not feasible and should not be known to others until you think of it as a tool for money laundering, because we know the results of good and bad crypto currencies depending on the intention and purpose of the investor itself

[zubrr51]

Money laundering is not an entirely legal procedure. Another thing is if countries start accepting cryptocurrency as a unit of calculation.

[adamlillian]

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 have the same opinion with you. So it is taking advantage of money laundering, but no organization can collapse it. Because when Crypto collapsed, the world economy would certainly be degraded more severely. So this is a great market for those who want to get rich quick.

[mazdafunsun]

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.

Can we really say they silver and gold is a currency or traditional currency? Where you can pay your bills with these metals?
As far as ik now it is very hard to do ,possibly in gold fiels of Klondaike.  Nowadays gold and silver is traded a lot  with financial instruments not physcially this means that there is a room of how real is the cover of physcil metal over the digital holders.

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.

It works very well as store of value and for international payments, so i dont agree with you, in general since we all know that some loundering is happening anyways.

[blackhawkeye1912]

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.

You made a good point here. Bitcoin can't be converted easily to fiat money without going to verification process which is a requirement to users. However, that can be easily resolved by those people who want to get away with illegal activities. They can use dummy or withdraw little by little without trace.

[mazdafunsun]

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.

If by black exchnages you mean buying from people who are willing to take cash exchnage of fiat, i am not completely sure but i dont hink that they are asking for more than income tax is in most ocuntries: 20-25 % .

I speculate that the scheme - pay taxes from btc, which could be defined as capital gains is the loundering, isnt it?