Question about accepting Bitcoin in my new shipping business

[HeatBit]

I've been away from the forum for a while now because I am working on sorting my new business out, a small shipping company that I have always wanted to run for a very long time now, very soon it will be possible as I am currently on the licensing part.

I also want to accept Bitcoin as payment for the new business since I myself have used few who accepted Bitcoin as payment from me, but I want to ask a question that's been bothering my mind.

We all know that some Bitcoin are called DIRTY or BAD simply because they are stolen and have been tagged already, how will one avoid collecting a bad Bitcoin as payment?

Is the case of tracing or tracking the bad Bitcoin to my business possible or it's not some to worry about.

[Upgrade00]

Do you plan to collect and hold bitcoins or you would want to convert to cash to keep it at the value it was received to maintain the cash flow of your business? If you want to convert to cash, you'll need a payment processor.

About bad or tainted bitcoins, that's language usually used by centralized platforms to censor the Bitcoin network. Only thing to look out for is not to take proceeds of a known scam, but scammers usually move their funds through exchanges or swap networks, not businesses that require them to provide shipping address.

[vs2014]

If you want to protect yourself from bad or dirty Bitcoin as a payment you can try using the aml tool directly. Through this you will get direct information about the origin of the coin. Be cautious when accepting payments from unknown individuals or other organizations and avoid promises of big profits or quick profits. Also, record the sender's address along with the date and amount of each transaction so that it can be tracked on the blockchain in case of any problems later.

[BlackBoss_]

We all know that some Bitcoin are called DIRTY or BAD simply because they are stolen and have been tagged already, how will one avoid collecting a bad Bitcoin as payment?

Is the case of tracing or tracking the bad Bitcoin to my business possible or it's not some to worry about.

You can not know that as individually, very few people are able to be too technical for doing this. So if you want to do this for your business, you must hire an on-chain analysis to do that for you and you will have to pay that service cost.

Some online gambling companies or centralized exchanges can block user accounts with deposits marked as tainted coins, and they can refund such money back to original wallets of those users.

I don't know what kind of regulations on cryptocurrency industry and AML in your nation, why are you so serious about that?

[hmbdofficial]

We all know that some Bitcoin are called DIRTY or BAD simply because they are stolen and have been tagged already, how will one avoid collecting a bad Bitcoin as payment?

There is no such way you will know that a coin is actually dirty or bad when making bitcoin transactions so I don’t think their could be a way to avoid them the only think I could say is to try as much as possible to avoid any suspicious unusual large amounts of of transactions and also do not be pressured for quick anonymous transactions, and you could also sense from the client behaviour as well.

Is the case of tracing or tracking the bad Bitcoin to my business possible or it's not some to worry about.

Yes tracing or tracking the bad bitcoin to you is very possible most especially if it’s on CEX but I think it could be handled legally.

[Free Market Capitalist]

We all know that some Bitcoin are called DIRTY or BAD simply because they are stolen and have been tagged already, how will one avoid collecting a bad Bitcoin as payment?

It would be helpful if you could give us an estimate of how much you expect to earn in Bitcoin annually, even if it’s just a rough guess. It’s not the same whether it’s the equivalent of $1,000 or $1 million. If it’s the former, don’t worry about that “dirty” Bitcoin nonsense; even if what you receive could be classified as dirty, you won’t have any trouble spending or exchanging it. For larger amounts, it might make some sense, but if you can prove that you received that money from sales of a legitimate business, you shouldn’t have any problems either.

[Outhue]

It's a stupid idea for a anyone who stole Bitcoin to spend it via a business because information can easily be get through them, to use a shipping company you must have dropped

1. A home address
2. Debit or credit card information.
3. Phone number too

That person is in big problem and the possibility of catching them has gotten more easier, this wouldn't affect your business in any way unless you don't want to release information for investigators which will look like your business is an accomplice of the criminal himself, do not worry about anything.

In the end, you made it easier for the law to apprehend a criminal, easy catch it will be.

[(BTC)]

We all know that some Bitcoin are called DIRTY or BAD simply because they are stolen and have been tagged already, how will one avoid collecting a bad Bitcoin as payment?

Is the case of tracing or tracking the bad Bitcoin to my business possible or it's not some to worry about.

What is this "we all know" buisness? If you're informed, then you know all currencies can be dirty. From serialized physical $USD bills, to satoshis, to pesos with criminal fingerprints on them, and everything in between. Just introduce KYC/AML stuff into your buisness if you're rendering services that require serious money payments. Just know that some people view KYC/AML procedures as an attack on privacy and bitcoin itself.

