Money laundering via BTC - page 16. | Bitcointalksearch.org

mendra_2009

full member

Activity: 429

Merit: 100

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?

Indeed there are people who take advantage of the btc's weaknesses to engage in illegal actions such as money laundering. This is very possible because in the process of account creation or btc ownership there is no need for complete and clear data so that anyone can make it without using their personal data directly. Thus it will be difficult to find who is actually the owner of the btc account, because we can only see the transaction and never know who the owner is clear and certain.

terlesbogli

jr. member

Activity: 155

Merit: 2

Quote from: spadaccino on July 05, 2018, 01:55:46 AM

Drugs - child pornography - guns
All the FUD related stuff.

In an era where crypto still not existed the bad guys used others ways to get those things !

And they'll find everytime a new path to get their purpose.

Money laundering is similar to these

Yes bitcoin use in some illegally activities online due of Bitcoin is have anonymous transaction, criminals use btc as their transaction payment cause they can pay money without information involved.

spadaccino

jr. member

Activity: 183

Merit: 2

Drugs - child pornography - guns
All the FUD related stuff.

In an era where crypto still not existed the bad guys used others ways to get those things !

And they'll find everytime a new path to get their purpose.

Money laundering is similar to these

Ankush2108

newbie

Activity: 139

Merit: 0

Yes ofcourse money laundering is possible for some people that's why some governments banned cryptocurrency in there countries. But in future may be it can not be possible due to increase in higher securities and governments are still working to stop money laundering so in future may b it's not possible. But right now it's possible but it's risky.

wilburwilbur

member

Activity: 266

Merit: 33

There was this issue in been in news in my country about how money launderers do their transactions, they use bitcoin as their mode of money
And the government investigated about it. After that the government made its news and raised awareness through seminars and public demonstrations
Because of bitcoin's anonimity of transactions it is pretty handy to use that for money laundering
You see there is a dark side of bitcoin

LeopardCryptoGr

member

Activity: 168

Merit: 11

Money laundered via btc is much less than money laundered via traditional banks. BTC risks of ML, illegal activity, etc. is one more type of FUD

Mariadelan25

newbie

Activity: 60

Merit: 0

Your right Money Laundering via Bitcoin is surely possible. Speacially criminals and government persons they can hide their money without knowing everyone.In this situation they could hide their illegal transactions.I know Bitcoin will provide more securities for everyone

songoku1989

newbie

Activity: 26

Merit: 0

I have read and heard many people talk about money laundering through bitcoin. I think drug criminals are more likely to be laundered with bitcoin and government is difficult to track

Sharon Borgess

newbie

Activity: 57

Merit: 0

Bitcoin is traded between individuals, rather than through the banking system. People use Bitcoin for a variety of purposes and can not know how many of them use Bitcoin for criminal activity. One of the world-leading bitcoin money laundering is:
WannaCry - a malicious code used to exploit a security vulnerability in Windows - has attacked more than 200,000 victims in at least 150 countries, causing the computer systems of many individuals, agencies and organizations to be paralyzed. It is worth mentioning that WannaCry requires a ransom to recover the data must be a digital amount Bitcoin equivalent of $ 300.

gvnsrbtc

sr. member

Activity: 523

Merit: 285

The possibility of laundering through bitcoin is even higher than FIAT because it is now possible to move without trace and I think corporations are now using it as a means for capital flight which cannot be unconnected with the noise been generated by the relevant arm of government and the result of such is coming inform of discouragement in using bitcoin.

