Money laundering via BTC

[hridoyb]

Hi guys ! My name’s Dave.
ข่าวกีฬา
Is it possible to do money laundering via bitcoin? I mean as no one knows if you have bitcoin and how much bitcoin do you actually own, it could be used to convert black money to white right? Or at least store your black money without much hassle. But there is the risk of its value but I think for people who have lots of black money and don't want to be caught, this risk might be worth taking for them isn't it?
What are your thoughts?

Money laundering is the illegal process of concealing the origins of money obtained illegally by passing it through a complex sequence of banking transfers or commercial transactions. Nowadays people are converted from black money to white by bitcoin. Our government rejected bitcoin and add a money laundering case for bitcoin users and the bank added a strong rule for buy-sell bitcoin.  There are 2 part to of everything so if you use it positively it brings useful things. If you use bitcoin for black money to white it can be negative for you because a lot of mafias or criminal use bitcoin for hiding their black money 

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[thesmallgod]

Money launderer will consider using small business to launder money rather than using crypto which might be complicated in the sense that it might take time and even risk of getting your coin seized in case you end up using fake identification which is required when you are purchasing high volume of bitcoin with fiat on centralized exchanges. Many launderers in my countries are politicians that steal public funds and most time it is through businesses they get dirty job done

[DoublerHunter]

Its been quite this discussion has been here for how many times. But my answer remained the same, yes it could be, but there is a higher chance that you will be able to trace. We had many services that studies on blockchain transaction and they can able to investigate your transaction where did transfer the fund. However, money laundering has not existed only on bitcoin even though fiat using an electronic device they can laundering money. Sooner or later you cant be able to launder money on bitcoin because most exchange required KYC.

[Indymoney]

Peoples involve in Money Laundering can face some serious problems during using this service as they have to do some serious stuff for this for big amounts pass KYC use centralized exchanges and buy/selling bitcoins or altcoins so its really risky process instead of this they used some other big businesses and stuff for this all which are much easier and have no risk like this even money laundering is possible but not as peoples can do with fiat as its really easy to do.

[MCobian]

It's easier to do money laundering using cash money, because money laundering with digital money is actually easier to track.
But money laundering using Bitcoin is very possible, we only need to find a way to buy Bitcoin without KYC procedures.
So avoid using centralized exchanges if you want to do money laundering.

[Sled]

Money laundering has sprung around already even before using fiat and this sentiment couldn't make BTC escape from this. And this digital transformation, keeping every holder become anonymous it helps this kind of activity increasing since they will be hard to trace and totally not.

But if you are planning to have this, I suggest not to continue it otherwise, you will compromising yourself because sooner or later, you can still be caught by the authorities. Instead of thinking that way, much better to help against money laundering and this could save our community.

[Josefjix]

If you'd take a trip to the dark web you'd find answers to some of your pints there, there are different mediums to which one can pay  for a service you'd want to offer there, Bitcoin isn't excluded from the payments mediums. Like others have rightly said Bitcoin is a currency that can be used by anyone so there is no point to defend whether or not it can be used for money laundering. It definitely can be used, but there are high probability that the parties involved in the  deals can caught by law enforcement agencies due to regulations of centralised exchanges demanding for KYC and other person details of traders and users.

You can evade this by using Bitcoin mixer  and some other private exchanges but you're definitely need a reputable exchange that can offer enough liquidity to trap your coins to white money. I'm not agitating for a crime, it is a systematic way of how beautifully Bitcoin is used in solving pressing issues.

[Mike Mayor]

Money laundering with bitcoin is just a tired and worn out way some people try to put down bitcoin or make it look bad. The truth is you can launder anything that has value. It really doesn't matter what it is becuase the point is to move dirty money into assets or other money but I believe assets are the better bet because the profits it makes will be clean money.

Laundering money is easy in my country. And bitcoin is familiar with this activity. It is great to use this service if you want to avoid being traced by anyone. Deleting your footprint on the internet make your free from various types of troubles.

I dont know what the situation in your country is. Laundering money is indeed illegal but it is less serious in my country. I dont know why. However, Im not interesting in with it. Most of the time, I use p2p wire bank exchange to convert bitcoin into fiat

Really? What country are you from? that's interesting.

[gantez]

Or at least store your black money without much hassle. But there is the risk of its value but I think for people who have lots of black money and don't want to be caught, this risk might be worth taking for them isn't it?

Most countries put a ban on money laundry and that is serious law for anybody found on it. However, whether it is fiat or bitcoin is risky because a law on that is going to take offenders to regret. Is better staying of with them and do legit business

[CarnagexD]

It's no surprise that bitciin is being ised for these kinds of erratic activities. Even in the days of ye old dark web this is what bitcoin is primarily used for. To cover up tracks of payment transactions. Nonetheless you gotta take the good with the bad, and seeing how bitcoin offered more benefits than the downsides, it's fine keeping it around.

[Beparanf]

It's easier to do money laundering using cash money, because money laundering with digital money is actually easier to track.
But money laundering using Bitcoin is very possible, we only need to find a way to buy Bitcoin without KYC procedures.
So avoid using centralized exchanges if you want to do money laundering.

