Criminals and Bitcoin

[KennyR]

This issue with criminals (hackers, terrorists etc) is the main reason for the recent frequent governmental regulations which includes the Know Your Customer (KYC) and Anti-money Laundering (AML) processes. If KYC is done very well, then the security agents can track transactions to their respective addresses and owners of those addresses. But the issue is, will these criminals provide their right identity during KYC?

any identification is not perfect and does not make much sense, except for the collection of information about the holders of the coins. bitcoin, like any refrigerator, can be used to commit a crime, but this does not prevent millions of people from using refrigerators for their needs.

Agreed, it is clearly explained the use of bitcoin into crime with a real life used application. Even before the existence of bitcoin crime was there in the world. If crime came into existence only after the existence of bitcoin or digital currency, then we can say bitcoin is harm.

[tuturutmunding]

bitcoins are being used by criminals. They tend to use bitcoin as an alternative way of committing crimes such as money laundering illegal copies of financing of terrorism greatly simplify their efforts because governments can not control and monitor bitcoin performance

[odpadnik]

This issue with criminals (hackers, terrorists etc) is the main reason for the recent frequent governmental regulations which includes the Know Your Customer (KYC) and Anti-money Laundering (AML) processes. If KYC is done very well, then the security agents can track transactions to their respective addresses and owners of those addresses. But the issue is, will these criminals provide their right identity during KYC?

any identification is not perfect and does not make much sense, except for the collection of information about the holders of the coins. bitcoin, like any refrigerator, can be used to commit a crime, but this does not prevent millions of people from using refrigerators for their needs.

Agreed, it is clearly explained the use of bitcoin into crime with a real life used application. Even before the existence of bitcoin crime was there in the world. If crime came into existence only after the existence of bitcoin or digital currency, then we can say bitcoin is harm.

Apples and oranges.

KYC surely helps. IF done properly, it's almost impossible to fake KYC. THough, I know that KYC on dead people is a big business in India and a few other countries, but proper KYC providers actually go trough a lot of effort, to ensure that You are who you SAY you are.

If you REALLY want to be sure, that things are "secure", find a place where you can safely trade (there are more and more platforms that have official licenses for trading and so on), find proven and secure wallets and most of all, always do your research!

[gvnsrbtc]

BTC can be used in illegal transactions criminals take advantage of this its because bitcoins are so hard the track and also its negative part of bitcoins because of this criminals can move freely without hesitation but if you think about it the advantages of the bitcoin currency has given to us, the perks from using it are a ton they made transactions easier and much more and if used right i know that bitcoin will change the society and surely will have impact at the economy.

[Al-Hridoy]

CRIMINALS are laundering money by investing in crypto currencies like bitcoin, Scotland Yard has revealed.Known as Geek’s Gold, the online transactions are anonymous and not traceable.
Drug dealing, cyberfraud, prostitution, gun-running and other major crime profits are being ploughed into the internet currencies.
Drug pedlars are using high street bitcoin ATM machines to deposit cash from deals, and there are 77 such ATMs in Britain.

[alvinmtp]

I strongly agree if the wrong is not bitcoin, crypto currency, or blockchain technology. The wrong is the person who misuses bitcoin for illicit transactions. It would be unfair if the technology developed in such a great way would be extinct. This is very unfair. Bitcoin can not be equated with criminality. Bitcoin is just a victim and bitcoin is just a scapegoat for the occurrence of crime. Bitcoin, which was originally intended as a technology, would facilitate but instead be misused. Therefore, it is very unfair to judge bitcoin forbidden. All this because the morality of its users is not good.

[bajingluncat]

easy and free in transactions may bitcoin be an alternative means for criminals to run business crime Because bitcoin can not be controlled by the government so it is very supportive to conduct illegal business such as money laundering funding terrorism illegal duplication of funds and hallainnya that can harm the country

[Cryptoqueen098]

This argument is the lowest form of debate by tulip lovers and politicians who want to scare you into supporting their anti bitcoin laws.

Criminals use whatever enables them to succeed. The USD is the most used currency for money laundering and crime.

The world should ban burner phones? Why don’t they ban guns before bitcoin? Or getaway cars?

[tempebacem]

It is unfortunate that Bitcoin has been linked to crime, there are a number of criminals out there who use Bitcoin to conduct illegal transactions, this platform provides free and secure payment media that is not monitored by anyone, Bitcoin itself dos not choose who is transacting and it is impossible to find out who makes what kind of transactions, on the other hand. With or without Bitcoin, there is still a crime, so bLAME can not be completely dependent on BTC.