TryNinja

legendary

Activity: 2758

Merit: 6830

In my opinion, is not only possible but its actually already happening. The basic concepts of Bitcoin already make it easier to do this type of activity because of its anonymity and lack of regulation. I would use Bitcoin to launder money if I had to.

besila

newbie

Activity: 4

Merit: 0

I think is possible since bitcoin allows you to do transactions anonymously, there could be many people doing out there. I think you would need certain rules on your site that will allow people to come back later and return the bitcoins because if you dont do that you might loose your bitcoins for good.
That's my opinion but other people might have their own

Janation

hero member

Activity: 1722

Merit: 528

It is possible, though the problem is how will you convert that money unto bitcoin, these types of money are really big so there might be some questions before you can convert your money into bitcoin, and I guess you just gave a criminal a good idea, hahaha Cheesy

You can create bitcoin wallets anonymously and you can create lots and lots of wallets and store them equally with these multiple wallets, in that way you can avoid the questions about these big money. But I dont really prefer bitcoin to be used in such ways bwcause it is a reason that digital currencies will be banned in a country.

clickerz

hero member

Activity: 1414

Merit: 505

Backed.Finance

Quote from: aardvark15 on April 07, 2017, 04:12:56 PM

You can track where the money goes in terms of the public keys so at some point it seems that it could be traced to a bank, merchant, or exchange if someone tried to get the money out. I don't think there is complete anonymity.

Correct, there is no complete anonymity. But it depends only on the senders intention to launder money,just like fiat also.In bitcoin, you don't know the purpose of the transaction unless you identified the person who is doing it and connect or trace back the address to him.

nethan1btc

sr. member

Activity: 574

Merit: 250

Actually we don't have any controll on this illegal act because bitcoin users were anonymous, they can hid their identity. In any aspects you can prevent this by having strict filtering but I don't think it's a good idea, because transactions will be much delayed if you add more processing confirmations of digital currency transactions online.

FLoving

hero member

Activity: 1022

Merit: 521

Quote from: hisuka on March 28, 2017, 12:24:53 PM

Money laundering via bitcoin is possible as this is anonymous and cannot controlled by the government. As this can hide the identity of a users. As long the process can adopt by the users its possible.

The exchanges can secure that way of transactions as they are collecting the identity of their users and those users will not want to do any illegal act with that address from that exchange because they know their ientity is with them.

aardvark15

hero member

Activity: 1008

Merit: 510

You can track where the money goes in terms of the public keys so at some point it seems that it could be traced to a bank, merchant, or exchange if someone tried to get the money out. I don't think there is complete anonymity.

dearbesz1219

hero member

Activity: 924

Merit: 500

Quote from: Dank Frank on February 10, 2017, 06:39:47 AM

Quote from: btcdiggingmaster on February 10, 2017, 06:32:52 AM

Quote from: Liang_Kubur on February 10, 2017, 04:41:05 AM

These are things that a person can be used to hide his money. We all know that keeping track of the funds in the bank can be done, but not with bitcoin. I'm sure many of the perpetrators of money laundering which utilizes bitcoin.

Off course bitcoin is not traceable and who is the person at the back end, but each and every transaction should be done through bank itself. When ever you want to exchange bitcoin,it might be very difficult to exchange in your local area and transaction should carry through bank itself than banks can easily identify you.

What about anonymous debit cards, selling btc directly for cash, exchange btc for stuff like a car and such. Or they use a straw man who opens a bank account in exchange for some money. There are other ways than through a bank.

You have a point in that thing, using any debit card and in exchange it can be traceable anyhow. Though bitcoin is pseudonymous, its one of the factor why the identity of the bitcoin owner is very safe and protected.

Cryptonite310

full member

Activity: 227

Merit: 100

You would have to be careful and smart and money laundering with Bitcoin because everything is on a public Ledger that anybody can view. There are a lot of bit mixing Services out there that can mix coins and make them anonymously even coins that are dedicated to doing things like Bitcoin dark.

LegendOF45

sr. member

Activity: 518

Merit: 250

Quote from: mkmdoc on March 29, 2017, 04:35:12 AM

I don't know why people blaming bitcoin, Fiat is under government control there are many people who are doing illegal activities with fiat currency also. It completely depends on the people who are doing it for illegal activities, don't blame the bitcoin, blame the people who are not using it wisely.

I think it is not wrong, when there are opportunities to make the bitcoin as a money laundry course will be used. but I think saving money with bitcoin there is a risk big price drops and loss.

Topic: Money laundering via BTC - page 16. (Read 39389 times)