Money laundering tools - page 18. | Bitcointalksearch.org

nitrousteam

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Quote from: Bonsaiav on March 20, 2018, 01:07:07 AM

Quote from: mi56374100 on March 19, 2018, 11:01:14 AM

In my opinion, BTC is not a traditional currency like gold and silver because it does not have any use value, so it is not a credit currency. It's basically just one use, money laundering tool. The tool explains why bitcoin prices are spread across the country and abroad. Domestic money is changed into bitcoins and then physical transportation to overseas exchange for foreign currency escapes regulation and the cost of money laundering is lower than before, and the risk is low.

Your way of thinking is very narrow. For example there is a car, and then the car is used by a villain, then whether the car only serves as the vehicle of a criminal?... of course not!, So it is with bitcoin.
I guess it all depends on the person itself how they treat bitcoin.

USD is the main currency that the criminal use for the money laundering. OP is for sure uneducated on this matter. Bitcoin like you quoted has a unique concept and in the right hands it can do wonders both for the market and for its holders; in the future also for the economy. I am aware that the Bitcoin is a new mean for the money laundering but aren't all currencies used for that? Bitcoin is just treated as the dangerous asset because of the education and fear of the certain opposers to it.
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Government is for sure defending their own currencies which have till now been laundered so many times which cannot be comparable to the Bitcoin. False news spread by the media is influencing the common man which is after that getting really suspicious towards cryptocurrencies but in the end, cryptocurrencies are depending on the final usage of the certain investors.
Not all people are criminals!

jrrsparkles

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Quote from: mi56374100 on March 19, 2018, 11:01:14 AM

In my opinion, BTC is not a traditional currency like gold and silver because it does not have any use value, so it is not a credit currency. It's basically just one use, money laundering tool. The tool explains why bitcoin prices are spread across the country and abroad. Domestic money is changed into bitcoins and then physical transportation to overseas exchange for foreign currency escapes regulation and the cost of money laundering is lower than before, and the risk is low.

Wrong understanding about bitcoin.

Gold and silver is not a currency but bitcoin is so you can use bitcoin as a currency but gold as a storage of value,I don't think any where in the world gold accepts as a currency.
Bitcoin was invented due to internet transaction but people may use this for money laundering but they will get caught later because if they want they need to convert it into fiat so the question will be rise what is the source of this income.

smith136

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Quote from: mi56374100 on March 19, 2018, 11:01:14 AM

In my opinion, BTC is not a traditional currency like gold and silver because it does not have any use value, so it is not a credit currency. It's basically just one use, money laundering tool. The tool explains why bitcoin prices are spread across the country and abroad. Domestic money is changed into bitcoins and then physical transportation to overseas exchange for foreign currency escapes regulation and the cost of money laundering is lower than before, and the risk is low.

Don't you know that money/fiat has been use for money laundering for a very long time but government can't stop it totally? yes bitcoin can be a tool for that but thinking of bitcoin as solely use for just money laundering is totally non-sense, blockchain technology which makes bitcoin possible given many opportunities for business to adopt to these kind of changes which has become effective so far due to the fact that this kind of decentralized system eliminates fraud and intermediaries just for a consumer avail different services.

zarados

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In order to prevent money laundering, terrorist financing, and illegal buying and selling of goods, the role and cooperation of the exchanges are necessary because the gate to exchange cryptocurrency to FIat is only on the exchanges. Therefore, the government should monitor the exchanges of undesirable actions and may damage the good name of cryptocurrency.

amih

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I think your way of thinking is wrong because bitcoin not as a money laundering tool to do activities in exchange of crypto trading of course we have to provide KYC documents so that the data we have input into the data collection. and it is impossible for us to do money laundering only from some people who have dirty plans that will look for loopholes to conduct activities as a form of cheating.

hamade

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using bitcoin that is depends on the persone who use it
the bitcoin now use in many way of paiding that is Make the way of payments easier , but in onther hand , bicoin using in bad things too
but dont forget any thing you can use in goods and bad things

candy69

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It is true that bitcoin can be used in an illegal way, anti-social elements can use it as a money laundering tool. But, bitcoin can't be blamed for that, as bad people are doing bad things all over the world.

