Money laundering via BTC - page 13. | Bitcointalksearch.org

imking

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Quote from: shamzblueworld on January 09, 2017, 12:11:50 AM

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?

Yes, 100% that might happen that using the bitcoin on the money laundering. This some of the reason why the government takes action about the crypto. If someone is doing the money laundering via bitcoin, it too hard to track it by the government officials. For now, some government taking a regulation to reduce the people using the bitcoin or cryptocurrency as a tool on the different crimes.

aliichaudhary

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Obviously, I think bitcoin is a powerful tool for us to commit money laundering. That was the cause why bitcoin is still doubtful, in country where I live, feared bitcoin will be a great tool for criminals to clean the money from tracking. But i think there should be some authorities to take care of criminals and black money to disrespect the bitcoin

12tribes

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The idea of money laundering via bitcoin is so real that most companies that trade the crypto require that you provide proof of ownership to authenticate the investor so tat fraudulent and ill-gotten wealth don't flow into their coffers. That's called Anti Money Laundering. Meanwhile many other countries are beginning to tighten the noose around the bitcoin transactions,

NelfiNovita

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it is very possible, because there have been many cases that bitcoin is used for negative things.
actually depends on our individual personality because bitcoin can be used for positive and negative things, I prefer to be positive because something is done the wrong way the result will not last long.

Joshapat

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Everyone would agree that anonymous features make anyone free to use bitcoin, it's natural that everyone thinks bitcoin is used for illegal transactions like drugs or money laundering, but we must understand that all bitcoin transactions can be traced.

Kunaguero94

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As far as I know, criminals are now using bitcoin to wash money. A recent study from a financial agency that monitors and imposes US economic sanctions - U.S. The Center for Sanction and Illicit Finance, the FDD and Blockchain Elliptic, have uncovered a "Bitcoin Money Laundering" ecosystem. Elliptic's Legal Analysis of Bitcoin Blockchain and publicly available data are used to track illegal funds from 2013 to 2016.
"This study aims to find where individuals withdrew or transferred Bitcoin (BTC) from illegal agencies and to identify the types of money laundering," the report said.

Buttermellow

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yeah that is why the government on every country embracing cryptocurrency are now taking a step to regulate cryptocurrency as to check those people who are doing money laundering. The government has used the local exchange to get a KYC procedure so that they can monitor who are those individuals that has huge assets in cryptocurrency.

Chetan04

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This is why many countries are in doubt and it's not easy to curb money laundering just like that. It has to be regulated somehow to make it a safe crypto currency.

wahyu5

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The process for creating bitcoin accounts, and having bitcoins is very easy and no need to use full personal data. This is one of the weaknesses of bitcoin, so some people can do money laundering freely and will not be able to know their true identity, because that can only be seen transactions that they do, while the owner of bitcoin or bitcoin account will never be known exactly who the owner. For that reason it may be possible in the process of account creation and bitcoin ownership can be improved even more as when we want to open an account at the bank, so bitcoin is spared from people who want to abuse the existence of bitcoin for their benefit by breaking the law of money laundering.

matchi2011

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Buy $BGL before it's too late!

Quote from: thirdkiller on July 09, 2018, 07:34:02 AM

I think this is not very easy to accomplish since most of the cryptocurrency Bitcoin wallets are clear and easy to spot. so if you would send some big amount of bitcoins I think many of people would notice that.

It's easy as well to use a mixers so even they spotted that it can transfer all over without a trace, money laundering is one of those reasons why government doesn't like the idea of anonymity since there's a lots of ways to trade your coins even without directly using the exchange platform
from your place, it's not hard to do money laundering from this system.

AntiMage007

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Yes, it is possible, In order to Bitcoin can use Money laundering but bitcoin all transaction is public but the problem is no one can track who was done the transaction, And anyone can't control it. This is the main reason Bitcoin effect for Money laundering and this is confirmed by the main authorities

keanne_isaac

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Quote from: shamzblueworld on January 09, 2017, 12:11:50 AM

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?

illegal money used crypto to convert it to legal one. that is why some governments arw strictly prohibit crypto as this would be used for money laundering other countries want to regulate crypto and require kyc for investors to monitor who owns and invest bitcoin.

thirdkiller

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I think this is not very easy to accomplish since most of the cryptocurrency Bitcoin wallets are clear and easy to spot. so if you would send some big amount of bitcoins I think many of people would notice that.

camric09

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BitHostCoin.io

Quote from: monacous on July 09, 2018, 05:37:22 AM

It is possible, of course, that many organizations and individuals have used btc to launder money and serve many bad purposes, which is what governments are worried about.

Yes, I think this is one of so many reasons why governments are not in favor of using bitcoin legally or some governments wants to regulate it to minimize of using it on money laundering.

Gyromancer

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Yeah, it's very possible to launder money through bitcoin. Especially anonymous facilities that are a bitcoin advantage so as to enable bitcoin owners do not use their real identity. This is increasingly pampering criminals to commit money laundering because their identities can not be known. This makes their crime transactions untraceable and they are increasingly addicted to crime. Authorities can not keep track of their transactions so they are physically secure. I am sure if someone feels getting a big profit though with a bad way then he will be more addicted in the money laundering transaction.

monacous

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It is possible, of course, that many organizations and individuals have used btc to launder money and serve many bad purposes, which is what governments are worried about.

iranman

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Of course Bitcoin is not perfect. But looking at the entire financial system of the world, there is an analogous impression. Without the black money in the current situation will not work. For this, Satoshi Nakamoto showed the blockchain system in order to improve the system of finance and make it more transparent. How would this happen? What are the rates? Will it work out? these are open questions!

duc4487

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I think BTC is not a good tool to laundering money. As you can see, the trouble is that all bitcoin transactions can be tracked so if it is easy to go back into the system and figure out who are behind the laundering.

CryptoPushkin

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The biggest money launderings in the world are done WITHOUT using Bitcoin. Therefore every discussion about Bitcoin as a tool of money laudering is totally futile.

addeqt

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Yes, bitcoin could absolutely used in money laundering. even thought the bitcoin network is transparent enough to show all the transaction in a ledger that is publicly available. The owner of each address could not be identified. Even there is KYC in several private company that involves in bitcoin, most of the user could create their own address using their own PC. Thus, no one could identify who and where is the location of the bitcoin address account. By then a person could conceal his or her private information, but can't conceal the amount of bitcoins.

Topic: Money laundering via BTC - page 13. (Read 39389 times)