Topic: Is Bitcoin the way to fight corruption? Or is it the good way to launder money? - page 2. (Read 1718 times)
December 27, 2017, 04:49:57 PM
Fight corruption? I say yes because bitcoin can utilize transaction and I see that the blockchain is weel inform than other traditional banks while money laundering is a great way to use bitcoin but there's a limit if you withdraw a lot of money in a banks.
December 27, 2017, 11:24:27 AM
The reason why some governments are setting up some cryptocurrency regulation in their country is to prevent any unlawful use of virtual currencies by some elements that deals with money laundering, drug trafficking and other illegal activities. Any corrupt officials can easily use the cryptocurrency to pursue whatever their plans.
Bitcoin may be a way to launder your money but it is highly risk,if you want to buy bitcoins you need to buy through the bank transactions so if you deposited your money into your bitcoins into bank then you will get caught.
But you can still launder your money if you can find a bitcoin trader on your local you just pay him as cash and you can buy bitcoins.
And bitcoin may leads to serious corruption because it is fully anonymous so no one can find who is having bitcoins so regulation is also important but is highly impossible to regulate the bitcoin also.
December 27, 2017, 03:49:01 AM
The reason why some governments are setting up some cryptocurrency regulation in their country is to prevent any unlawful use of virtual currencies by some elements that deals with money laundering, drug trafficking and other illegal activities. Any corrupt officials can easily use the cryptocurrency to pursue whatever their plans.
December 27, 2017, 01:18:18 AM
The question is , is bitcoin and the government are same ? No. They are different entity, with a different function and different benefits. I dont think bitcoin has a connection to the corruption or laundering money on the government because first of all, bitcoin is a personal investment.
December 26, 2017, 09:26:03 PM
I would agree if bitcoin is a great way to launder money. The bitcoin transaction is easy, safe, and only its users know. If the mafia are trying to launder money with bitcoin, it will be very easy to do. The reason is what makes the government so far still doubt the bitcoin.
December 22, 2017, 07:34:24 PM
Bitcoin is not really anonymous, those who get involved in negative activities are caught immediately with the help of the blockchain. This time launderers and criminals think twice before they use bitcoin as system of payments. I guess They prefer other altcoins to secure their anonymity and maintain stealth status.
Its possible but not actually an easy job to do for sure and thinking off that those corrupt people will surely make the best possible move for them on not to be traced.The thing here is that they do able to deposit corrupted money by means of fiat exchanging to bitcoin which would really able for us to track up if someone would really enforce or investigate. Fighting corruption would be somehow hard specially if it already involve on online matters specially on anonymity it would really be a tough job for investigators.We already know that bitcoin is not really anonymous. However, criminals or those corrupt thinks that it is the best way to used because its very easy but you can be followed and tracked in blockchain unless they do hide thorough TOR or mixing services. But the thing is once the money goes to a exchanges because you need it to convert it to FIAT then you can be caught. It will take time for investigator but they will if they decided to really hunt those money launderers. But as far as bitcoin fighting corruption? I don't think it applies to bitcoin. In addition, if criminals or money launderers wants to really hide their identity, there are coins out there that they can really used. (Monero, Zcash).
Additional to this I like blockchains mechanism, criminals are unlucky because blockchain is the permanent record of all things and cheaters should back off. Blockchain will surely put a lot of bad people to prison.
December 20, 2017, 01:00:03 PM
Today we have seen people use the most improvement in technological for both good and bad. Even cocaine is being used for medicinal purpose while its destroying some other people lives across the world. Another is the nuclear plant while its a potential for some countries, its a weapon of war in other countries. The same thing with bitcoin and even more importantly the blockchain technology which to me its the best technological advancement we have come to see if its harnessed to its fully potential.
To fight corruption would be a very good thing I just imagine how magnificent its going to be to see budget being implemented, taxes paid, payment to contractors, results process, public polls, elections, census, shipping lines, filing of returns, payment of taxes and everything is so public that can be traced I wonder how corruption will not be defeated to a large extent. For those who chose to use it for negative things, we hope to change their ways.
