So how does this "money laundry" actually work?
Do you buy every bitcoin you can get your hands on with your dirty money? And if anyone asks where do they come from, you say "i'm an early adapter." Is that it?
Topic: Money laundering via BTC - page 28. (Read 39389 times)
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
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.In india, same situation is happening. More black money holders found bitcoin as their last option to get relief from government actions.
During demonetization it could have happened in India, but the scenario is different with other countries. Israel have given statement that bitcoin transactions were taxable. So India too might make regulations. But most of the money laundering is happening in the form of US dollar.
No country can impose tax on bitcoins. Its impossible to impose tax on bitcoin as they are not controlled by government. What 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.
This is a matter of convention mostly
It is not Bitcoin which would be taxed but rather capital gains earned through Bitcoin operations. For example, you buy Bitcoin at one price and then sell it at a higher price, therewith you earned some profits in fiat terms. These profits are called capital gain, i.e. your financial capital has increased through Bitcoin. This increase (capital gain) is taxable, and whether you would call it a Bitcoin tax or a capital gain tax is ultimately a question of personal preferences
no, it is a matter of speaking like a human or making up your own words
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.In india, same situation is happening. More black money holders found bitcoin as their last option to get relief from government actions.
During demonetization it could have happened in India, but the scenario is different with other countries. Israel have given statement that bitcoin transactions were taxable. So India too might make regulations. But most of the money laundering is happening in the form of US dollar.
No country can impose tax on bitcoins. Its impossible to impose tax on bitcoin as they are not controlled by government. What 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.
This is a matter of convention mostly
It is not Bitcoin which would be taxed but rather capital gains earned through Bitcoin operations. For example, you buy Bitcoin at one price and then sell it at a higher price, therewith you earned some profits in fiat terms. These profits are called capital gain, i.e. your financial capital has increased through Bitcoin. This increase (capital gain) is taxable, and whether you would call it a Bitcoin tax or a capital gain tax is ultimately a question of personal preferences
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.In india, same situation is happening. More black money holders found bitcoin as their last option to get relief from government actions.
During demonetization it could have happened in India, but the scenario is different with other countries. Israel have given statement that bitcoin transactions were taxable. So India too might make regulations. But most of the money laundering is happening in the form of US dollar.
No country can impose tax on bitcoins. Its impossible to impose tax on bitcoin as they are not controlled by government. What 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.
Yes you can definitely lend money to some one via a bitcoin that is a major threat that governments of countries face because it is. a new currency that to it is used for online transactions.But as we all know that it is a pseudo aynonamus currency so hiding black money and then lending is not advisable to do here as if a good codder comes into play and traces your location you have to be answerable to him otherwise you will face the consequences according to the laws of the land where as if you keep it in the form of cash and you come to know indirectly that there is some planning going against you by the legal authorities you can just flush the cash or burn it😂.better than being answerable to someone.
Yes, using Bitcoin doesn't mean you won't be caught by the police if you are doing illegal things. If an elite squad wants to get a thief, it will. If people on this forum can track addresses to know if they belong to the same person, the police can do it very easier.
And the IP is easy to discover too, so Bitcoin can be used and is used to money laudering, but it's not guaranteed to be succesfully, the police can take who does it anytime.
yes Money laundering is much easy in Bitcoin , as all information of sender and receiver is hidden
Yes you can definitely lend money to some one via a bitcoin that is a major threat that governments of countries face because it is. a new currency that to it is used for online transactions.But as we all know that it is a pseudo aynonamus currency so hiding black money and then lending is not advisable to do here as if a good codder comes into play and traces your location you have to be answerable to him otherwise you will face the consequences according to the laws of the land where as if you keep it in the form of cash and you come to know indirectly that there is some planning going against you by the legal authorities you can just flush the cash or burn it😂.better than being answerable to someone.
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.In india, same situation is happening. More black money holders found bitcoin as their last option to get relief from government actions.
