Money laundering tools

[cerberus5424]

I think that cryptocurrencies are really a convenient tool for money laundering, but still not everyone uses it, there are people with the so-called old hardening.

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[hacekd]

I think it is very clear what bitcoin is, if it is said to be money laundering it is very wrong, but if changing bitcoin to another currency it can only use some applications already available and indeed support for the change

[dado7]

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.

Very correctly said. In my country, if you have to invest even $10 in bitcoins, you will have to give KYC documents and get it verified in the exchange. Most of the common investors are using it as an investment medium. Some of the influential people however are using loopholes here also but it is no fault of bitcoins. We should try to catch these criminals instead of blaming the medium they are using.

Much more money laundering happens in a single day with FIAT money than it was ever "washed" using Bitcoin. Monero might be more susceptible to it with "anonymity" being its killer feature, but I don't see it even topping the usage statistics on Darknet.

I sincerely think that Blockchain can actually help in stopping the money laundering.

[seoincorporation]

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.

Contemporary art is one of the biggest money laundery tool. You can speculate as you wish with the value of crap, buy it and behold! you have your money clean thanks to "art".
There are many ways people use to do money laundery, many. The Blockchain technology, as well as BTC, has many uses, as money and all stuff with value. But it isn't is the only way to clean the dirty money, there are several others, better and easier to use, I'm afraid.
Besides, how do you change your dirty money into Bitcoin and then into cash again? It is not so easy. In many countries, like Spain, for instance, make you pay taxes when your bitcoin selling is above 1.000 euros. So, there is not, for sure a great way of getting your money clean.
I believe one of the most used ways, as I said, is the art market. It is easy to declare, and, since you are buying "art", there are some taxes you can avoid.

[swscowods]

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’m always a little bit confused when people say that Bitcoin is a money laundering tool. I thought Bitcoin is being driven by the rate of demand, so how is it possible for it to also be a money laundering tool? Or are they referring to the Bitcoin devs as using it as a tool for money laundering and stealing money away from people? I would like it if someone can break this one, I know it’s not easy.

[audaciousbeing]

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.

Money laundering through the use of btc is possible yes, but cost of doing it won't be lower for long and the risk attached to it because a lot of regulations are moving in to cut that excesses and unless the amount intended to be moved would huge enough to involve the management of the exchange site, and the bank, it would be very difficult to carry out. For example if I want to move $20,000 across the border, I wouldn't bother doing that through bitcoin because I would be able to explain the source of it but moving $500,000 or $1,000,000 is where people start looking for ways to go about.

You will agree with me, that to get the number of bitcoins for $1,000,000 in time means you have to go through exchange sites that are trust worthy and a whole of these sites have implemented their KYCs, you can buy this with cash rather than your bank (which poses another risk factor) so either way you look at it, its getting difficult day by day.

[ocid]

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.

Bitcoin is not a traditional currency, bitcoin is like an intangible property but can be used as an alternative transaction payment tool using advanced and modern technology created by the developer to facilitate all transactions from anywhere without involving a third party. only those who misunderstand that bitcoin deserve to be used as a money laundering tool. if we are able to support the existence of modern technology in the form of this digital currency, never use bitcoin as a means of evil, so that all countries can look positively of this modern technology.

[Lancusters]

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.

Bitcoin is not a traditional currency, bitcoin is like an intangible property but can be used as an alternative transaction payment tool using advanced and modern technology created by the developer to facilitate all transactions from anywhere without involving a third party. only those who misunderstand that bitcoin deserve to be used as a money laundering tool. if we are able to support the existence of modern technology in the form of this digital currency, never use bitcoin as a means of evil, so that all countries can look positively of this modern technology.

Are you romantic? Evil forever. It always uses all available means for its own purposes. Cryptocurrency is created to be enjoyed by all. How will you determine who is good and who is bad. Bitcoin is a currency just like the others. It is accessible to all people, regardless of their purpose. Let law enforcement agencies do their work. It is their duty to fight evil. You do not need to shift these responsibilities to bitcoin.

[p i e c e]

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.

All transactions with crypto currency are recorded in the blockchain and can be easily tracked. Paper money now is still the best way for black businesses.

[campbell.box]

Decentralization depends on people keeping accounts, and the people who keep the accounts are randomly selected by their capacity to be tested by other bookkeepers.

If the computing power is controlled by a group of groups, the list of approved transactions can be manipulated.

This requires the establishment of such a regulation, which requires a clear legal view of the holder's rights and obligations.

[zhuiyongliang8]

Bitcoin money laundering still seems to me to be a bit of a no-brainer.

Unless the currency really reached the point where they can take the place of the existing currency, otherwise, the money laundering process is always $$- BTC - that is to say, the process of always need to enter the now money laundering regulation strictly to the abnormal condition of the banking system, and COINS all online transactions, will leave traces of fully, by contrast, art of laundering more than BTC, faster, higher income, so even if someone use BTC money laundering, trust is also very few.

[shadelockme]

it is true that bitcoin is used to launder money from some criminal proceeds, in fact some drug dealers use bitcoin for drug transactions, there is even a movie that tells about it, positively because it is bitcoin known to the world and its price rose sharply, I do not expect bitcoin as a den of crime , let alone the source of illicit money that we should avoid. I hope bitcoin can facilitate financial transactions and also its security

[GREATLOVE]

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.

But we can convert it into fiat where we can see that it is also money but the thing is that it is only digital. No difference between paper money since bitcoin is also valuable. You can say that because bitcoin is in the Low market right now how bout if this will tise again. Common bro, there's always an end for this dump.

[palle11]

it is true that bitcoin is used to launder money from some criminal proceeds, in fact some drug dealers use bitcoin for drug transactions, there is even a movie that tells about it, positively because it is bitcoin known to the world and its price rose sharply, I do not expect bitcoin as a den of crime , let alone the source of illicit money that we should avoid. I hope bitcoin can facilitate financial transactions and also its security

Things are called illicit business they trive in secrecy and government come down seriously on secrecy and illicit. On the other hand, we should remember that bitcoin is decentralized and that means it can not be controlled by just a government or should not be controlled at all. So if we say it is used for money laundering, well maybe the fraudulent people in government decides to take the advantage.

[HasHe]

It's true that bitcoin is used by some people as a money laundering tool.But with active regulation,it could be avoided.More over,bitcoin provides public ledger in which all transactions are registered publicly.So even money launderers are not satisfied with bitcoin and they opt for other fully anonymous coins like monero and zcash.So its just a criticism against bitcoin which is zoomed by the media.

[Ctn]

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.

Very correctly said. In my country, if you have to invest even $10 in bitcoins, you will have to give KYC documents and get it verified in the exchange. Most of the common investors are using it as an investment medium. Some of the influential people however are using loopholes here also but it is no fault of bitcoins. We should try to catch these criminals instead of blaming the medium they are using.

Much more money laundering happens in a single day with FIAT money than it was ever "washed" using Bitcoin. Monero might be more susceptible to it with "anonymity" being its killer feature, but I don't see it even topping the usage statistics on Darknet.

I sincerely think that Blockchain can actually help in stopping the money laundering.

It can stop money laundering? I believe most of the people are using it to do the money laundering. The fact that whole currency works over the blockchain tech is what gives rise to the laundering stuff. I mean at least fiat can be tracked down by some means and then things can be assessed for suspicious activity. In case of bitcoin to whom you will blame and what proofs will you give? We dont generate invoices here with the legal status to them we just create the transaction ID's for them. Nothing makes sense here and using this nonsense most of the people are able to use it over darkweb and for things which are illegal in status.

[rizkyhiw]

Looks like you are a highly ideological person who prefers to call bitcoin a money laundering device, I am very surprised by your statement where your time has been used only for bitcoin (means of money laundering) incorrectly, back to yourself whether bitcoin will be good or good stuff, if you insist that bitcoin is a money laundering tool I do not care.
very proficient Catch one’s eyes.

[FrueGreads]

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 are saying doesn't make any sense. If you think about it, money itself is way more anonymous than bitcoin. If I give you a dollar bill, you have no idea from where that dollar was before it got to you. Maybe it was stolen in the streets, maybe someone was killed in the process, maybe it was used to by drugs, and only after all those things it was given to you as change in a grocery store. You just can't tell, period. With bitcoin, everything is public in the blockchain, so eventually the origin of those coins could be tracked to their owner. No saying it is easy, but it's possible, and you just can't do that with money. So what you are saying is much easier to do with fiat than with bitcoin.

Even if you want to stick to crypto, then what you are saying is much easier to do with monero or other private coins. There are reports from special entities saying that bitcoin txs used for illegal activities are not a problem, and pose no real threat. So you are just saying this without really understanding them.

[Procopiogamscrypto]

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.

It really happens, that's why there are countries wants that virtual accounts holders must submit their true identity for a valid verification in the bank, even some exchange company, KYC is needed in doing some trading, though it cannot be avoided totally, it can be minimized when imposing some preventive measures.

[dado7]

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.

Very correctly said. In my country, if you have to invest even $10 in bitcoins, you will have to give KYC documents and get it verified in the exchange. Most of the common investors are using it as an investment medium. Some of the influential people however are using loopholes here also but it is no fault of bitcoins. We should try to catch these criminals instead of blaming the medium they are using.

Much more money laundering happens in a single day with FIAT money than it was ever "washed" using Bitcoin. Monero might be more susceptible to it with "anonymity" being its killer feature, but I don't see it even topping the usage statistics on Darknet.

I sincerely think that Blockchain can actually help in stopping the money laundering.

It can stop money laundering? I believe most of the people are using it to do the money laundering. The fact that whole currency works over the blockchain tech is what gives rise to the laundering stuff. I mean at least fiat can be tracked down by some means and then things can be assessed for suspicious activity. In case of bitcoin to whom you will blame and what proofs will you give? We dont generate invoices here with the legal status to them we just create the transaction ID's for them. Nothing makes sense here and using this nonsense most of the people are able to use it over darkweb and for things which are illegal in status.

For one - it's easy to track Bitcoin transactions. Fiat not so much, especially because banks can hide some, even from Government agencies, and if you have many of them in the chain.......
As second - I didn't say it does, I said it can. You could enforce rules into blockchain and smart contracts in the future that would prevent that from happening.