Bitcoin = Laundering - page 5. | Bitcointalksearch.org

Qartersa

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Quote from: bugsvanny on November 16, 2017, 08:40:29 PM

Some say that you cant claim or transfer your bitcoin to a bank because they will suspect you of laundering.

So if youre using Bitcoin, youre basically a laundering and a criminal Huh

I just want to understand if its any different or just similar. Thank you

Let me answer you per question.

1) You can convert your Bitcoin to fiat online then lawfully withdraw the same in any of your local banks. Withdrawing it does not need any ATM because the process would only involve a password that will be given to you upon conversion.

2) Using Bitcoin is not tantamount to doing criminal acts like that of money laundering. - These are two different topics that deserve different categorical explanations. Using Bitcoin per se may be legal or illegal depending on your State laws. Money laundering, on the other hand, is a crime per se. Both originate from different grounds. Also, both may be a form of a criminal activity depending on how your respective government treat each of them.

zenrol28

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Quote from: bugsvanny on November 16, 2017, 08:40:29 PM

Some say that you cant claim or transfer your bitcoin to a bank because they will suspect you of laundering.

So if youre using Bitcoin, youre basically a laundering and a criminal Huh

I just want to understand if its any different or just similar. Thank you

There'll will be processes before the bank can accuse you of laundering. There's KYC policy. You're innocent until proven guilty. So don't worry the banks were just scared because the day will come that we'll totally don't need them anymore.

ImHash

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Quote from: Fear on November 17, 2017, 09:35:43 AM

If you earn Bitcoin legally and using Bitcoin for legal things, you are not a crime. Don't worry.

Just because you have bought a copper membership (I guess?) and have an extra something under your name, Doesn't give you the right to break the English language here Cheesy

I'm not perfect myself but I'm not full of myself like some people Cheesy

Chip monkeys you should be careful, Because last time we provided detailed information about laundering and mixing, Poor bitmixer got caught and many of us here lost our free coin earning opportunities.

ubay

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Maybe for some people doing money laundering with bitcoin, but it needs to be thought over and over again. Due to the fluctuating bitcoin price will cause people to lose money easily, especially if the bitcoin price drops.

lupinvn

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Quote from: bugsvanny on November 16, 2017, 08:40:29 PM

Some say that you cant claim or transfer your bitcoin to a bank because they will suspect you of laundering.

So if youre using Bitcoin, youre basically a laundering and a criminal Huh

I just want to understand if its any different or just similar. Thank you

Lol... many people believe that, and some government base on that phenomenon to banned bitcoin from their people's payment. But I personally think, everything has its own aspects, maybe they banned bitcoin because afraid of "laundering" but there are also have many benefits when you use bitcoin.

Jamie Oliver

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I think the original purpose of the currency is not for the sake of money laundering, but in order to finance and financial management, just a lot of illegal ACTS in order to make money to money laundering, not only because of the currency to money laundering think the currency is not so good.

Schirer

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Quote from: bugsvanny on November 16, 2017, 08:40:29 PM

Some say that you cant claim or transfer your bitcoin to a bank because they will suspect you of laundering.

So if youre using Bitcoin, youre basically a laundering and a criminal Huh

I just want to understand if its any different or just similar. Thank you

Lack of understanding of technology basics.
And one needs to buy BTC first in order launder it further, which is not so easy in case of large sums, exchanges asks for legitimate papers and id.

BillyBobZorton

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Quote from: bugsvanny on November 16, 2017, 08:40:29 PM

Some say that you cant claim or transfer your bitcoin to a bank because they will suspect you of laundering.

So if youre using Bitcoin, youre basically a laundering and a criminal Huh

I just want to understand if its any different or just similar. Thank you

I have never cashed out any relevant amounts of bitcoin, only very small amounts and always through localbitcoins, not even $1000 worth. Im not sure what would happen if I cashed out a pretty big amount directly in my bank account. I can say that I am scared of the bank stealing all of my money, freezing my account because they claim the precedence is "dubious" when it's just me cashing my bitcoins. I have seen problems of this nature in the past and I don't want to be the idiot that gets his bitcoin basically stolen by state.

I don't want to avoid any taxes and launder any money, but I don't want to be the guinea pig of anyone, so I will keep holding my bitcoin and will keep studying how the hell this works. I would like to contact financial advisors but the problem is that they don't know anything about bitcoin.

I think im just going to hold very long term, by the time I cash out any relevant amounts I guess everything is clear in how to proceed and not a big grey area like it is now.

junoon

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it is getting much more difficult to launder money with BTC..
not so many anonymous ways to buy or sell.. BTCe stock was of this kind, but it was busted for supporting money laundering - a clear signal from feds!
for sure there are still a lot small semi-official exchange points in different countries and p2p exchange services - but it BTC is constantly getting less and less anonymous.

appleyard

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Quote from: bugsvanny on November 16, 2017, 08:40:29 PM

Some say that you cant claim or transfer your bitcoin to a bank because they will suspect you of laundering.

