Money laundering tools

[yulionoo]

I think we really can't prevent this from happening anonymously which is the reason bitcoin is used as a money laundering tool, terrorist financing and drug trafficking. bitcoin like a knife depends on the users of bitcoin can be used for crime or good. and for this reason a number of countries reject bitcoin. because all these actions are illegal.

[Tervelatuk]

crypto currency can be accessed by anyone anywhere and by anyone whether the results of the crypto currency are bad depending on the intention and purpose of the investor itself if indeed the crypto currency is used as a means of money laundering means that the initial goal of that person is not good harm others, of course

not only crypto  i think.all thing value depend the holder purpose.if would use it negative purpose, we could do this.not only crypto that stated as money laundering tools.

[zcashplan]

This is the wrong view. Although Bitcoin has drawbacks, its disadvantage is its advantages. It is necessary to know that money launderers are usually a minority even if they leave the cryptocurrency. You can't control the wealth of the rich. But the value created by Bitcoin is incalculable in the future. The current price of Bitcoin is 6500. This means that Bitcoin has many supporters, they are not fools.

[JohnBitCo]

crypto currency can be accessed by anyone anywhere and by anyone whether the results of the crypto currency are bad depending on the intention and purpose of the investor itself if indeed the crypto currency is used as a means of money laundering means that the initial goal of that person is not good harm others, of course

Now a days we do not need any tool for money laundering. We can use bitcoin for this purpose. Even there are privacy currencies like XMR where trasncations  cannot be traced. So this is one bad usage of digital currency and we should look on how it can be avoided.

[Wodomi]

actually the technology owned by bitcoin has been very difficult to do money laundering because all transactions that have all been recorded clearly even the recipient and sender are clearly visible so for bitcoin it is very difficult to do money laundering.

Bitcoin is known as a place for money laundering because the owner of the bitcoin is anonymous, only a code in the wallet so that the sender and recipient of the bitcoin is unknown. Therefore, many countries ban  use of bitcoin in their countries because in addition to money laundering,  also to keep money from crime.

[maligu]

This is true. There are many disadvantages to cryptocurrencies. You should never invest in cryptocurrencies, and then you will cry after ten years! If this is a perfect market then it does not require any investors.

[Bezobraznike]

This is true. There are many disadvantages to cryptocurrencies. You should never invest in cryptocurrencies, and then you will cry after ten years! If this is a perfect market then it does not require any investors.

   And why do you invest your time and energy here? What is the purpose behind your staying here? Think it trough, you always invest something, money or your time and energy,
you can invest everything you have, you either support something or not. You being here means support to crypto-currencies.
   Looks like many people here don`t how what is money laundering. I will give you a simple explanation about it. It`s when illegally obtained money become "clean" money, like you earned
it with legitimate way. Do do that you need to have paravane, legit business that have legit bank account, you need to pay tax on that money. Money laundering is the act of concealing
the transformation of profits from illegal activities and corruption into ostensibly "legitimate" assets.
   Who is doing this? Banks and governments together. It`s stupid to think that Bitcoin is money laundering tool when it`s was illegal in most of the countries when this topic started. You
needed to use "legitimate" assets and banks to launder profit from Bitcoin!

[Afnan_faizah]

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.

Did you know that bitcoin transactions is traceable, and KYC on every exchanges site will make all transactions become very very transparent. And did you know that even if Bitcoin is not exist, people will always find ways to do money laundering. If you use bitcoin to do money laundering then the risk can be bigger because law enforcement can track the transaction.

[deppil]

I think we really can't prevent this from happening anonymously which is the reason bitcoin is used as a money laundering tool, terrorist financing and drug trafficking. bitcoin like a knife depends on the users of bitcoin can be used for crime or good. and for this reason a number of countries reject bitcoin. because all these actions are illegal.

for now it's certainly very easy for many people to use bitcoin for their illegal transactions. can we stop or prevent it? what about government regulations? could it be possible to minimize? lets say the government provides regulation and every exchange must require users to verify ID. is it possible to suppress it?

