Can Bitcoin also lead to corruption ? - page 53.

Latviand

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Quote from: speem28 on April 11, 2017, 12:02:34 PM

We all know that there is corruption everywhere, like in government or any other organization. Because of money, corruption can always happen with greedy people who always wants more money to them. Since bitcoin can be considered as money, can it also lead to corruption?

It is really easy to do corruption while doing bitcoin transactions. It is paperless and leaves no trace can be done everywhere and anytime as long as there are the neccessary items needed in the place that you are. It is jot regulated by some laws and you can encash and save and hide it.

man1996

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Yess this is the greatest disadvantage of bitcoin.The payment which we receive is in black and the government or any other organization doesn't have any information about this payment.So people can tranfer as much money as they want to other people's account and they can continue their illegal business.

Jake052478

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anything that involves cash/money is always susceptible to corruption. When Bitcoins used to pay transactions, then bitcoins will not be exempted to theft or corruption. The transfer of this cryptocurrency is much easier than bringing bags of cash. Since bitcoins are not yet regulated in some countries and therefore no legal basis, then it is more prone that they will use this currency to gain in the legal or illegal way....

sofi@

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I think yes anyone can buy bitcoins without limitations meaning any government official can acquire bitcoin using the money they get from corruption they can store it there and nobody can learn that instead of putting it in a bank they choose bitcoin it would be a big danger if corrupt officials will use bitcoin to keep their corrupted money

Japinat

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Quote from: drachman on September 18, 2017, 04:28:54 PM

Quote from: Wexnident on September 11, 2017, 11:33:53 PM

Quote from: speem28 on April 11, 2017, 12:02:34 PM

We all know that there is corruption everywhere, like in government or any other organization. Because of money, corruption can always happen with greedy people who always wants more money to them. Since bitcoin can be considered as money, can it also lead to corruption?

Yes, I believe that there's a possibility becauae still, it involves money. And as long as money is involved into something, corruption will always be present. I'm nit sure on how corruption works in Bitcoin since it is decentralized, maybe it is on ICO projects or campaigns which is related to Bitcoin something like that.

Corruption in bitcoin will work exactly as corruption in fiat, a politician is going to receive a payment in bitcoin or with an anonymous coin like monero or dash and then they are going to erase their tracks and finally they are going to enjoy that money with impunity.

Exactly, the only difference is that they can make a faster transaction and even an anonymous one, its their option but when we make illegal activities we are subject to one punishment depending on the law of our country and that is regardless of what currency we are using to carry out transactions.

drachman

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Quote from: Wexnident on September 11, 2017, 11:33:53 PM

Quote from: speem28 on April 11, 2017, 12:02:34 PM

We all know that there is corruption everywhere, like in government or any other organization. Because of money, corruption can always happen with greedy people who always wants more money to them. Since bitcoin can be considered as money, can it also lead to corruption?

Yes, I believe that there's a possibility becauae still, it involves money. And as long as money is involved into something, corruption will always be present. I'm nit sure on how corruption works in Bitcoin since it is decentralized, maybe it is on ICO projects or campaigns which is related to Bitcoin something like that.

Corruption in bitcoin will work exactly as corruption in fiat, a politician is going to receive a payment in bitcoin or with an anonymous coin like monero or dash and then they are going to erase their tracks and finally they are going to enjoy that money with impunity.

gunhell16

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IT is and will be , as we all know corruptions are all over the world and some corrupt politician were caught through their accounts at the bank!
theres a paper for evidence that well elaborate all of their transactions from withdrawals to deposits .. but when bitcoin will do it for them you cant ahve any evidence as bitcoin transfer in anonymous way those withdrawals and deposits and all imaginary after wards and there will be 100% clean transaction with no trace of evidence !

Bakugan

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Quote from: speem28 on April 11, 2017, 12:02:34 PM

We all know that there is corruption everywhere, like in government or any other organization. Because of money, corruption can always happen with greedy people who always wants more money to them. Since bitcoin can be considered as money, can it also lead to corruption?

As soon as the government entered bitcoin then that is the start of corruption for me because we all know that government wants all the people's moneybas if they should hold all the money and give just a small amout to people.

lobo13hf

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Quote from: dhas on September 18, 2017, 09:23:50 AM

I think it will not lead corruption due to bitcoin community was noy covered by any government. However there's a possibility that bitcoin leads corruption if the government of different nation joint forces to take over the power of authority to bitcoin.