Lancusters

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Quote from: Direwolve735 on March 20, 2018, 03:10:19 AM

Nobody argues with the fact that Bitcoin can be used as a tool for money laundering. However, it`s capabilities are not limited to this. Anonymity and ease of transactions were created to make people feel more confident when dealing with their finances. Bitcoin also allows you to untie money from the state and gives people the opportunity to dispose of their funds and savings. The fact that Bitcoin is sometimes used "for evil" is not Bitcoin's problem, but the fault of those in whose hands it turns into a money launderer.

All agree that bitcoin is used for money laundering but no one ever showed the documents to prove it. Society is forced to believe that cryptocurrencies are created to make it easier to Finance criminal activities. And the worst part is, people agree. Remember that there is a judgment. Let the bankers prove it in the courts. We have to wait for the evidence.

Notcalculator

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Quote from: mi56374100 on March 19, 2018, 11:01:14 AM

In my opinion, BTC is not a traditional currency like gold and silver because it does not have any use value, so it is not a credit currency. It's basically just one use, money laundering tool. The tool explains why bitcoin prices are spread across the country and abroad. Domestic money is changed into bitcoins and then physical transportation to overseas exchange for foreign currency escapes regulation and the cost of money laundering is lower than before, and the risk is low.

Quote from: Direwolve735 on March 20, 2018, 03:10:19 AM

Nobody argues with the fact that Bitcoin can be used as a tool for money laundering. However, it`s capabilities are not limited to this. Anonymity and ease of transactions were created to make people feel more confident when dealing with their finances. Bitcoin also allows you to untie money from the state and gives people the opportunity to dispose of their funds and savings. The fact that Bitcoin is sometimes used "for evil" is not Bitcoin's problem, but the fault of those in whose hands it turns into a money launderer.

Its use is explained by Direwolve. Ultimately that is the underlying value of bitcoin. Its monetary value isnt a made up value but it is supported by its technology.
For the next point regarding money laundering, there are so many ways to do it. I doubt bitcoin is even in the top 10 most effective way of doing it because it required a 3rd party exchange.

Ranly123

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Quote from: mi56374100 on March 19, 2018, 11:01:14 AM

In my opinion, BTC is not a traditional currency like gold and silver because it does not have any use value, so it is not a credit currency. It's basically just one use, money laundering tool. The tool explains why bitcoin prices are spread across the country and abroad. Domestic money is changed into bitcoins and then physical transportation to overseas exchange for foreign currency escapes regulation and the cost of money laundering is lower than before, and the risk is low.

I am not biting into this accusations. Bitcoin is basically a digital currency which used to buy online and paying bills through blockchain. Knowing your sentiments on how Bitcoin used to be a money laundering tool, it is not bad to think about it that way. But for me,it is not a tool you say but a way to earn without using the traditional investment.

Raielley

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Quote from: mi56374100 on March 19, 2018, 11:01:14 AM

In my opinion, BTC is not a traditional currency like gold and silver because it does not have any use value, so it is not a credit currency. It's basically just one use, money laundering tool. The tool explains why bitcoin prices are spread across the country and abroad. Domestic money is changed into bitcoins and then physical transportation to overseas exchange for foreign currency escapes regulation and the cost of money laundering is lower than before, and the risk is low.

Bitcoin can be used as a laundering tool, but is it a bad option of using?
Is it an advantage or a disadvantage? It's intensely personal decision.
I think it must not damage the image of bitcoin in our eyes...

Nerman

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Quote from: mi56374100 on March 19, 2018, 11:01:14 AM

In my opinion, BTC is not a traditional currency like gold and silver because it does not have any use value, so it is not a credit currency. It's basically just one use, money laundering tool. The tool explains why bitcoin prices are spread across the country and abroad. Domestic money is changed into bitcoins and then physical transportation to overseas exchange for foreign currency escapes regulation and the cost of money laundering is lower than before, and the risk is low.

Lets get this straight first because no one have corrected you. Gold and silver is not a currency it is an asset.