During demonetization it could have happened in India, but the scenario is different with other countries. Israel have given statement that bitcoin transactions were taxable. So India too might make regulations. But most of the money laundering is happening in the form of US dollar.
Did anyone hear about people using Bitcoin to bribe some guy in the government (or elsewhere)?
Is it safe to grease the wheels this way? If no one got caught so far, does it mean that no one actually tried to use bitcoins for exactly this purpose or does it mean that it is just a perfect tool for passing the money under the table to someone and no one can be caught at all. Really, how can such bribes can be traced? After all, you can always back off and claim that this is not your Bitcoin address, and you hear about Bitcoin for the first time in your whole life at that
Is it safe to grease the wheels this way? If no one got caught so far, does it mean that no one actually tried to use bitcoins for exactly this purpose or does it mean that it is just a perfect tool for passing the money under the table to someone and no one can be caught at all. Really, how can such bribes can be traced? After all, you can always back off and claim that this is not your Bitcoin address, and you hear about Bitcoin for the first time in your whole life at that
I haven't heard any, but for sure, if bitcoin is going to be use to bribe a government official, it's going to be anonymous since you can deny an address. But there will come a time that those who were bribed will convert bitcoin to fiat, and that is where everything will start. If you use the money to buy luxury cars or whatever, it will be noticeable and that is where investigation will come and all your properties will become questionable and papers will be asked if you declared it and if it is taxed. Unless when you convert your bitcoin to fiat you use another bank account not related to you or any of your family member or a bank account in other country
This is a long way to go
Really, why should they convert bitcoins to fiat at all if they could just save them as a sort of severance pay ("golden parachute") or their own pension fund? If they agree to be greased with bitcoins, they are apparently valuing Bitcoin, so they might not want to go out into fiat before their time comes. And after, say, twenty years who will remember that some official had been bribed with Bitcoin? On the other hand, the best way to catch both bribers and bribees is to catch them red-handed, i.e. at the moment when they give and receive the bribery. Bitcoin easily solves this bottleneck
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.In india, same situation is happening. More black money holders found bitcoin as their last option to get relief from government actions.
During demonetization it could have happened in India, but the scenario is different with other countries. Israel have given statement that bitcoin transactions were taxable. So India too might make regulations. But most of the money laundering is happening in the form of US dollar.
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.In india, same situation is happening. More black money holders found bitcoin as their last option to get relief from government actions.
Money laundering not only via bitcoin you can do Money laundering with any cryptocoin you just need to setup your selected cryptocoin is popular like bitcoin.
I don't think you understand laundering.For your information,money laundering did exist before the dawn of bitcoins.Bitcoins makes it easier if you live in a third world country.Banks and the government is quite strict in terms of daily transactions carried out in the western world.Just read a post this morning about a bank freezing someone's account after sudden transaction of £10000 from their account to buy bitcoins if I'm not wrong.A quick Google search shows that most of the big banks have clsed down at least one of their custmers accouns each for bitcoin related issues.
Here is just one example i found:
https://www.cryptocoinsnews.com/banks-still-closing-accounts-bitcoin-activity/
Money laundering not only via bitcoin you can do Money laundering with any cryptocoin you just need to setup your selected cryptocoin is popular like bitcoin.
Yes, bitcoin is not the only media for money laundering. Because basically, money laundering can be done with any media either fiat or cryptocurrency. However bitcoin have more advantages in terms of this rotten, because bitcoin have cheap transaction fees, difficult to track, and high daily trading volume. Thank you
Money laundering not only via bitcoin you can do Money laundering with any cryptocoin you just need to setup your selected cryptocoin is popular like bitcoin.
I don't think you understand laundering.For your information,money laundering did exist before the dawn of bitcoins.Bitcoins makes it easier if you live in a third world country.Banks and the government is quite strict in terms of daily transactions carried out in the western world.Just read a post this morning about a bank freezing someone's account after sudden transaction of £10000 from their account to buy bitcoins if I'm not wrong. 