[trauchot]

Quite rightly, from the very beginning Satoshi most likely wanted to make money on it, but also additionally make Bitcoin transactions anonymous, so even people with dirty money could use Bitcoin to transfer their money. So this is Bitcoin's main ability - anonymity, which allows the whole world to launder their money.

[Secionz]

crypto currency can be accessed by anyone anywhere and by anyone whether the results of the crypto currency are bad depending on the intention and purpose of the investor itself if indeed the crypto currency is used as a means of money laundering means that the initial goal of that person is not good harm others, of course

Now a days we do not need any tool for money laundering. We can use bitcoin for this purpose. Even there are privacy currencies like XMR where trasncations  cannot be traced. So this is one bad usage of digital currency and we should look on how it can be avoided.

Laws have been found around this topic of corruption and in so many countries there is strict penalties and can even be punished for life. In addition, a fare and good audit system can eradicate it from the root.

[St4yInTh3D4rk]

Quite rightly, from the very beginning Satoshi most likely wanted to make money on it, but also additionally make Bitcoin transactions anonymous, so even people with dirty money could use Bitcoin to transfer their money. So this is Bitcoin's main ability - anonymity, which allows the whole world to launder their money.

But when someone want to cashout the money in huge numbers they need to go for banks payment so in that case the black money holders can be exposed so I don't think this can be used as a tool to launder their money and one more the bitcoin is not completely anonymous since it can be traced by our wallet address by anyone.

[sinkfish]

dont villainize bitcoin. bitcoin itself do no harm to the economy. only people with evil thoughts and put the blame on bitcoin.

[ecnalubma]

Money is the root of all evils, bitcoin is money. Even with KYC's and goverment regulations some bad actors can still bypass this systems, they can always bribe anyone at good prices. Humans are humans and have weaknesses and there is no perfect system, the good thing is through blockchain technology everything is recorded permanently so the chance of doing laundering is getting slim.

[welchmgra]

it looks like bitcoin and other cryptocurrency can be a money laundering tool because in some countries the rules for using cryptocurrency are not too clear and when assets are sent to cryptocurrency wallets, there can be money laundering.

I think this is not the reason why those countries have still not recognized fiat. I believe that it is not easy to do o in the type of government where there is fare and just accountability like China and there is literally no concept of making money by entering the government. So regardless of how much personal space Bitcoin offers, it is not possible in the presence of an audit system having great history for the accountability.

It is inefficiency of the system that misuse of power and corruption is spread around the world particularly in the under developed countries. If we formulate good policies and strict laws, we would be able to eradicate corruption.

[PlusOne88]

That depends on you. If you see it as a money laundering tool then it is your opinion. If that is how useful it is to you then may it is indeed. Will bitcoin serve another purpose beyond your plain reasoning of it? Well certainly it can be used in many ways without thinking about how it can just be used as a money laundering tool. Consider a knife in the kitchen that is used to cut vegetables, it is really harmless yet if you do use it for crime then it can be a tool for that. You can create utilities if your really wanted to but if your thinking limits you to that idea then it is as you said.

[AlutBitcoin]

it looks like bitcoin and other cryptocurrency can be a money laundering tool because in some countries the rules for using cryptocurrency are not too clear and when assets are sent to cryptocurrency wallets, there can be money laundering.

I think this is not the reason why those countries have still not recognized fiat. I believe that it is not easy to do o in the type of government where there is fare and just accountability like China and there is literally no concept of making money by entering the government. So regardless of how much personal space Bitcoin offers, it is not possible in the presence of an audit system having great history for the accountability.

It is inefficiency of the system that misuse of power and corruption is spread around the world particularly in the under developed countries. If we formulate good policies and strict laws, we would be able to eradicate corruption.

For best eradication of corruption from our systems, bitcoin can be a good tool. Reason is, it is all about transparency and accountability. So political people couldn’t take any unlawful advantage.