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

[fuguebtc]

Bitcoin is not anonymous, it is only pseudonymous. It offer better privacy than  fiat, and the truth is that some criminal have switched to using it, which has made tracking them somewhat more difficult

However, we cannot blame or claim that Bitcoin was created for criminals under any circumstances. Like a knife, it was crafted for use in the culinary industry, not designed for criminals to use to harm others. It is clear that the problem lies in how people use it, not in the tool itself. Human behavior is the root cause of evil, and we can never completely prevent it.


Fiat,  bitcoin, or knives are simply inanimate tools, and what you use them for is entirely up to you. Bitcoin is indeed better and superior to fiat, but as I said, the problem lies in human behavior.

[Nathrixxx]

The purpose to why we make use of money is not to abuse it for crime, but to serve as a medium of exchange so we can have something to use in buying and selling as well as acquiring for our assets, scam is everywhere and people are the ones behind these evil act, they make use of any currency the intended to perform scam, this is why we should not only see bitcoin as being an instrumentation for scam in digital network, because there is also scam in traditional currency and this has been in existence over a long time.

[Somegory]

So fiat had a problem naturally that's why Bitcoin exists? Because Fiat is better for buying weapons and financing terrorism, it's clean and no one will be able to trace anything back if it's in cash.

Bitcoin doesn't exist to fix Fiat, and the only problem that Fiat has is inflation, it works as means of exchange or trade by barter, Bitcoin only exist to be an option and as a first decentralised digital currency that works.

Criminals who choose Bitcoin as their method of staying hiddy have no idea what they are doing,  because Bitcoin is more revealing than Fiat currency, they should have stayed using Fiat.

[moneystery]

Bitcoin is often framed by governments, with many accusing it of being a tool used by criminals to launder money. But, onsidering Bitcoin's transparency and traceability, it's a worse choice than fiat for money laundering. Fiat makes it much easier to launder money and obscure your tracks, as it leaves no digital footprint.
On the other hand, with Bitcoin, with the right analytical tools, authorities can more easily trace the movement of these funds. That's why so many cases of money laundering through Bitcoin have been uncovered to date as it's not completely anonymous, and with more effort, authorities can track down these criminals.

[lionheart78]

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.

Yeah, right, perfect means of laundering when all your transaction is transparently recorded.  Did you know how many criminals are busted because they use Bitcoin to transact their dealings?  Here is one of the article about using Bitcoin to trace down  criminals: Danish police first in the world to hunt down criminals using bitcoin.

The common misconception of people is that they think Bitcoin being pseudo-anonymous, is a perfect tool for money laundering, but little do they know that Bitcoin transactions are transparently recorded on the blockchain.  And this blockchain transparency is the best weapon against crime.

[Oluwa-btc]

This is one of the hate statements bitcoin normally gets for out doing the every fiat currencies. Rather than talk about the advantages, thry solely settle with demonising it and all focus on the bad things it has been used for.
It has turned the poor to rich and also brought a chance to make more rich if thry invest properly.
Fiat currencies are being used fir far more worse idea than Bitcoin. Bitcoin is like the light in the dark. It is one of the few ways out of the system.

[Okb Tested]

This is one of the hate statements bitcoin normally gets for out doing the every fiat currencies. Rather than talk about the advantages, thry solely settle with demonising it and all focus on the bad things it has been used for.
It has turned the poor to rich and also brought a chance to make more rich if thry invest properly.
Fiat currencies are being used fir far more worse idea than Bitcoin. Bitcoin is like the light in the dark. It is one of the few ways out of the system.

Come on mate! Your assumption is wrong, I already corrected that impression to the person who first said I was demonizing Bitcoin yet you still said same thing. It may seem as though you're spot on but honestly you didn't understand my intentions of this post and it's never about demonising Bitcoin.

Well i already got the replies i need and I'm gradually convinced to be more serious with Bitcoin therefore I think I'll lock this thread cause I don't need more people to get a wrong impression of my statements.