The idea of "bad bitcoin" has always been hilarious to me. You got 21 million coins to circulate between the entirety of a ~8 billion human population. Everyone has been granted, via intelligence, the double edged blade of free will. Furthermore, an awareness of the free will they weild. Many people have done amazing, beautiful, and inspiring things because of their bitcoin and the self-custody of worth it grants them. It's caused them to make their lives/the lives of people around them better, too. On the other side of that coin, there are people out there who do incredibly heinous, vile, and treacherous things with the power and value that bitcoin holds. Ransoms 'n all included.

Don't be suprised if, through blockchain analysis, you find that somewhere along the lines your BTC income has been through some nasty places. It's bound to happen, especially considering that many coins are locked up in cold storage, lost, burned, etc, so the circulating supply of coins is less than the total in existence. So long as you are providing a legetimate and law-abiding service, accept payment for said service in BTC, and report your income legally in whatever country you reside, I fail to see an issue.

Here's some food for thought. The majority of physical $USD bills, especially those that have been printed a long time ago/have been in circulation for a long time, carry trace amounts of narcotic residue. Especially cocaine, rendering them literally dirty. Like, enough to test positive in most screenings despite being trace amounts. Look it up if you don't believe me.

But hey, no one every does anything "DIRTY" or "BAD" with $USD. Only bitcoin/cryptocurrencies bad+criminal+shady+omg.

[Free Market Capitalist]

It's a stupid idea for a anyone who stole Bitcoin to spend it via a business because information can easily be get through them, to use a shipping company you must have dropped

1. A home address
2. Debit or credit card information.
3. Phone number too

That person is in big problem and the possibility of catching them has gotten more easier...

That's not the issue; that's not what the OP is asking. The issue is the “tainted coins” nonsense, which can result in someone who spends Bitcoin to make a purchase at his store having, say, 60% of their Bitcoin marked as “dirty” even though they haven't done anything illegal.

[JeffBrad12]

Use enterprise payment infrastructure that accept bitcoin like BVNK which recently acquired by mastercard, let them handle the complicated process of knowing the DIRTY or BAD bitcoin as you said.
So whatever bitcoin you received will be clean and you won't need to think about differentiating the tagged bitcoin and the clean ones. Consider the fee as the price for saving yourself from the headache.

That is, if you don't mind a custodial solution. If you prefer non custodial solution I think it will be complicated. After all, you don't get access to such database easily.

[arzuo]

You can conduct Bitcoin-related activities with your business friends who know about Bitcoin and want to use it, and you can use a notice board symbol to let everyone know that your company accepts Bitcoin payments.

But in that case, you have to be careful about government regulations and personal manners!
In that case, those who will transact in Bitcoin will do it in Bitcoin and those who want to do it in fiat currency will do it in fiat! It would be good to let your business friends know that your company accepts Bitcoin payments.

[terrific]

That is a serious problem that you have to think of before accepting one. But I think, if you're going to accept BTC in your business as payments.
Make sure that you won't be connecting that receiving address to an exchange immediately.
If you receive it directly and you're the one manually maneuvering it and converting it, that shouldn't be the problem.
But as for these businesses that accepts it, they all mostly use third party payment processors and I think that's where the problem can start as they're regulated.

[Die_empty]

Use enterprise payment infrastructure that accept bitcoin like BVNK which recently acquired by mastercard, let them handle the complicated process of knowing the DIRTY or BAD bitcoin as you said.
So whatever bitcoin you received will be clean and you won't need to think about differentiating the tagged bitcoin and the clean ones. Consider the fee as the price for saving yourself from the headache.

That is, if you don't mind a custodial solution. If you prefer non custodial solution I think it will be complicated. After all, you don't get access to such database easily.

You gave good advice. OP needs to use an intermediary or third-party that will receive payment on behalf of his company. The intermediary would remit "clean money". But using intermiadiaries wouldnt remove the risk of tracing the so-called tainted coins to his company. The government can still request information from BVNK regarding the company. So they can still trace such coins to the company since BVNK does comprehensive KYC and KYB.

I don't think OP needs to be scared about receiving "dirty' Bitcoin. If his service is legitimate, it will be clear that he accepted the coin for a legal service. If there are no connections apart from receiving payments for service rendered, there is nothing to worry about.   

