Bangladesh militants use Bitcoins for laundering money to Kashmir

[worle1bm]

With the growing technology and technical upgradation people find new ways to make exploite it and use it for illicit activities and for that we can't blame technology?But still this is associated with bitcoin and critics will say it's anonymous transaction feature have increased these types of crimes but for their knowledge it can be said that if nobody could trace it how come the feds came to know about such crimes in Bitcoin?Its because you can trace the transactions in Bitcoin it's not much anonymous as it is considered to be.The crimes are done with the use of cash also but the only possible explanation is that you cannot bank transfer such funds as it is directly under supervision and you need to personally handle it which drug dealers have huge circle around the world.So were there no such crimes before 2009 when Sathoshi first introduced Bitcoin? Yes there were but government just got an excuse now to shift their blames on Bitcoin for such money laundering schemes.

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[sunsilk]

I dont know how this is a big thing, yes crypto currencies are used for bad things as well as for good things. It is the same with FIAT, FIAT is used way more for laundering and bad things. Yu dont see news articles stating '' FIAT was used for such and such crime'' but for crypto it is suddenly big news

It is because new to the ears of most people when they tag bitcoin or crypto being used for criminal acts or funding. And this probably won't change even though bitcoin is started to become accepted and adopted by large institutions.

besides crypto is easier to trace so it is even better that criminals use crypto over fiat, they can be found more easily.

Easier or you mean harder?

[perfect999]

I know very well that news like this will cause a lot of countries to be planning to ban Bitcoin, but it wouldn’t make any sense at all. For me I would say that the best thing for them to do is to make sure that they don’t ban it and then they would look for ways they are going to regulating it, if issues like this are going to keep popping up. If they ban cryptocurrencies, then people will resort to mostly making use of P2P. So, banning crypto doesn’t make any sense.

Although sometimes I feel issues like this are usually being exaggerated because they have to do with Bitcoin, we know very well that these people have been making use of fiat and no one is talking about it, but when it is Bitcoin they start making noise about it.

[wiss19]

The US government announced in August 2020 that hundreds of cryptocurrency accounts, four websites and four Facebook accounts were seized. This step has failed the attempt to collect funds with the digital currency of militant groups.

However, digital currency is still banned in Bangladesh. Bangladesh Bank issued a notice on December 2016 asking everyone to refrain from such transactions.

Unregulated decentralized currency will have some problems, that has always been the case, when we first said that we do not want government interference with our money, we took the reality of bad people using this currency as well. Just a few years ago we had dark net that sold drugs and even provided illegal services for bitcoin payments, that was always the case even when we first started, and that is why we should not be shocked about news like this.

Of course it is not good that this happens, money laundering should not be a bitcoin problem, but people laundered money even before bitcoin, you think there was no money laundering before 2008? Of course there was, so we should not see this as a problem of bitcoin but a problem of currency, whatever currency there will be, people will always do illegal stuff and launder that money into regular life.

[Kong Hey Pakboy]

I know very well that news like this will cause a lot of countries to be planning to ban Bitcoin, but it wouldn’t make any sense at all. For me I would say that the best thing for them to do is to make sure that they don’t ban it and then they would look for ways they are going to regulating it, if issues like this are going to keep popping up. If they ban cryptocurrencies, then people will resort to mostly making use of P2P. So, banning crypto doesn’t make any sense.

Although sometimes I feel issues like this are usually being exaggerated because they have to do with Bitcoin, we know very well that these people have been making use of fiat and no one is talking about it, but when it is Bitcoin they start making noise about it.

That is the best case for bitcoin, being regulated but you have to consider the countries that are banning it, most of them have a really tense environment which means that they will have to do anything they can to stop the opposing forces to fund their activities and to establish peace in the region which is difficult because there are militants that are opposing the government. That is the sad truth, media likes to go for the sensational things rather than the truth.

[goldade]

As much as this is intended to put bitcoin in a bad light, I really see no big deal in the fact that bitcoin was used in laundering money by militants. I know this news is only getting this much attention just because bitcoin is involved.
You should know everything in the world can be used for either good or bad. Nothing is good or bad intrinsically, only the purposes used for determine this.
This is just like saying the internet is bad or harmful because hackers use it to rob people of their hard earned money. Bitcoin in itself isn't good or bad. This is determined by what people use it for.

[Kittygalore]

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If some inexperienced user was in my place, then he might have lost his coins. And dealing with these people face to face is not recommended at least in developing nations. You don't know their criminal background. Once the transaction is done, there is always a chance that they will blackmail or threaten you, as your identity is known.

That is why I said to bring a companion with you and do the transaction in the public, with a lot of people surrounding you, any chance of a funny business happening will be alleviated and having a companion insures that they won't overpower you. There isn't really any blackmail when someone you did transaction with knows about your identity unless you gave them something compromising then that is the time to worry, and it is also easy to deal with because you know who is behind the blackmail.

[bryant.coleman]

That is why I said to bring a companion with you and do the transaction in the public, with a lot of people surrounding you, any chance of a funny business happening will be alleviated and having a companion insures that they won't overpower you. There isn't really any blackmail when someone you did transaction with knows about your identity unless you gave them something compromising then that is the time to worry, and it is also easy to deal with because you know who is behind the blackmail.

One issue that I have noticed while dealing with the P2P platforms is that every now and then the criminals manage to hack inactive accounts with good feedback and use them to con unsuspecting sellers. I faced this issue a couple of times in Localbitcoins, but fortunately the moderators/arbitrators helped me to get my coins back. So you can't solely trust the trust/feedback score of these users. You need to check their feedback for the most recent 5 or 10 trades. And in case they don't have recent trades, then don't deal with them although they may be having good feedback.