Actually if someone wants to hide their money they should use bitcoin, but the big question there is how much amount of money the bitcoin can handle. I really do think that if a wealthy man from the government wants to use bitcoin, I think we need more bitcoin so we could accommodate and welcome those corrupt officials?
Did anyone hear about people using Bitcoin to bribe some guy in the government (or elsewhere)?
Is it safe to grease the wheels this way? If no one got caught so far, does it mean that no one actually tried to use bitcoins for exactly this purpose or does it mean that it is just a perfect tool for passing the money under the table to someone and no one can be caught at all. Really, how can such bribes can be traced? After all, you can always back off and claim that this is not your Bitcoin address, and you hear about Bitcoin for the first time in your whole life at that
I haven't heard any, but for sure, if bitcoin is going to be use to bribe a government official, it's going to be anonymous since you can deny an address. But there will come a time that those who were bribed will convert bitcoin to fiat, and that is where everything will start. If you use the money to buy luxury cars or whatever, it will be noticeable and that is where investigation will come and all your properties will become questionable and papers will be asked if you declared it and if it is taxed. Unless when you convert your bitcoin to fiat you use another bank account not related to you or any of your family member or a bank account in other country.
However, if you are an ordinary man with wealth, why hide it, you could just tax it and you are free.
When bribery enters through the door, faith goes out through the chimney
I love this one. 
Very simple stuff. Create business, build business, accept btc and buy your own service with your own btc. Pay the small amount of tax and you have clean money. One simple method of hundreds or thousands out there.
Lol it looks like you've experienced to eliminate the traces after carrying out illegal activities. indeed with bitcoin you can do the laundering of money, so that you will avoid taxes or elseSee every time the person will not send through the same address he has the ability to change it different address in order to do multiple transaction, how can people will identify if he keep on changing multiple address means, these thing should be take care so that we can control money laundering through bitcoin.
They can use mixers along the way and that would help a little but if you are talking big money then no mixer can handle it.
And what sort of "control" are you talking about, government laws and regulations? No way man, if they want to catch tax cheats then they will just have to find another way.
Or they can do bitcoin transfer little by little as time pass by, I wonder how they can detect when the bitcoin was sent from one mixer service to another mixer service many times. I once read an article about mixing service that it is just an exaggerated claim according to one of the FBI agent. If this is true then they really can trace those Bitcoins.
As an extra precaution when mixing follow the advise below quoted from the bitmixer site:
Quote
To prevent advanced time-based analysis of your blockchain transactions, you may set a time delay for every forward address to receive the BTC. We will then send your coins according to the time delays you have specified
yeah it is quite possible and i think its depend on people we should never blame bitcoin because bitcoin is a just digital currency which made for online shopping and other financial matters so we can not blame bitcoin simple its depend on people.
Very simple stuff. Create business, build business, accept btc and buy your own service with your own btc. Pay the small amount of tax and you have clean money. One simple method of hundreds or thousands out there.
Lol it looks like you've experienced to eliminate the traces after carrying out illegal activities. indeed with bitcoin you can do the laundering of money, so that you will avoid taxes or elseSee every time the person will not send through the same address he has the ability to change it different address in order to do multiple transaction, how can people will identify if he keep on changing multiple address means, these thing should be take care so that we can control money laundering through bitcoin.
They can use mixers along the way and that would help a little but if you are talking big money then no mixer can handle it.
And what sort of "control" are you talking about, government laws and regulations? No way man, if they want to catch tax cheats then they will just have to find another way.
Or they can do bitcoin transfer little by little as time pass by, I wonder how they can detect when the bitcoin was sent from one mixer service to another mixer service many times. I once read an article about mixing service that it is just an exaggerated claim according to one of the FBI agent. If this is true then they really can trace those Bitcoins.
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.
the purpose of the bitcoin is to facilitate transactions that we do.
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