So if youre using Bitcoin, youre basically a laundering and a criminal Huh

I just want to understand if its any different or just similar. Thank you

Yes it can apply to all bitcoin users who has a big amount of bitcoin. That act is implemented to control the the people who carries and making transaction with huge amount of money without any legal basis. This is why dont in cash your bitcoin in one transaction with a huge value this will cause you losing all your money and go to jail at the same time.

gabbie2010

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Laundering is one of the tactics the banks is using to tarnish the image of bitcoin which had been gaining increasing global recognition, the banks sees bitcoin as a major treat to their existence and are always devising a way by which it can involve the government to ban the use of bitcoin.
Before bitcoin came into existence other money transfers had also being used to laundered money I don't see any reason to linked bitcoin with laundering.

wolfracer

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what are you telling to me, Bitcoin is not laundering if you have a proff of where the funds come you don't have nothing to fear. yeah Bitcoin can be used to launder money but you can also do laundering with fiat

hilda483

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Quote from: Sachinist on November 16, 2017, 08:51:35 PM

Scare tactics by bank and government. Bitcoin is the nuclear weapon to existing financial system. We are getting a lot of services to use bitcoin like fiat money. By the end of 2018, this will happen in most of the liberal world. Banks can shove their fiat.

I agree, there is no way bank can do that. Bitcoin is a currency like any other, only that it's decentralized. It also depends on the countries. Some are pretty rough with crypto most are cool.

TomUyamot

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Quote from: bugsvanny on November 16, 2017, 08:40:29 PM

Some say that you cant claim or transfer your bitcoin to a bank because they will suspect you of laundering.

So if youre using Bitcoin, youre basically a laundering and a criminal Huh

I just want to understand if its any different or just similar. Thank you

A launderer is of course a criminal. But it does not automatically follow that a Bitcoin user or investor is a launderer. Neither does it follow that a Bitcoin user or investor is a criminal. However, with the features characterizing Bitcoin such as anonymity and decentralization, it is very much a tool for launderers to easily store and withdraw money. But banks are of course not going to accept Bitcoin and vice versa because they are like cats and dogs. You have to go through fiat first.

Lipe490

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I have no doubts that bitcoin is used as way of laundering in everywhere but we should know that we have a blockchain where all the transactions are recorded and keep there until forever! THe hard thing it's to track back where the money is coming from and where the money is going to. Here in my country there are a few people who is being investigated for using bitcoins to hide and laundering money. Some of them are even on prison, and now they are trying to localize their bitcoins accounts.

Hamstead

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Quote from: conceivedspoon2 on November 18, 2017, 04:24:01 PM

Bitcoin is a currency that has its operations control by blockchain. Every transaction with blockchain is transparent and that's actually what create fork for bitcoin. So, it has little or zero tolerance for scam, laundering or criminal acts.

No, it isn't really transparent. Yes, all transaction are recorded in the bockchani but the concerned is the identity of the person using this bitcoin because it is totally anonymous. We can't certainly ignore that bitcoin can be used in a form of laundering and possibilities that it can be used as a payment for any criminal activities.

Nobody would be blame on this or any elegal activities happen by using this digital currency(bitcoin) since there real identity is hidden. Only the recorded transactions is a proof but it won't give the whole infor because we don't know where it came from and where it goes.

conceivedspoon2

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Bitcoin is a currency that has its operations control by blockchain. Every transaction with blockchain is transparent and that's actually what create fork for bitcoin. So, it has little or zero tolerance for scam, laundering or criminal acts.

dogandogru

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Bitcoin = Laundering is not true. But we can't deny that being anonymous in transaction, it is the easiest way to launder the money. Even it was found that bitcoin quite much in use in dark-web transactions for buying and selling unethical items (mostly drugs).
It all depend...how we use this amazing technology for good or bad. Most of the bitcoin users are not bad or criminals. Only a small percentage is involved in bad things...but that happens in fiat also. You can't really stop the EVIL.

Feuerbach

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Quote from: bugsvanny on November 16, 2017, 08:40:29 PM

Some say that you cant claim or transfer your bitcoin to a bank because they will suspect you of laundering.

So if youre using Bitcoin, youre basically a laundering and a criminal Huh

I just want to understand if its any different or just similar. Thank you

You can withdraw a certain amount on a bank card and remain unchallenged. The amount depends on the country)

Ilegendph

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Thinking on the higher plane of existence.

I think you can defend yourself if someone accused you for money laundering because here in the web we have what we call transactions IDs, communication history and digital signature. If you cannot explain where your income from bitcoin most probably you guilty of that accusation. And regarding the tax evasion using bitcoin, I think its is possible by not declaring it and converting only small amount of money from your bitcoin savings so that no one will notice it.

Topic: Bitcoin = Laundering - page 5. (Read 2446 times)