That could only possible if the "different nations" were owning majority of bitcoin and probably above 70% then they could take over the power of authority, bitcoin is decentralized so it's a hard try for them, talking about corruption, it's not about corruption that caused by the involvement of the government but corruption in some instances that uses bitcoin as their currency, but I think it'll be impossible, all the transaction have been recorded in the blockchain and it'll be there forever.

roger2000

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Bitcoins and all anonymous payment systems are best ways to pay bribes.
But low level bribes with one to four hour transaction time probably will not works

PS. Non anonymous payment systems will not stop bribes either.

dhas

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I think it will not lead corruption due to bitcoin community was not covered by any government. However there's a possibility that bitcoin leads corruption if the government of different nation joint forces to take over the power of authority to bitcoin.

deejhay

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for future

Greed is something that wont be quench, thats true and can be seen in any government and i believe every country has. They will try to get hold of something of value and with the price of bitcoin, that would be true. We cant see it yet because government are still studying bitcoin but as soon as its accepted, corruption with bitcoin will be on the news.

buddynuno

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Bcnex - The Ultimate Blockchain Trading Platform

Where there is money there is also corruption. Fiat is corrupted as hell. We have an inflation of over 2000% in the last 100 years in USD alone so since Bitcoin is limited to 21 million coins we can assume that Bitcoin it is a safer bet. In conclusion, corruption is where money is.

Lmaooo

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santacoin.io

Well, that may defend on how you perceive bitcoin. Fiat is also often used in corruption ceases so why not bitcoin?

Sonin1944

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It is genuinely verging on foolish to claim that a standard advance is since of some administration mediation. By and by, I preserve to the summary that the ideal an administration can do is not to wreck excessively or meddle also profound with the improvement of modern society. As this kind of, they can exacerbate issues awfully nevertheless they can scarcely enhance them a excellent deal. It resembles present day excavators, even though numerous if not every single one of them may be pleasant folks independently, nonetheless together, as a framework, they are as rebel and heartless as some other entrepreneur out there never ever going to budge on sucking in positive aspects

superplus

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Bitcoin is a currency so what makes you think it would be safe from corruption? Isn't buying illegal things and money laundering through bitcoin a form of corruption? Bitcoin is not leading to corruption, it IS drenched in corruption the moment people realize they can do all sort of things in bitcoin.

giarised

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Quote from: okala on August 26, 2017, 09:58:58 AM

Money itself is not the roots of corruption neither can bitcoin leads to corruption. The roots of corruption is greedy and selfishness. Many people who are born into influence and wealthy family are corrupt because corruption has it roots in greedy

Yes and that officially causes a lot of corruption. If we think properly, all the money obtained in corruption is declared as the black money as people do not pay taxes for it. All the black money can be transferred to bitcoins and then it can be legally be converted to white money.

It can cause a heavy exchange of black money to white money. But there is not much profit in storing all the black money in bitcoins as they would require to pay certain taxes for withdrawing their bitcoins.

KalaiBTC

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Quote from: speem28 on April 11, 2017, 12:02:34 PM

We all know that there is corruption everywhere, like in government or any other organization. Because of money, corruption can always happen with greedy people who always wants more money to them. Since bitcoin can be considered as money, can it also lead to corruption?

A good question. If we think about it, bitcoin might be used for corruption. Bitcoin is a anonymous currency and does not require any taxation on it. Bitcoin is totally decentralized so it does not even have any price limitation. Also you don't have any limit on purchasing bitcoins. Bitcoins can be used by anyone in any amount. You can also purchase bitcoin of millions of dollars without actually knowing anyone know about it. Just you have to exchange your money silently.

JoeStewart

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The corrupts don´t need bitcoin for their corruption. Bitcoin offers privacy in transactions, true, just like bank accounts in tax havens. The corrupts have already their system and will not change it to adapt it to a currency that banks don´t like, especially when they don´t need it and because bitcoin, after all, always leaves a trace.

costina

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Well this question has its answer already, bitcoin is money, soo the difference is digital money, how many scams had happened on the last 7 years with a lot different projects supporting bitcoin and crypto? I dont see why would bitcoin be able to stop corruption, is the same question about the use of bitcoin, some says its connected to dark marketplace, but each user is able to choose where to spend its coins the same happens with fiat for a long period.

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