Money laundering is possible with any currency, electronic or fiat. A public ledger can even be useful for money laundering. It's a perfect proof that a transaction was real. What's not in the ledger though, is the proof that some service was done, or that some goods were exchanged. The blockchain is a great tool for creative accounting...
Gosh, I could sell methods to launder money with BTC!
Topic: Money Laundering "Not Possible" with Bitcoin? - page 4. (Read 2642 times)
Of course it's not possible. It's easier to launder money with cash than it is with Bitcoin. With Bitcoin every single transaction is tracked and logged and stored forever. That's not the case with cash.
,That's fucking deep
Of course it's not possible. It's easier to launder money with cash than it is with Bitcoin. With Bitcoin every single transaction is tracked and logged and stored forever. That's not the case with cash.
it could happen. even more easily than by other means. because bitcoin is anonymouse and very easy to carry out financial transactions with bitcoin.
yeah its the point of entry and exit from bitcoin that would be the problem for money launders.
Yes and I also feel that you could make an infinite loop and multiaddresses to fool an investigation or at least obfuscate it. If someone wants to launder money with Bitcoin I feel it's very easy to do even if the transactions are exposed, remember that to gather the evidence to prove that you hold that wallet would be a problem in the first place.
I'm not so sure about that. Although Bitcoin is not anonymous, it is still pseudonymous. If you are looking at transactions, you don't know who exactly is behind an address and where those Bitcoins in that address came from. You don't know whether the money is from fraud or from legitimate business. And with mixing services and through other methods of anonymization like CoinJoin, it can make tracing Bitcoin extremely difficulty such that it is impossible to know who actually committed a crime and used Bitcoin to launder the money.
True. However, when it is time to convert from bitcoin back to fiat, problems will once again arise. It's at that point where the person cashing the coin would need to show the legitimacy of their income. If suddenly I were cashing out +10K USD, then alarms would be triggered and I would have to show where that income came from when asked.
I'm not so sure about that. Although Bitcoin is not anonymous, it is still pseudonymous. If you are looking at transactions, you don't know who exactly is behind an address and where those Bitcoins in that address came from. You don't know whether the money is from fraud or from legitimate business. And with mixing services and through other methods of anonymization like CoinJoin, it can make tracing Bitcoin extremely difficulty such that it is impossible to know who actually committed a crime and used Bitcoin to launder the money.
Or at least "not possible" at the crazy-shit levels that Liberty Reserve handled. Though to be honest, if I was into money laundering, I probably wouldn't be using Bitcoin anyhow. http://www.newsbtc.com/2016/02/01/liberty-reserve-level-of-money-laundering-is-not-possible-with-bitcoin/
Jump to: