money laundring is an illegal act. in my country the perpetrators get punished. because they have committed fraud against the state. bitcoin will indeed facilitate the perpetrators of money laundring. however I believe that the more people who use bitcoin properly compared to those without.
well nowadays we can say that its more responsible people who uses bitcoin unlike before where its just uses to some transaction inside dark web so we really can't avoid bitcoin being use for money laundering as he featured anonymous transaction. 
Topic: Money laundering via BTC - page 36. (Read 39389 times)
money laundring is an illegal act. in my country the perpetrators get punished. because they have committed fraud against the state. bitcoin will indeed facilitate the perpetrators of money laundring. however I believe that the more people who use bitcoin properly compared to those without.
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?
When someone buys BTC with "dirty" money that's not exactly a money laundering. Assume you have lots of BTC, now what? If you'd buy an expensive car or a house with those BTC it would be still suspicious as if you'd bought them with the "dirty" money. Money laundering is when you buy a business and then make it to appear that it is profitable, although in reality it is not, and make people believe you made a lot of money from that business. Thus you might lose 30% of your "dirty money", but 70% of it would be "clean".
but this does not exclude the person in laundering money. Whether 99.9% if it is clean and 0.1% is dirty money, the person is still laundering money and may compromise that 99.9%. Best way is to avoid money laundering at all. With bitcoin you can do that without being traced. As long as you have never registered or link any of your file with your identity.
Any asset can be used for money laundering. It is not just bitcoin. But Governments can use this reason to ban bitcoin or even subject it to extreme regulation. We will have to wait and see how this will turn out in future. Corrupt individuals will use any method to turn black money into white.
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?
When someone buys BTC with "dirty" money that's not exactly a money laundering. Assume you have lots of BTC, now what? If you'd buy an expensive car or a house with those BTC it would be still suspicious as if you'd bought them with the "dirty" money. Money laundering is when you buy a business and then make it to appear that it is profitable, although in reality it is not, and make people believe you made a lot of money from that business. Thus you might lose 30% of your "dirty money", but 70% of it would be "clean".
Let set some facts straight here:
1. Bitcoin can be used as money laundering tool, but so can every digital or not currency with similar properties.
2. FIAT money is number 1 source of corruption, money laundering tool and crime powering asset in the world, bitcoin is not even close.
3. Considered estimated number of bitcoin users is around ~10 million (dramatically low compared to FIAT users), bitcoin current capitalization is $13Billion (again, rather pitiful compared to FIAT).
We realize that media's cry about bitcoin used as tool for money laundering is exaggerated rumor and is detached from reality.
1. Bitcoin can be used as money laundering tool, but so can every digital or not currency with similar properties.
2. FIAT money is number 1 source of corruption, money laundering tool and crime powering asset in the world, bitcoin is not even close.
3. Considered estimated number of bitcoin users is around ~10 million (dramatically low compared to FIAT users), bitcoin current capitalization is $13Billion (again, rather pitiful compared to FIAT).
We realize that media's cry about bitcoin used as tool for money laundering is exaggerated rumor and is detached from reality.
Strictly speaking, these are not all the facts which we should take into account
First of all, if we consider Bitcoin as a tool for money laundering we should also consider it as such for any other illegal activity which fiat is used for as well. Second, it is not easy to use fiat for illegal activities unless we talk about cash. In other words, not all fiat is born equal, and the government seems to be fighting with these activities (at least, so they claim) by constantly reducing the amount of cash in circulation. Really, it you are not involved in anything such, non-cash fiat overall is more usable and handy than cash itself. And last (but likely most important in this regard), we shouldn't look at absolute figures, we should rather consider how many bitcoins are used for illegal operations per total number of coins mined. And here Bitcoin might beat fiat (even as cash) hands down
Definitely, Bitcoin can be used in money laundering especially it's nature of transaction that can be processed without banks. If the person who intended to launder money and hide it in BTC, he can just use localbitcoins and trade peer to peer in person with that person to avoid bank transaction and records.
Let set some facts straight here:
1. Bitcoin can be used as money laundering tool, but so can every digital or not currency with similar properties.
2. FIAT money is number 1 source of corruption, money laundering tool and crime powering asset in the world, bitcoin is not even close.
3. Considered estimated number of bitcoin users is around ~10 million (dramatically low compared to FIAT users), bitcoin current capitalization is $13Billion (again, rather pitiful compared to FIAT).
