Topic: Money laundering through cryptocurrency (Read 173 times)

The thread been wan confuse me but I later understand say you change the concept of the thread from wetin e be before to wetin e be now. Make we talk about the money laundry wahala. Money laundry dey happen but e no mean say just because say na cryptocurrency say person no fit trace the money. Blockchain dey open to every body to access and unless you dey use privacy focus coins to hide traces for money wey you dey try do money laundry for, no no dey dey hide anything. Bitcoin own na mixer, mixers go help hide the money when you wan run the money laundry.

Fiats (that's paper money) na still the best way to launder money, cash dey very untraceable but people no know. All those wire transfer and online ways of sending money wey we dey use do money laundry dey very traceable. Ask yourself why politicians dey like share money for cash and not online and na cash dem dey get full their hideout spots, na because cash dey very easy to launder and untraceable.

Cryptocurrency is the least of our worries when it comes to money laundry, Bitcoin promotes anonymity no be like e dey encourage money laundry. As for the other discussion of Bitcoin and poverty, just know say Bitcoin na just a currency. Like other currency it can be used to elevate your current condition when you make investment with them but Bitcoin own na say if you buy am you dun already make investment so e fit help your conditions only when you get money to invest in am and hodl.

Normally pipo wey dey into money laundry naim b the problem, no crypto be d issues here, if you dey try reason solution to laundry you no really take d fight go crypto because na money dem dey use buy crypto or maybe you work dem pay you or dash you, apart from dis ways dem u no fit get crypto so na to dey see how Bank dey use regulate big money wey dey fly around without knowing how d money take come, na d first step b dat before you go come dey reason entr crypto.

Normally crypto no b bad tin, na bad pipo wan use am run bad tin so to catch dem na to start from.bank fes because once e enter crypto dem fit use mixer run am and you no go fit trace am so d first place of call should most be at the bank.

I never still grab while people go dey think say, na Bitcoin ne their hope to run from poverty, na why plenty people dey run from am, wen once dem get the misunderstanding say e go make person rich, Dem go just think say na scam, because plenty scam sef wey I don see na about teaching person to buy crypto for broker. Now wey our prayers have been answered make we see weda na for the betterment of us  or na just another way to take thief more money, I just pray make Dem no let us regret for this good news wey Dem don bring come give us for this celebration season wey go come make the celebration sweet more and more oo.

You have spooked the truth, my brother. Bitcoin and cryptocurrency technology cannot do anything in Nigeria when we talk about methods to eradicate poverty. Nigerian, and which method are you going to even use for people to take advantage of the cryptocurrency? When millions of people are on the street looking for their daily food, how do you think of teaching these people about bitcoin and why they should invest whatever knowledge you have in them? They won’t listen to you. The only thing that can reduce poverty in Nigeria is when there is no corruption, there are no godfathers, and we have full employment. I believe this will reduce some things, and we will have people who may adopt the currency.

Can this act be the possible solution to this above problem you mentioned?
This is a bad government's fault for not repairing roads and not having good plan on the economy of this country, and not individual problem, therefore, I don't see introducing cryptocurrency as a possible solution to this problem, because just as Charles-Tim said below;
This is the plain truth; the government are very selfish they are always after what will give them money and not after its citizens.

This is the case. I know that having knowledge is not enough even though I'm an advocate of teaching bitcoin to the community and schools. But I know that after acquiring that knowledge, you need to take a step further thereby working the learning process into practice.

Your practice is very important because it adds to your experience and your prowess. Your experience in the bitcoin technology is paramount and tantamount to the level of your expertise in trading and holding.

I wish to advise us to join us in spreading of the bitcoin knowledge to our local communities. We can be the advocates of the bitcoin technology and work hard towards achieving that through organizing Bootcamps and meet ups talks.

Op your attention is needed here https://bitcointalksearch.org/topic/m.63352643, as I been dey go through the threads in the local board nai I come see this one wey I dropped the link for above so make you attend to that matter with urgently. If not this account wey you don get like 4 merits fo fo down and you go starr from the beginning again.

Bitcoin fit remove poverty from people and dat one na easy thin

Op in order to eradicate poverty in the country, your gov't are the ones who are to withstand with their promises by making you good road high security and so on. if they are to do all the rightful things, I think they will be a hold up to this poverty of a thing.
 Suggesting that Bitcoin can eradicate poverty in the country it can be a waste of time to you and any other person who's thinking such, because if you have the opportunity to make an investment you do so in order of your own personal interest.
 Please we have to think other way not this way, by thinking either Bitcoin can eradicate poverty. It negative it can't.

My guy nah the same thing I be wan ask am I say make I chill fes. Maybe e feel say here no go give am as much traffic as e want nai make.
 To the Op, it's necessary to understand that before Bitcoin can create an opportunity to reduce poverty, there has to be a form of acceptance and in this our country wey we get pipo wey still prefer the traditional way of holding moni, we go still experience this issue. No be lie say during December tins dey cost and d cost of transportation fit discourage travellers. Some people never dey used to accepting Bitcoin as means of payment for transactions and go still prefer cash which means even them accept, one go gats needs to turn am to cash before it's being accepted.

 E go nice if you fit lock one of the threads so e no go look like spam. Make we forgive the fact say you be newbie and you never fully understand how these things dey work, but then again nai make e dey important to read rules and regulations of any place we find ourselves so we no go fall our hands.

Why you deliberately make the same post for two different boards?

No be you make this post for Bitcoin discussion, abi na your twin? https://bitcointalksearch.org/topic/can-bitcoin-create-an-opportunity-to-reduce-poverty-5478544

Looking at de time, you don post am for here, rush still go post am for English board. I think your post dey better suited for the local board because of somethings wey you talk inside. Any person wey see this posts go reason say you dey rush to get merits and with this mindset you go land yourself for trouble. So take this as a friendly advice.

I agree with you op, having knowledge on something without practicing the knowledge is a waste. We have lots of professors in this country yet nothing has changed. It is not enough to have knowledge about crypto currency when you don't have any money to invest in it just as you have said. Our government should rise up to their responsibility and do what's right, because we can't rely on Bitcoin knowledge alone. Bitcoin is not a magician that will transform the entire fortune on this country.

Having knowledge about bitcoin and other cryptocurrencies can not eradicate poverty in Nigeria. Everyone can not also be smart or knowledgeable about it, while not everyone can know much about cryptocurrencies.

The cause of high poverty rate in Nigeria is because of incompetent leadership, corruption and mismanagement by our leaders. If bitcoin and other cryptocurrencies are not the cause, they can not be used to eradicate poverty in the country.

If you educate people to know about bitcoin and other cryptocurrencies, and they do not have money to invest in them, they still have nothing to gain. Nigerians knows a lot about cryptocurrencies, it gives some people opportunity but not to the extent of eradicating poverty.

Analyzing the concept of crypto currency’s and gaining a legal understanding in different jurisdiction. Digital currency especially cryptocurrency,permits financial transactions of all size to be excited and complete within a click of button,often without the interaction or government agency to facilitate the transaction the digital currency model depends on a publicly shared ledger kept by all gadgets in the system.
Computer ensures it’s free from fraud and does not indicate individual names. So names are replace with unique public code ensuring that the transaction remain Unkown, the approach used by countries to address the aspects of money laundering activities and the risk posed by digital currencies due to the limited awareness of cryptocurrency and their role in facilitating money laundering an interests should be divan into this area l, intending to find a solution to the current challenge if it happens to occur
https://ivypanda.com/essays/money-laundering-through-cryptocurrencies/