[charlzyeby]

I strongly agree if the wrong is not bitcoin, crypto currency, or blockchain technology. The wrong is the person who misuses bitcoin for illicit transactions. It would be unfair if the technology developed in such a great way would be extinct. This is very unfair. Bitcoin can not be equated with criminality. Bitcoin is just a victim and bitcoin is just a scapegoat for the occurrence of crime. Bitcoin, which was originally intended as a technology, would facilitate but instead be misused. Therefore, it is very unfair to judge bitcoin forbidden. All this because the morality of its users is not good.

People would find ways to do money laundering even without the existence of bitcoin. Most governments are trying to make a case for reasons why bitcoin should be boycotted. Fiat currencies which are physical and easily monitored are even laundered more.

[Christinebeauty]

I still dont get this. What at all is the link  between blockchain technology or bitcoin and crime. Crime came before bitcoin so why do they say bitcoin is the cause of crime

[RiskySanchez]

I strongly agree if the wrong is not bitcoin, crypto currency, or blockchain technology. The wrong is the person who misuses bitcoin for illicit transactions. It would be unfair if the technology developed in such a great way would be extinct. This is very unfair. Bitcoin can not be equated with criminality. Bitcoin is just a victim and bitcoin is just a scapegoat for the occurrence of crime. Bitcoin, which was originally intended as a technology, would facilitate but instead be misused. Therefore, it is very unfair to judge bitcoin forbidden. All this because the morality of its users is not good.

People would find ways to do money laundering even without the existence of bitcoin. Most governments are trying to make a case for reasons why bitcoin should be boycotted. Fiat currencies which are physical and easily monitored are even laundered more.

that's why now use the KYC system, to minimize crime and embezzlement of money. Bitcoin is a globally accessible public asset that allows any user good or bad to be able to use it, which is why in some Bitcoin countries it is forbidden to circulate because the government itself can not monitor tens of thousands of people holding Bitcoin

[doraemon26]

It is true that bitcoin has been a favorite tool for anti-social elements for a long, as it is anonymous, so they are using it for their all types of illegal trades.

Yes criminals use bitcoin as their tool for fooling people and taking their money , investors should have knowledge about this and be aware of scammers and criminals using crypto currency as a tool for evil doings.

[sirmitchel]

Bitcoins is just a tool, we can even say a victim of its own success when it comes to illegal
activities or when used for such purposes by criminals thru transactions and such. But that doesn’t
make bitcoin bad or illegal in the first place. Bitcoin is just being exploited, I think a lot of
authoritiesnare fully aware of this, maybe regulation will help minimize or put a stop to such
situations.

[walemil]

The prolem is the society and not the cryptocurrencies. We have a handful of people who can never relinquish their criminal tendencies. That is why one financial crime or the other happens in the cryptocurrency world daily. There are several crime too with fiat currencies but because it is regulated, it is easy to investigate. If it is only for the issue of financial crime, government will want to regulate cryptocurrency.

[jayo89]

I'm sure that any thing done for good can be used against the law! I think that the use of crypto currency by terrorists will stop only the complete disappearance of the crypto currency. Regulation crypto currency just completely kills the meaning of crypto currency!

[Jupeter]

It is true that bitcoin has been a favorite tool for anti-social elements for a long, as it is anonymous, so they are using it for their all types of illegal trades.

Welll criminals can also able to used bitcoin because bitcoin is open for everyone and all people in this world can invest in bitcoin even the criminals and some terrorist and for me that is the biggest disadvanatge of bitcoin.

[seizetehday5]

The prolem is the society and not the cryptocurrencies. We have a handful of people who can never relinquish their criminal tendencies. That is why one financial crime or the other happens in the cryptocurrency world daily. There are several crime too with fiat currencies but because it is regulated, it is easy to investigate. If it is only for the issue of financial crime, government will want to regulate cryptocurrency.

I could care less for what reason they want to regulate cryptocurrency if they do and it becomes actual currency in the world, then that will be a huge bullish day for Bitcoin. And along with that they will be able to catch more criminals as some of the resources used to bust criminals in regards to fiat currency would be sent to catch those criminals using crypto illegally.

[marlonbatotoy]

For me criminals is just using bitcoin for buying some of terrorist needs.. I think police cant track the illegal transaction because it's on the internet and no one can hear or see a transaction..

[freesia_pnp888]

The prolem is the society and not the cryptocurrencies. We have a handful of people who can never relinquish their criminal tendencies. That is why one financial crime or the other happens in the cryptocurrency world daily. There are several crime too with fiat currencies but because it is regulated, it is easy to investigate. If it is only for the issue of financial crime, government will want to regulate cryptocurrency.

I agree with you, fiat money crime is easier to investigate and stuff, which takes longggg time in crypto case.