Money laundering via BTC - page 21. | Bitcointalksearch.org

Harlot

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Quote from: Mr. Big on February 11, 2017, 08:08:26 AM

Quote from: Decoded on February 11, 2017, 07:57:40 AM

Yes, it's possible to launder money using Bitcoin. Just like it's possible to launder money using gift cards, cash or gold. Nothing special or absurdly horrible that you can pull out of this one.

That's why governments like China are putting down all these regulations.

Philippine government has done the same...Bangko Central ng Pilipinas is starting to make a guidelines for exchanges so they cannot be used as a tool in money laundering.... With that said, authorities know that bitcoin can really be used in that activity and at the same time protect its people... I am sure, this coming years, many government will be doing the same...

Putting regulations on exchanges won't have any affect if your wallets have a direct option of converting your Bitcoin to Fiat via bank deposity to any bank account. Laundering your money will be easy with that kind of plan as you can create bank accounts in different banks easily. They will always have a way to slip on the grasp of any government regulated tax.

requester

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Quote from: Mr. Big on February 11, 2017, 08:08:26 AM

Quote from: Decoded on February 11, 2017, 07:57:40 AM

Yes, it's possible to launder money using Bitcoin. Just like it's possible to launder money using gift cards, cash or gold. Nothing special or absurdly horrible that you can pull out of this one.

That's why governments like China are putting down all these regulations.

Philippine government has done the same...Bangko Central ng Pilipinas is starting to make a guidelines for exchanges so they cannot be used as a tool in money laundering.... With that said, authorities know that bitcoin can really be used in that activity and at the same time protect its people... I am sure, this coming years, many government will be doing the same...

There are hundreds of site that look like Ponzi site but some of our intelligent brothers invest in those site also in hope of getting more profit in less time. those are called HYPE and they will hardly pay you 50% of your invested principle. so be alerted from HYPE site.

Mr. Big

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Quote from: Decoded on February 11, 2017, 07:57:40 AM

Yes, it's possible to launder money using Bitcoin. Just like it's possible to launder money using gift cards, cash or gold. Nothing special or absurdly horrible that you can pull out of this one.

That's why governments like China are putting down all these regulations.

Philippine government has done the same...Bangko Central ng Pilipinas is starting to make a guidelines for exchanges so they cannot be used as a tool in money laundering.... With that said, authorities know that bitcoin can really be used in that activity and at the same time protect its people... I am sure, this coming years, many government will be doing the same...

digaran

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First of all not everyone needs to launder money and not any amount is worth the hassle, people usually do this when they have millions of dollars dirty fiat. how can money get dirty? when you sell illegal items and receive cash but you are good if you have small amounts.
With more than a few million dollars you are no longer with any legitimate excuse as to where you obtained the money if you try to deposit in banks.
And the process of money laundering is time consuming but has nothing to do with bitcoins and it's not even easy to do it with bitcoin.

Gloiri

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Quote from: pinoycash on January 09, 2017, 01:47:48 AM

If i am rich/millionaire and want to escape huge taxes, i would rather buy bitcoins to hide my wealth and save on taxes. No one from the tax department known bitcoins.

I don't really think its possible, who's know thy're aware about it. about laundering. Yes it is possible money laundering with the help of BTC. but its not easy its to much difficult

Decoded

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Yes, it's possible to launder money using Bitcoin. Just like it's possible to launder money using gift cards, cash or gold. Nothing special or absurdly horrible that you can pull out of this one.

That's why governments like China are putting down all these regulations.

ReLieD

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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?

First of all bitcoin is not illegal. You have every right to keep bitcoin.
Also you don't have to worry about someone catching you just because you have bitcoin.
And yes, you can convert them into white money that is paper notes of your currency.
But that is a big process. You might have to find different ways. I personally don't know how to convert.
But I am sure that they can be converted.

alisus

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Money laundering is a criminal action, This can't be done by anyone. because it can hurt yourself. Money laundering is still carried out by several people and let the risk that its responsibilities Huh

alisus

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In fact, it is also difficult to do! Due to the purchase Bitcoin bank must pass shipping, So there is probably a risk is encountered, It will be more complicated

noel2123

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It is up to you if you would do this thing. For me, there a lot of consequences before giving a decision here. A lot of ideas and a lot of knowledges from other people. You are the one who can decide with, with a lot of options or suggestions came from other people, ot is only up to you

basesaw

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Quote from: paul gatt on February 10, 2017, 07:31:12 AM