To fight corruption would be a very good thing I just imagine how magnificent its going to be to see budget being implemented, taxes paid, payment to contractors, results process, public polls, elections, census, shipping lines, filing of returns, payment of taxes and everything is so public that can be traced I wonder how corruption will not be defeated to a large extent. For those who chose to use it for negative things, we hope to change their ways.
December 20, 2017, 12:22:16 PM
When it comes to financial assets, you can't really escape the negative part( money laundering, corruption)
Almost every monetary model is hit by corruption. Bitcoin emerged from darkweb, house to illegal market. Many such acts were tracked because of transparency of transactions on Blockchain. But the rate isn't that high. You can easily escape authorities through mixing services or TOR. I read recently that rate of use of Bitcoin in darkweb has reduced significantly because of the presence of more secure and anonymous currencies like Zcash, XMR etc. On the whole, cryptocurrencies don't really help in bringing down corruption or money laundering.
Almost every monetary model is hit by corruption. Bitcoin emerged from darkweb, house to illegal market. Many such acts were tracked because of transparency of transactions on Blockchain. But the rate isn't that high. You can easily escape authorities through mixing services or TOR. I read recently that rate of use of Bitcoin in darkweb has reduced significantly because of the presence of more secure and anonymous currencies like Zcash, XMR etc. On the whole, cryptocurrencies don't really help in bringing down corruption or money laundering.
December 20, 2017, 09:49:25 AM
I don't think it will help in fighting corruption in any way because nobody can find out the names and original identity of any person due to anonymity transaction. Your only identity is your BTC wallet address. This address comprise of both numeric and alphabets (eg: OpzxR2856Ljk).
Moreover, Corrupted persons can use BTC as a money laundering tool to convert their FIAT into BTC.
You are right people would rather hide themselves because bitcoin cant really be tracked up and just being said above I do rather see this thing on negative way when it comes on helping to launder money and would be a good thing for corrupting money instead on helping to avoid it. This is the negative thing on bitcoin this is why government do really have negative impressions and reasons why they do become strict to accept bitcoin. Moreover, Corrupted persons can use BTC as a money laundering tool to convert their FIAT into BTC.
December 19, 2017, 06:23:16 PM
I don't think it will help in fighting corruption in any way because nobody can find out the names and original identity of any person due to anonymity transaction. Your only identity is your BTC wallet address. This address comprise of both numeric and alphabets (eg: OpzxR2856Ljk).
Moreover, Corrupted persons can use BTC as a money laundering tool to convert their FIAT into BTC.
Moreover, Corrupted persons can use BTC as a money laundering tool to convert their FIAT into BTC.
December 17, 2017, 11:56:27 AM
Bitcoin is not really anonymous, those who get involved in negative activities are caught immediately with the help of the blockchain. This time launderers and criminals think twice before they use bitcoin as system of payments. I guess They prefer other altcoins to secure their anonymity and maintain stealth status.
Its possible but not actually an easy job to do for sure and thinking off that those corrupt people will surely make the best possible move for them on not to be traced.The thing here is that they do able to deposit corrupted money by means of fiat exchanging to bitcoin which would really able for us to track up if someone would really enforce or investigate. Fighting corruption would be somehow hard specially if it already involve on online matters specially on anonymity it would really be a tough job for investigators.We already know that bitcoin is not really anonymous. However, criminals or those corrupt thinks that it is the best way to used because its very easy but you can be followed and tracked in blockchain unless they do hide thorough TOR or mixing services. But the thing is once the money goes to a exchanges because you need it to convert it to FIAT then you can be caught. It will take time for investigator but they will if they decided to really hunt those money launderers. But as far as bitcoin fighting corruption? I don't think it applies to bitcoin. In addition, if criminals or money launderers wants to really hide their identity, there are coins out there that they can really used. (Monero, Zcash).
December 16, 2017, 01:04:59 PM
Bitcoin is not really anonymous, those who get involved in negative activities are caught immediately with the help of the blockchain. This time launderers and criminals think twice before they use bitcoin as system of payments. I guess They prefer other altcoins to secure their anonymity and maintain stealth status.