For the money laundering yes i suppose some people uses bitcoin to launder money but before bitcoin people are laundering money. Without bitcoin they can still launder money.

In any technology there are pros and cons but do not ecliple the pros because of the few cons.

bhabygrim

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Yes we could say that bitcoin is being used to some illegal stuffs like money laundering ,
But it is really hard to trade your Bitcoin into Fiat because you would need some documents for it .
And also they would know on who took out the money because it is either you would cash it out in a bank account or when you transfer it .

Direwolve735

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Nobody argues with the fact that Bitcoin can be used as a tool for money laundering. However, it`s capabilities are not limited to this. Anonymity and ease of transactions were created to make people feel more confident when dealing with their finances. Bitcoin also allows you to untie money from the state and gives people the opportunity to dispose of their funds and savings. The fact that Bitcoin is sometimes used "for evil" is not Bitcoin's problem, but the fault of those in whose hands it turns into a money launderer.

Iblis 02

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Quote from: mi56374100 on March 19, 2018, 11:01:14 AM

In my opinion, BTC is not a traditional currency like gold and silver because it does not have any use value, so it is not a credit currency. It's basically just one use, money laundering tool. The tool explains why bitcoin prices are spread across the country and abroad. Domestic money is changed into bitcoins and then physical transportation to overseas exchange for foreign currency escapes regulation and the cost of money laundering is lower than before, and the risk is low.

bitcoin makes it easy to make transactions at a lower cost I agree, but if you talk in terms of security obviously very high risk, how not? millions of hackers are capable of doing anything to their advantage.
so the best step is to play bitcoin without taking it long to slightly reduce the threat from hackers.

krauzzer02

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Quote from: mi56374100 on March 19, 2018, 11:01:14 AM

In my opinion, BTC is not a traditional currency like gold and silver because it does not have any use value, so it is not a credit currency. It's basically just one use, money laundering tool. The tool explains why bitcoin prices are spread across the country and abroad. Domestic money is changed into bitcoins and then physical transportation to overseas exchange for foreign currency escapes regulation and the cost of money laundering is lower than before, and the risk is low.

So how in the world would the criminals use the bitcoin that they accumulated from money laundering to their expenses or richness if they will not going to convert it into fiat? yes, sure bitcoin is a currency and an asset but can you buy a grocery package with it? starbucks? candies? There would be a store which accepts btc but it is broadly adopted? most of the local exchanges in the world was regulated by the government, conversion into physical money requires KYC that the money launderers hate. It is not that easy mate, by the way, any forms of asset which have a value can use as a tool for money laundering don't be so biased about it.

fiulpro

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Well I beg to differ

Who categorized it as a currency?

It isn't ..
It's just an investment.. is what I feel like stock shares ..
I don't think I agree with categorizing it into a currency....

Bonsaiav

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Quote from: mi56374100 on March 19, 2018, 11:01:14 AM

In my opinion, BTC is not a traditional currency like gold and silver because it does not have any use value, so it is not a credit currency. It's basically just one use, money laundering tool. The tool explains why bitcoin prices are spread across the country and abroad. Domestic money is changed into bitcoins and then physical transportation to overseas exchange for foreign currency escapes regulation and the cost of money laundering is lower than before, and the risk is low.

Your way of thinking is very narrow. For example there is a car, and then the car is used by a villain, then whether the car only serves as the vehicle of a criminal?... of course not!, So it is with bitcoin.
I guess it all depends on the person itself how they treat bitcoin.

zhanyiguai261315

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That's why we need more regulation!

BTC and other digital cryptographic currencies can be technically regulated!

But because of the complexity of operation many people do not want to supervise!

CHENIEN

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In this business, different people has different opinion, when we say bitcoin is a laundering tools, well it can be also possible, because bitcoin can be used for multiple pusposes but it depends on the people on how the way they acts and used bitcoin. Many different issues about bitcoin used for any bad acts, but there is no evidences being prove that it's true. However, let us look forward on how bitcoin provide a good contributions to humanities, let's forget bad acts and bad things, and all we need to do are focus on the good future life by using bitcoin as a sharp tool to our good future success.

Topic: Money laundering tools - page 18. (Read 2509 times)