If Bitcoin is better, why do criminals use it for money laundering?

[Juicyhome]

I am not against Bitcoin, i just need honest answers that would convince me more about Bitcoin because I'm newly into it. Some news I've seen about Bitcoin is either scam related, like people getting scammed through it on telegram, drug cartels using it to launder money, and criminals stealing from shop owners who use Bitcoin, if it is that better than fiat, why is it possible for criminals to use it or clean their dirty money with it?

Money saved in the bank can be traceable but Bitcoin is anonymous if stored in wallets that doesn't require KYC, isn't that a perfect means of money laundering? Cause it sounds like one to me, so i need explanations why i shouldn't feel it's a perfect means of laundering money for criminals.

Before bitcoin there was money laundering and criminality,  bitcoin is just another form of money sns can be used for good and abd too,  bitcoin was not designed to protect or prevent criminality in the society,  I was designed to help people not to be trapped in  printed fiat where government print and share among themselves and leave nothing for the people. 

Biting can't stop criminality that's not it aim, fiat is still use to Lauder money till date nothing can stop criminality in the society,  is only government that has the capacity to stop criminality by making an anti laundering money policy,  don't blame bitcoin for any crime.

[knowngunman]

I am not against Bitcoin, i just need honest answers that would convince me more about Bitcoin because I'm newly into it. Some news I've seen about Bitcoin is either scam related, like people getting scammed through it on telegram, drug cartels using it to launder money, and criminals stealing from shop owners who use Bitcoin, if it is that better than fiat, why is it possible for criminals to use it or clean their dirty money with it?

Money saved in the bank can be traceable but Bitcoin is anonymous if stored in wallets that doesn't require KYC, isn't that a perfect means of money laundering? Cause it sounds like one to me, so i need explanations why i shouldn't feel it's a perfect means of laundering money for criminals.

And now you're blaming BTC for being wrongly used by criminals? Would you blame fiat for being used by criminal as well or the criminal themselves? As far as I know, criminal prefer and use cash more than anything else for their criminal activities because it can not be traced.

Bitcoin is not anonymous, it's pseudonymous because every transaction is visible on the blockchain forever. Chainalysis can trace transactions if it looks suspicious unless you'll never convert to cash using CEX but cash can not be traced once it leaves your hand.

Either cash or bitcoin, people use it for whatever they can. We can not judge them because they are only a tool but we can judge the people rather for using it for bad reasons.

[abaeze]

I think the OP doesn't know or has forgotten when Bitcoin was born and before that these negative or criminal acts didn't happen before. If it did, then you must understand why hateful and slanderous agendas are being propagated. Honestly, these negative stories don't bother anyone anymore. So one thing needs to be made clear, Bitcoin itself does not choose criminals or honest people. It is a neutral technology. Just like the internet, mobile phones or cash. They can be used for good as well as bad. But that doesn't mean the technology itself is guilty. There are many good aspects of Bitcoin on the internet, you can google them.

[ImGenius]

I am not against Bitcoin, i just need honest answers that would convince me more about Bitcoin because I'm newly into it. Some news I've seen about Bitcoin is either scam related, like people getting scammed through it on telegram, drug cartels using it to launder money, and criminals stealing from shop owners who use Bitcoin, if it is that better than fiat, why is it possible for criminals to use it or clean their dirty money with it?

Money saved in the bank can be traceable but Bitcoin is anonymous if stored in wallets that doesn't require KYC, isn't that a perfect means of money laundering? Cause it sounds like one to me, so i need explanations why i shouldn't feel it's a perfect means of laundering money for criminals.

Why does everyone consider Bitcoin as a bad thing every good thing has its bad side Bitcoin is never responsible for that. One of the good sides of Bitcoin is that it keeps the identity hidden which is necessary for a scammer. But I still see many scammers using fiat to scam. They may maybe doing it in small so the garment does not take any action on them. But when they want to do something bigger than that the government stops them which is why they use such a system so that no one can catch them. it's like some medicine which is made for good while some people use for addiction, for those people we can't say that medicine is bad do we?

[Ishicryptic]

You misunderstand the context of "better." Bitcoin is better for eliminating middlemen, not better for eliminating criminals.

Money saved in the bank can be traceable but Bitcoin is anonymous if stored in wallets that doesn't require KYC, isn't that a perfect means of money laundering? Cause it sounds like one to me, so i need explanations why i shouldn't feel it's a perfect means of laundering money for criminals.

