Topic: Money laundering via BTC - page 11. (Read 39389 times)
Since its inception, Bitcoin has aimed at becoming digital cash that people could use instead of actual cash. It is important to note that all of the money laundering and illegal activities that Bitcoins can be used for, can also be done via cash.
It is very possible, although it doesn't have full anonymity as many would think. A person who wishes to launder money will have to create many accounts which is very possible and send the transactions one after the other.
Is it possible to do money laundering via bitcoin?
Of course it is possible.
I mean as no one knows if you have bitcoin and how much bitcoin do you actually own, it could be used to convert black money to white right?
Nobody knows how much cash you have under your bed either. You can also launder your money via potatoes and cash. I think you might be getting money laundering confused with tax evasion (or something else), though. Money laundering is taking dirty money and making it clean by putting it through legitimate businesses. Say you're a drug dealer and are making a healthy living through that, you then have a lot of dirty money that you can't do anything legitimate with. So you then set up some legitimate business. Say a hair dresser or computer repair shop. You then funnel that money through those businesses so the money becomes legitimate and you pay taxes accordingly. You can then buy your mansion and Lamborghinis all legitimately. Using bitcoin doesn't automatically launder your cash for you but it can help to keep it away from the prying eyes of the police or whoever else you want to hide it from, but you will still have to find a way of legitimizing the cash through 'real' businesses.
money laundering is not meant only for those having black money, sometimes for those who does not want government monitoring their money movement. Except for the anonymity of any transaction, all transaction can be traced. Money laundering is not legal terms in all countries and cant be consider a crime for all bitcoin owners who had converted their money to their willing asset.
Is it possible to do money laundering via bitcoin? I mean as no one knows if you have bitcoin and how much bitcoin do you actually own, it could be used to convert black money to white right? Or at least store your black money without much hassle. But there is the risk of its value but I think for people who have lots of black money and don't want to be caught, this risk might be worth taking for them isn't it?
What are your thoughts?
What are your thoughts?
This issue of bitcoin is really sad but true. But don't worry because if you know yourself that the coins you gained are not from any illegal activity, you wouldn't need to fear that karma will hunt you down. The problem here is that we humans are in so much greed with the things around us. I feel bad about how good crypto is but some other people misuse it.
In January 2018, Yaya Fanusie, director of analysis for the Foundation for Defense of Democracies’ Center on Sanctions and Illicit Finance (CSIF), released a study entitled “Bitcoin Laundering: An Analysis of Illicit Flows into Digital Currency Services.” The study concludes:
Less than one percent of Bitcoin transactions used for illicit activities.
Less than one percent of Bitcoin transactions used for illicit activities.
It is possible and very much easy to do money laundering via a bitcoin because there is not a specified identity of any human on that and no one actually do it so there is also no tax on it there is only a certain amount of the transaction fee on that fee you can transfer as much amount you can any where around the globe.
I do not think that bitcoin can contribute to money laundering. The matter is that all transactions can be tracked and bitcoin is not so anonymous. There are other coins that can really be used for money laundering.
Is it possible to do money laundering via bitcoin? I mean as no one knows if you have bitcoin and how much bitcoin do you actually own, it could be used to convert black money to white right? Or at least store your black money without much hassle. But there is the risk of its value but I think for people who have lots of black money and don't want to be caught, this risk might be worth taking for them isn't it?
What are your thoughts?
What are your thoughts?
This issue of bitcoin is really sad but true. But don't worry because if you know yourself that the coins you gained are not from any illegal activity, you wouldn't need to fear that karma will hunt you down. The problem here is that we humans are in so much greed with the things around us. I feel bad about how good crypto is but some other people misuse it.
Sure, it is extremely significantly achievable to be able to launder funds together with bitcoin and also I know you can find previously several situations with this taking place. That is furthermore just how a lot of the websites just like bit mixer make it through and also have the ability to pay out people huge sums from unique promotions. As it permits visitors to become practically private, so it will be and also can be the simplest way for folks to be able to avoid fees and also launder funds. Additionally, it is the reason why several governing bodies are usually in opposition to that.
I think it's very easy to turn black into white money because you do not have to prove your source but this trade is hampering the reputation of bitcoin. I sold my legal product to bitcoin but then when I pulled my coins through a legal exchange, I was afraid if they would think my money was too cheating because there was never any way to prove the source of bitcoin.
No need to worry bro, just keep safe your exchanger account for worst-case scenarios like for example they suspected you that your Bitcoins came from an illegal source of income, In this case, your trading histories will help you prove that it is from a legal source. One of my friends had a situation like this when she was withdrawing her Bitcoin traded to fiat, the exchanger suspected her that her Bitcoin came from an illegal source but the truth it came from trading and she got a lot of profit from trading on an exchanger. And those trading histories from her account saved the day for her. 
No you can show the source of bitcoin earned, if you have earned through signature campaign then you can show the bitcointalk campaign enrollment screen short and in your bitcoin wallet you can show how much you earned through signature campaign and according to that you sold and earned fiat currency. But if you country recognize it as illegal then you have to be careful. Signature campaign was just example same way you can show other earned bitcoin details also. I am selling through P2P exchange so i dont have problem as i am getting money through other user account directly show i am showing as online income through small tasks just like freelancer job work.
Very well said bro
Joining Signature campaigns and other campaign stuffs such as social media campaigns, translation campaign, moderation campaign and any other kinds of campaign that pay Bitcoin or Altcoins is a source of Bitcoin or virtual currency income and no need to worry about it because all of this are legal means of income.
Money laundring is one of the prohibited act. bitcoin should be used properly and correctly. The purpose of the bitcoin is to facilitate transactions that we do.
you can check google for the complete information regarding money laundering act. Some here are just saying based on their opinion and some does not even understand what is money laundering act and why it's created. Just saying, hope we read more and post less.
you can check google for the complete information regarding money laundering act. Some here are just saying based on their opinion and some does not even understand what is money laundering act and why it's created. Just saying, hope we read more and post less.
Yes, money laundering can be done, thats also a main reason for governments fearing bitcoin. Even if bitcoin is not fully anonymous, bitmixer, crypto mixer are used to hide the identity of bitcoin holders.Even if it fails to give a permanent solution, investing in bitcoins for money laundering can be done for a temporary relief. I think money laundering is much easy in Bitcoin , as all information of sender and receiver is hidden
Israel and now India can do is that they will put tax of bitcoins converting to local currency.Taxes can only be applied when local currency comes in it else bitcoin to bitcoin transcation will always remain tax free.
In a couple of days ago payza is banned via SEC because payza has a problem and they got it for money laundering issue. If you think Bitcoin is money laundering so your thinking is right but it is a blockchain technology so SEC just discusses Bitcoin transaction but they can't control Bitcoin transaction. I think SEC make a new rules for cryptocurrency.
Yes,Definitely possible money laundering via Bitcoin even it possible from every single country.Because you can convert your own country money with BTC than Send to any country in the world it's consider pure money laundering.Money laundering by BTC is going on all over the world.
Yes, I think that may be a disadvantage of Bitcoin, perhaps because of this that many governments do not allow the legalization of Bitcoin. Criminals, especially hackers, have taken advantage of Bitcoin's anonymity to commit illegal activities such as money laundering and the execution of illegal financial transactions. There have been many cases of money laundering discovered and it is probably still going on all over the world as you said, hopefully soon there will be solutions to overcome this situation.
With AML BitCoin you dont need to worry about this. ABTC rests on a privately regulated public blockchain that facilitates AML-KYC compliance and identifies criminals associated with illicit transactions while maintaining and strengthening the privacy protections for legitimate users.
Its quite unfortunate but the truth is that BTC has been used in the recent past for wrong reasons, most notably To launder money by criminal cartels, who seek to take advantage of the fact that BTC's transactions are almost impossible to trace, This has been one of the major reasons as to why somee countries decided to Ban BTC within their territories, This however should not be used against BTC as the coin does not chose which group of people to serve and which ones not to
Money laundering with crypto is relatively easy, especially if it is not such a large amount. What's tricky is when the media says it's only meant to be, as if money laundering had started in 2009, or when they say it's used to buy something from Deep Web.
Money laundering using bitcoin is very possible, because if we see people who often do money laundering sometimes also use fiat money, let alone this with bitcoin. But of course the risk of money value can be reduced because of the fluctuating bitcoin value. But it does not matter, which is important according to the perpetrator is to secure money laundering.
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