First, money laundering is a criminal action, you may be liable. You should not do it. Money laundering is an activity that can occur with any type of virtual currency, Bitcoin is the most typical. great value make Bitcoin become the focus of the criminal. We take advantage of Bitcoin to perform multiple offenses. This is really bad, I wish this was not happening

yes any kind of laundering not just in money is a criminal action. doing it may lead you to be in prison so you just need to go away from doing such things. not just money laundering but any criminal actions on internet such as frauds and bullying. you should not do that because you can be in prison and be jailed. using bitcoin in illegal things is not a good idea because it can trace you.

deisik

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Quote from: Xester on February 10, 2017, 01:13:35 AM

Quote from: BeGoods on February 10, 2017, 01:04:24 AM

Quote from: bravehearth0319 on February 10, 2017, 12:50:24 AM

Quote from: traderethereum on February 07, 2017, 12:55:14 AM

Quote from: pinkpanther03 on February 06, 2017, 11:56:15 PM

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?

Bitcoin nowadays is not a real money that can be consider, but it is a kind of virtual currency which can can be converted into a real one currency. Though in some other ways bitcoin can be use in money laundering it the depends on the people of how he/she going to use it, because it is an open source that can be use for good and bad purposes.

i think when people want to use bitcoin for money laundering, they can do with safe because no one will know what purpose they have when they are using bitcoin beside that we don't know for what transaction that in the network. the only thing that we know that there is a transaction that have been created in the network.

That's true, we can find that only in the blockchain record history through wallet address that we used. And since bitcoin is an open source that none of the government cannot trace it where does it come from or where to use it The decentralization is the reason why some of the bad guys they bitcoins for illegal activities like money laundering. I wish that we shouldn't abuse the good image of bitcoin as much as possible.

I think that how people can know that bitcoin is used for illegal activities? while each transaction does not include the purpose of such transactions? so I think even though people using bitcoin to illegal though it is not a problem? and it does not give a bad image in bitcoin #imo

Yes the regular bitcoin users cannot know if there are money laundering that is occurring but do not underestimate the government. If they will notice something is going on with the financial sector then they will conduct and investigation and later on they will find out where are the huge monetary transactions are going on and they can trace it even if it is with bitcoin

That may not help them

Really, if these transactions lead to offshore accounts, there is not much that governments can actually do. Some governments seem to be using these accounts themselves if they don't want to reveal their financial activity to other governments (e.g. if they trade with another government which is under sanctions). They could do it, for example, through dummy companies created specifically to cover their activity. In this manner, not only generic folks can be laundering money but whole countries as well

paul gatt

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First, money laundering is a criminal action, you may be liable. You should not do it. Money laundering is an activity that can occur with any type of virtual currency, Bitcoin is the most typical. great value make Bitcoin become the focus of the criminal. We take advantage of Bitcoin to perform multiple offenses. This is really bad, I wish this was not happening

iamTom123

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There is no question that anybody can use Bitcoin or any cryptocurrency for that matter for the main purpose of money laundering. It is because in the first place Bitcoin is boasting of anonymity which can be the big advantage if you want to hide the source of your money. Bitcoin will not be able to investigate and refuse anybody's money. However, government agencies are now addressing this issue relative to Bitcoin and hopefully something can be done without killing the goose that lays the golden eggs.

Xester

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Quote from: traderethereum on February 07, 2017, 12:55:14 AM

Quote from: pinkpanther03 on February 06, 2017, 11:56:15 PM

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?

Bitcoin nowadays is not a real money that can be consider, but it is a kind of virtual currency which can can be converted into a real one currency. Though in some other ways bitcoin can be use in money laundering it the depends on the people of how he/she going to use it, because it is an open source that can be use for good and bad purposes.

i think when people want to use bitcoin for money laundering, they can do with safe because no one will know what purpose they have when they are using bitcoin beside that we don't know for what transaction that in the network. the only thing that we know that there is a transaction that have been created in the network.

Money Laundering will enter the scene the moment you will convert your bitcoins to fiat currency. When it became fiat currency form the government can now trace your bank account and will ask you where did you get such amount. And so even if you are safe with bitcoins but if you convert it to fiat currency then you will still be identified by the authorities if you are involved with money laundering.

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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.

btcdiggingmaster

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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.

Finestream

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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.

We might thing we are smart of using bitcoin in money laundering but we have to realize that the government are more smarter, they know the possible risk of using bitcoin and people with criminal activities are making it as their tool to hide their activities. However, we must not be too confident with that, the government has the power to trace transactions as we all end up converting our money to fiat.

requester

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It depends on the user who is use bitcoin. You if are smart then no once can launder money from instead you will be able to make free profit by using bitcoin and bitcoin will help you to make your wallet filled with some extra money. well all know that there are many bitcoin investment sites and cloud mining site before investing we should make a research on site that whether its legit or not.

Liang_Kubur

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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.

Topic: Money laundering via BTC - page 21. (Read 39389 times)