A money laundered usually don't use exchange for laundering. FYI it's easier to track Fiat compared to BTC because there is bitcoin mixer, decentralized exchange and P2P exchange available. There is so many various ways to do that. In Fiat, you can't hide it because the moment you withdraw it from the bank, they know how much money you are holding.

[LUCKMCFLY]

Money laundering is something that in my country if they do it they cannot clearly determine, because the government leaders themselves do it, they mostly look for legal bank accounts that handle large amounts in local currency, this is something that at the same time The government does not like it, because they want all the business for themselves, that is why the local currency is very very low and every day it continues to fall against the dollar, the largest transactions are made with exchanges of local currency to dollar, so If you have Bitcoin and you want to take it to FIAT it is a long process but somewhat more secure.

[wiss19]

Hi guys ! My name’s Dave.
ข่าวกีฬา
Is it possible to do money laundering via bitcoin? I mean as no one knows if you have bitcoin and how much bitcoin do you actually own, it could be used to convert black money to white right? Or at least store your black money without much hassle. But there is the risk of its value but I think for people who have lots of black money and don't want to be caught, this risk might be worth taking for them isn't it?
What are your thoughts?

It’s possible for people to commit money laundering using Bitcoin, but based on my research long ago, the percentage of such thing happening is around 0.5% and it’s way too less compared to cash, which means that criminals or people who commits such a crime makes use of mostly cash to carry out their operation and Bitcoin is mostly not an option for them.

The reason why they don’t consider Bitcoin is because the Blockchain technology leaves every transaction public, which also makes it manageable, and they can be traced with it. They still have methods that they use at times to launder money though, but I still think if the government is serious in tracing them, they will still do.

[Walterhank]

I think it depends on the country you are living in. If it doesn't have strict crypto policies then money laundering is easy to do. Usually, they don't make huge transfers instead they have a network and a whole plan worked out to launder money.

[Mistafreeze]

Hi guys ! My name’s Dave.
ข่าวกีฬา
Is it possible to do money laundering via bitcoin? I mean as no one knows if you have bitcoin and how much bitcoin do you actually own, it could be used to convert black money to white right? Or at least store your black money without much hassle. But there is the risk of its value but I think for people who have lots of black money and don't want to be caught, this risk might be worth taking for them isn't it?
What are your thoughts?

It doesn't matter how  and in what form you keep your black money in (digital or fiat). Once you decide you spend them, you will always be caught by law enforcing agencies if your expenditure is more than your declared income.

[adzino]

It is more complicated than you think. Sure you can launder as much as you want by converting to bitcoin, but once you convert it to bitcoin, it is going to be way hard for you to convert back to fiat. Even getting huge some of BTC is going to be a challenge for you since you will have to p2p trades and no one would want to sell huge amount of coins in one go and that in cash money!
So when you convert it to fiat again, you will raise flags. As far as I know, if you make deposit above certain amount, the banks will raise a flag and inform the IRS as per law. So you might already be under surveillance. Don't even think about making smurf deposits.

[ropyu1978]

the development of models and accessibilities in the cyber world, making various transaction transaction phenomena appear in it, one of which is the phenomenon that has become a hot topic of this implementation is the emergence of bitcoin, for now it is very difficult to launder money with bitcoin because most exchanges require kyc ..

[Rexler]

Sure and certain money laundering can be done with bitcoin, since it's a decentralized currency it hides identity, no matter the transaction being made you can never be traced, and this is more reason the government sees bitcoin as a threat, there believe bitcoin can be used for many illegal activities most especially money laundering, I got to find out  most fraudsters uses bitcoin to receive huge funds because if there uses thier bank accounts their account might get blocked and some investigations will be carried out, so this guys uses bitcoin to recieve huge funds and later start selling it for fiat bit by bit.

[Fatunad]

the development of models and accessibilities in the cyber world, making various transaction transaction phenomena appear in it, one of which is the phenomenon that has become a hot topic of this implementation is the emergence of bitcoin, for now it is very difficult to launder money with bitcoin because most exchanges require kyc ..

First, as a Hero member- you should at least know the common forum rules that grave digging shouldnt really be done because this is simply necroposting and if you dont like to face up some future
problems then better stop on doing these behavior.

back on topic about money laundering via Btc then its non surprising thing due to anonymity and being decentralized of this coin and come to think that laundering do even happen
with fiat.How much more with btc and other altcoins in the market which are really anonymous?

[7788bitcoin]

back on topic about money laundering via Btc then its non surprising thing due to anonymity and being decentralized of this coin and come to think that laundering do even happen
with fiat.How much more with btc and other altcoins in the market which are really anonymous?

Lets make this straight, is it even possible to launder money using bitcoin, if you find someone who is willing to sell you huge amount of coins and you risk that the anonymous person you meet will not mug you. If you are looking to purchase from miners then it is impossible to hide the transaction as the mining farms will get into trouble for transacting with huge amount of cash, in short it is not that easy as you think to launder money using bitcoin and fiat is much easier as it does not having a transaction trail in blockchain.