We realize that media's cry about bitcoin used as tool for money laundering is exaggerated rumor and is detached from reality.
1. Bitcoin can be used as money laundering tool, but so can every digital or not currency with similar properties.
2. FIAT money is number 1 source of corruption, money laundering tool and crime powering asset in the world, bitcoin is not even close.
3. Considered estimated number of bitcoin users is around ~10 million (dramatically low compared to FIAT users), bitcoin current capitalization is $13Billion (again, rather pitiful compared to FIAT).
We realize that media's cry about bitcoin used as tool for money laundering is exaggerated rumor and is detached from reality.
Indeed, all of your comments are true.
There are many, many methods used to hide money flow, not just using money either! Barter, etc.
"Money Laundering", as quietly defined by government, is owning any wealth that they do know about. What government does not know, it cannot tax.
Expect governments in the future to be more aggressive and more intrusive re our freedoms.
Let set some facts straight here:
1. Bitcoin can be used as money laundering tool, but so can every digital or not currency with similar properties.
2. FIAT money is number 1 source of corruption, money laundering tool and crime powering asset in the world, bitcoin is not even close.
3. Considering estimated number of bitcoin users is around ~10 million (dramatically low compared to FIAT users), bitcoin current capitalization is $13 Billion (again, rather pitiful compared to FIAT).
We realize that media's cry about bitcoin used as tool for money laundering is exaggerated rumor and is detached from reality.
1. Bitcoin can be used as money laundering tool, but so can every digital or not currency with similar properties.
2. FIAT money is number 1 source of corruption, money laundering tool and crime powering asset in the world, bitcoin is not even close.
3. Considering estimated number of bitcoin users is around ~10 million (dramatically low compared to FIAT users), bitcoin current capitalization is $13 Billion (again, rather pitiful compared to FIAT).
We realize that media's cry about bitcoin used as tool for money laundering is exaggerated rumor and is detached from reality.
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?
While legally it is dubious and chances are it is illegal in whatever country you're residing in, and I do not advocate for breaking the law and you should respect your nation's x or y laws, yes, it is technically possible, and easier if you run it through a Bitcoin mixer. It would be possible to trace it otherwise, running it through a mixer makes it a lot harder. What are your thoughts?
If someone wanted to move $1,000,000 using bitcoins, they would need about 1,428.57142857BTC if the exchange rate was $700 per 1BTC
Anyone with that much BTC? Let's say they'll get it from an exchange. Then that exchange would have to halt trading just to serve one order. That's just for $1M... So would moving a much larger amount be possible with bitcoins provided that the exchange rate is still pegged at $700-$800?
Anyone with that much BTC? Let's say they'll get it from an exchange. Then that exchange would have to halt trading just to serve one order. That's just for $1M... So would moving a much larger amount be possible with bitcoins provided that the exchange rate is still pegged at $700-$800?
you don't move the bulk, you script the entire amount to move in smaller pieces. you are not paying more, the fee is a percentage, so ten 1 dollar tx's pay the same amount as one $10 tx. i used an exchange earlier as an example, but if you have $1M on an exchange, it is from trading and not dirty, or you moved it there for some stupid reason. the exchange has your private key and the only scripting you can do is possibly through an API.
$1M dirty is in a wallet that you control and you have the ability to move it in bulk if you want, but you should be scripting smaller moves simultaneously
exactly, for it all to be clean, don't move in bulk. but laundering is equated with moving large volumes of cash from one place to another. then with bitcoin, it won't be possible move really large amounts. and with billions of people all over the world wanting to move large volumes of money undetected, would bitcoin and/or other cryptos be their option?
There are some perfect ways to do it. First you need to know to create different wallets under the Electrum wallet. Do not link them to one another by doing transaction to each other. Name them with different names, they all should have different seeds so when creating one make sure to click CREATE NEW SEED.
This is the first step. Second step is convert Bitcoin to Monero which is an untraceable currency. Wait a few days, convert back to bitcoin and withdraw to those different wallets.
Now as the final step mix them through the mixer in my signature campaign which is absolutely the best one. And get them preferably in a new Multibit or hardware wallet.
That's it, no traces left behind, only your IP (if you use TOR+VPN you erased these traces too).
This is the most perfect way to me, but much more experienced users can have their saying too.
You understand there's no money laundering in those operations, right?
You start with black money, and you still have black money at the end.
Money laundering just is possible through different means and here bitcoin gives high security to its users, so laundering is there for which we cannot describe its unworthy. Black money holders just transact and give make it white when the amount spent.