Yes, and there should have been no money laundering stories before Bitcoin was introduced. However, it's important to note that Bitcoin isn't completely anonymous. That's why so many money laundering cases have been uncovered.

Clearly OP missed the reason for Bitcoin creation and is focusing his energy on the negative aspects, he should know that anything that was intended for a good cause that scammers always try to scam people through it but you don't have to cancel what is right because criminals are also using it. For example guns are meant to provide security and scare against oppressors but robbers also use it to scare and kill their victims so you cannot condemn the gun because criminals are also using it.

We should focus on the good of Bitcoin which is why it's adoption is increasing as a hedge against inflation and a store of value instead of focusing on criminals that are using it for fraud. Afterall before Bitcoin was created criminals have been using fiat and other assets to launder their loot, Bitcoin became one of their means so it doesn't take anything away from what it has achieved.

[sokani]

I am not against Bitcoin, i just need honest answers that would convince me more about Bitcoin because I'm newly into it. Some news I've seen about Bitcoin is either scam related, like people getting scammed through it on telegram, drug cartels using it to launder money, and criminals stealing from shop owners who use Bitcoin, if it is that better than fiat, why is it possible for criminals to use it or clean their dirty money with it?

Money saved in the bank can be traceable but Bitcoin is anonymous if stored in wallets that doesn't require KYC, isn't that a perfect means of money laundering? Cause it sounds like one to me, so i need explanations why i shouldn't feel it's a perfect means of laundering money for criminals.

Are people not getting scammed every day with fiat? Are people not getting robbed every day with fiat? Are people not doing money laundering every day with fiat? So why look at Bitcoin as if it's the problem? It is not. Bitcoin is just a tool, and it's not the problem. It's the criminals who are using it to scam people and to launder their ill-gotten funds that are the problem.

[Olatundespo]

This is a stupid excuse made by some people to blame Bitcoin. Billions of dollars are being laundered from almost every country and this is being done by people in power. They are looting their own country's money and building mountains of wealth abroad.
Some people cannot tolerate the coexistence of decentralized alternative economies with the traditional economy that is going on in the world. They spread misinformation about Bitcoin, while most of the crimes are being done through fiat currency.

[DiMarxist]

It's crazy how you demonize Bitcoin and yet the fiat money from your country or even the USD has been used to launder money by corrupt folk in your jurisdiction, commit fraud, buy drugs and, finance crime and terrorism since time immemorial. Ever since Bitcoin came into the picture, Government looked for the perfect scapegoat but the amount of money "Laundered" through BTC is far less than that that has been laundered through fiat. So let's cut the crap of saying that BTC is only used for laundering.

Well don't blame the OP, I believe that as a newbie he is still not in tuned with what Bitcoin is all about and may confuse Bitcoin as a bad thing that can be used to commit crime. But the OP has not realized that even the Fiat currency which is traceable using the banks can be used in commiting crimes by criminal minded individuals. The problem is about Bitcoin or even Fiat currency Bitcoin as a good technology is just a tool in the hands of individual. What they do with Bitcoin in their hands is entirely what they decide and Bitcoin should not be blamed or even be seen as a bad technology.

[Hamza2424]

I am not against Bitcoin, i just need honest answers that would convince me more about Bitcoin because I'm newly into it. Some news I've seen about Bitcoin is either scam related, like people getting scammed through it on telegram, drug cartels using it to launder money, and criminals stealing from shop owners who use Bitcoin, if it is that better than fiat, why is it possible for criminals to use it or clean their dirty money with it?

Money saved in the bank can be traceable but Bitcoin is anonymous if stored in wallets that doesn't require KYC, isn't that a perfect means of money laundering? Cause it sounds like one to me, so i need explanations why i shouldn't feel it's a perfect means of laundering money for criminals.

How many cases of such hacks have you heard since you started your journey in crypto? How many recovery cases have you heard? I am sure you have heard more cases than fiat because in cryptocurrency especially in BTC the blockchain is crystal clear which makes it hard for criminals to launder money in it. The stats show that fiat is the highest source of laundering money compared to crypto because of the transparent transactions on the blockchain.

Now with stablecoins like USDT, Tether could even freeze them on suspicion basis.

Now I am not denying the fact that scams and hacks are happening, but people who are losing their coins to these hackers are losing because of their own mistakes. They fell for honey traps on Telegram chats. Why would you even believe a random person texting you on Telegram?