Its possible but not actually an easy job to do for sure and thinking off that those corrupt people will surely make the best possible move for them on not to be traced.The thing here is that they do able to deposit corrupted money by means of fiat exchanging to bitcoin which would really able for us to track up if someone would really enforce or investigate. Fighting corruption would be somehow hard specially if it already involve on online matters specially on anonymity it would really be a tough job for investigators.We already know that bitcoin is not really anonymous. However, criminals or those corrupt thinks that it is the best way to used because its very easy but you can be followed and tracked in blockchain unless they do hide thorough TOR or mixing services. But the thing is once the money goes to a exchanges because you need it to convert it to FIAT then you can be caught. It will take time for investigator but they will if they decided to really hunt those money launderers. But as far as bitcoin fighting corruption? I don't think it applies to bitcoin. In addition, if criminals or money launderers wants to really hide their identity, there are coins out there that they can really used. (Monero, Zcash).
December 15, 2017, 10:59:43 AM
the bitcoin depends on its owner it can be a way of money laundering that c sure since it is untranslatable but in no case it will be a means of corruption because the coruption is human she has no report with the bitcoin
December 15, 2017, 10:47:32 AM
Bitcoin is not really anonymous, those who get involved in negative activities are caught immediately with the help of the blockchain. This time launderers and criminals think twice before they use bitcoin as system of payments. I guess They prefer other altcoins to secure their anonymity and maintain stealth status.
That's why my government decide to make a new regulation on 2018 and mostly will forbid bitcoin for main transaction.
Personally I have no problem if I can't purchase good with bitcoin, but as long as I can still trade, I will adapt with government's regulation !
December 15, 2017, 10:32:09 AM
Bitcoin is not really anonymous, those who get involved in negative activities are caught immediately with the help of the blockchain. This time launderers and criminals think twice before they use bitcoin as system of payments. I guess They prefer other altcoins to secure their anonymity and maintain stealth status.
Its possible but not actually an easy job to do for sure and thinking off that those corrupt people will surely make the best possible move for them on not to be traced.The thing here is that they do able to deposit corrupted money by means of fiat exchanging to bitcoin which would really able for us to track up if someone would really enforce or investigate. Fighting corruption would be somehow hard specially if it already involve on online matters specially on anonymity it would really be a tough job for investigators. December 15, 2017, 09:46:56 AM
Bitcoin is not really anonymous, those who get involved in negative activities are caught immediately with the help of the blockchain. This time launderers and criminals think twice before they use bitcoin as system of payments. I guess They prefer other altcoins to secure their anonymity and maintain stealth status.
The main income from illegal activities of criminals get into Fiat. Money laundering is the term used by corrupt officials in order to gain access illegally acquired money. There are many law enforcement agencies which must identify the offender at the time of the crime. Then find any money is very difficult. Attempt to prosecute bitcoin is a hidden desire to leave everything as is. December 15, 2017, 09:04:20 AM
... those who get involved in negative activities are caught immediately with the help of the blockchain...
"Immediately" is a bit of stretch. Nonetheless, blockchain analysis is evolving fast due to increasing interest by
law enforcement and tax offices all over the world.
Regarding the original question of the OP:
Why would anyone want a corruption-related transaction on an immutable, public ledger? It really makes
no sense. I guess when Bitcoin was in its infancy it was suitable for this purpose, but nowadays there are simply
more anonymous and secure options available.
December 15, 2017, 07:57:27 AM
Bitcoin is not really anonymous, those who get involved in negative activities are caught immediately with the help of the blockchain. This time launderers and criminals think twice before they use bitcoin as system of payments. I guess They prefer other altcoins to secure their anonymity and maintain stealth status.
December 15, 2017, 06:17:23 AM
I think in this case bitcoin do both things in our society. The company of bitcoin builds a systemize and well-organized process in all aspect wherein they can lessen the conflict of interest by some individual which leads to no corruption. Another thing it is great launder in money to provide assistance in some fellowmen.
December 07, 2017, 09:51:34 AM
Bitcoin will prevent any fake projects because they need to include the details in the blockchain so yes it is a very good way to fight corruption. Every transcations in the government should be like that. The money laundering can still be avoided if every exchanges and trading sites will cooperate.
I kind of agree that it will fight corruption but not in the same way. If a corporation would invest in bitcoin, then they wont need to make high prices,they would even lower the commodities and if a government would want to invest in bitcoin,their is a high chance that they will have another source of income and they could lower taxes.
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