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?
Of course people can launder their money with bitcoin since bitcoin is a currency and you can do that with any fiat, it is not surprising you could do that with bitcoin, there are probably hundreds of methods to do that but if possible try to avoid them so you avoid problems with your tax agency. What are your thoughts?
If someone wanted to move $1,000,000 using bitcoins, they would need about 1,428.57142857BTC if the exchange rate was $700 per 1BTC
Anyone with that much BTC? Let's say they'll get it from an exchange. Then that exchange would have to halt trading just to serve one order. That's just for $1M... So would moving a much larger amount be possible with bitcoins provided that the exchange rate is still pegged at $700-$800?
Anyone with that much BTC? Let's say they'll get it from an exchange. Then that exchange would have to halt trading just to serve one order. That's just for $1M... So would moving a much larger amount be possible with bitcoins provided that the exchange rate is still pegged at $700-$800?
you don't move the bulk, you script the entire amount to move in smaller pieces. you are not paying more, the fee is a percentage, so ten 1 dollar tx's pay the same amount as one $10 tx. i used an exchange earlier as an example, but if you have $1M on an exchange, it is from trading and not dirty, or you moved it there for some stupid reason. the exchange has your private key and the only scripting you can do is possibly through an API.
$1M dirty is in a wallet that you control and you have the ability to move it in bulk if you want, but you should be scripting smaller moves simultaneously
exactly, for it all to be clean, don't move in bulk. but laundering is equated with moving large volumes of cash from one place to another. then with bitcoin, it won't be possible move really large amounts. and with billions of people all over the world wanting to move large volumes of money undetected, would bitcoin and/or other cryptos be their option?
Money laundering is one of the things that can be done very easily with the help of Bitcoin. The Bitcoin anonymous feature can be used to so such illegal activities. But if Bitcoin was not there, would money laundering would not be there.
NO is the answer. So we do not need to blame bitcoins for such activities.
Money laundering can happened with any type of currency same as with bitcoin, but when you are transacting with fiat currency government will easily identify the transaction but through bitcoin it is not possible because each person has different address with no names, no banks involved in it. So it is very hard to find with bitcoin to whom we are transferring.
Actually a bitcoin can also be tracked, if we buy a bitcoin of exchanger could certainly easily tracked. I think though the anonymous, State with a variety of tools will be easy to found. Let's use the bitcoin wisely.That's why I personally don't mind that Bitcoin is being used for bad purposes. Just like is the case with fiat, there is no way to stop/prevent this.
Bitcoin is an interesting tool in which it allows everyone to use Bitcoin the way they want. It's called freedom. Instead of focusing on what others do, better focus on what you can do. Be productive and make money.
It is 100% possible. It is virtually anonymous when done correctly, low fees and instantaneous transactions(mostly).
Money laundering can happened with any type of currency same as with bitcoin, but when you are transacting with fiat currency government will easily identify the transaction but through bitcoin it is not possible because each person has different address with no names, no banks involved in it. So it is very hard to find with bitcoin to whom we are transferring.
Actually a bitcoin can also be tracked, if we buy a bitcoin of exchanger could certainly easily tracked. I think though the anonymous, State with a variety of tools will be easy to found. Let's use the bitcoin wisely.The coins that the FBI had seized from Silk Road were allegedly sold at auctions
30,000 Bitcoins seized during the Silk Road bust were auctioned off by the U.S. government on July 1st 2014
Whether they remain in circulation now and did they actually sell them to an independent entity (or a group of these) is a big question, though. As I understand it, the law requires to sell confiscated property at special auctions, but if the authorities are not interested in doing that (for whatever reason), they certainly have the ways to sell this property to affiliated parties (basically, to themselves)
Looks like they're in circulation. Check the address 1Ez69SnzzmePmZX3WpEzMKTrcBF2gpNQ55
Source: http://www.sciencemag.org/news/2016/03/why-criminals-cant-hide-behind-bitcoin
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?
It is definitely yes! any people here in this industry which bitcoin world, they can do money laundering, but there is really a big risk, but as much a possible we shouldn't do these by any member here especially to those member here who have lots of money or BTC.
Money laundering is done a lot with bitmixer but I do not know any other methods to simply do this right now.
That is the most popular method and probably the most effective but I think that in most cases people who want to launder illegal funds just exchange them to bitcoins in some anonimous way and don't even use mixers. In many countries that is enough to mask the money flow.
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