[CryptoYar]

First of all good luck with your shipping business. Although it is really possible that Bitcoin was bad because it was used in crime, you can protect yourself by paying with a professional payment service such as BitPay instead of personal app because most payment services automatically check for presence of bad coins.

Trading sites can also look back to your business and shortly lock your account, but you can easily get this fixed by keeping good lists of your shipping bills to show that you were paying real service.
Tests show that less than one percent of Bitcoin is linked to crimes and so, if one does not use hiding tools and keeps clear papers, risk is very small and should not stop someone from getting planned result.

[Betwrong]

~
We all know that some Bitcoin are called DIRTY or BAD simply because they are stolen and have been tagged already, how will one avoid collecting a bad Bitcoin as payment?

Is the case of tracing or tracking the bad Bitcoin to my business possible or it's not some to worry about.

Here’s what I think. Be ready for the worst. Imagine that the FBI or another law enforcement agency has traced some "bad Bitcoin" and sees that you’re in possession of it. What they’ll do is start investigating to find out whether you’re connected to any criminal activity. If you’re clean, you have nothing to worry about. Bitcoin is money, and money is always dirty, but that doesn’t mean we should avoid using it.

[Darker45]

Your life is interesting, and I'm so happy for you. When you came here more than 2 months ago, you mentioned that:

...I don't make alot of money, all I can afford per day is a dollar...

But look at you now, asking about accepting Bitcoin payment for your shipping company. That's quite a fast success story.

Anyway, you don't call stolen Bitcoin as dirty or bad "simply because they are stolen". I'm afraid this isn't anymore about whether there's indeed a dirty or clean Bitcoin. This is about money taken from its rightful owner. I don't subscribe to the idea of dirty Bitcoin, but stolen money should be returned to its owner.

Anyway, you can use AML tools to check for ratings. Also, you should use non-custodial wallets to avoid such discrimination. If possible, avoid dealing with centralized exchanges and other services that strictly observe AML standards.

[CryptoVoyager24]

Using bitpay or any of those corporate gateways for a startup is just begging for a frozen account. U get one single utxo from a customer that passed through a mixer 5 blocks ago and boom. Treasury locked. absolute compliance nightmare.
Dont do it. Look into spinning up btcpay server instead. Self hosted, no middleman taking a cut, no kyc honeypot. u spin it up on a cheap vps and it spits out fresh addresses for every order. If kraken or whoever cries about chainalysis taint later on, u just slam the shipping invoice on their desk. Your keys your rules.

[macson]

Your life is interesting, and I'm so happy for you. When you came here more than 2 months ago, you mentioned that:

...I don't make alot of money, all I can afford per day is a dollar...

But look at you now, asking about accepting Bitcoin payment for your shipping company. That's quite a fast success story.

Maybe he just hit the jackpot, who knows. And in that short time, he managed to become rich LOL. Let's just pretend to believe that he owns that shipping company so he can be happy 

[YOSHIE]

Is the case of tracing or tracking the bad Bitcoin to my business possible or it's not some to worry about.

You may use Bitcoin as a digital currency in a transaction system, but don't use it as storage/asset, we know Bitcoin is vulnerable to hacking, burglary and so on, especially if you use certain wallets and certain exchanges for storage. Bitcoin assets.

For this reason, you really need to carefully consider the risks of using Bitcoin in any business, especially if your business is already well-known and growing rapidly, many online criminals are targeting your crypto wallet, so only use Bitcoin for transactions, nothing more.

[hd49728]

You may use Bitcoin as a digital currency in a transaction system, but don't use it as storage/asset, we know Bitcoin is vulnerable to hacking, burglary and so on, especially if you use certain wallets and certain exchanges for storage. Bitcoin assets.

For this reason, you really need to carefully consider the risks of using Bitcoin in any business, especially if your business is already well-known and growing rapidly, many online criminals are targeting your crypto wallet, so only use Bitcoin for transactions, nothing more.

Your advice is like Trump or politician campaigns that accept Bitcoin or cryptocurrencies for donation but they don't hold those cryptocurrencies, and they use automatic tools to quickly convert those donated cryptocurrencies to fiat currencies.

Otherwise, if any business does not use this method, they will need to store bitcoin and altcoins for a while before doing anything later. Any time of storage cryptocurrency by themselves contains security and exploitation risk, that is very harmful for their business budget. So if they accept bitcoin and cryptocurrencies, they must invest enough resources for security of their sites, business, and wallets.