Topic: Money laundering via BTC - page 43. (Read 39389 times)
I guess most people do not understand what money laundering is. Mixing services and anonymous services are totally useless. Money laundering is going from having cash in hands to having money at a bank. Sure, that can be done with BTC, but that's not cheap.
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?
There are chances to convert from white to black money but it not possible bitcoin is not restricted to specific country, to exchange your black money into it will take lot of time because bitcoin are being hold by many members from different parts of the world, even we don't know who are those and where the money is.One more thing bitcoin completely digital currency either you need to exchange you black money either in form of through banks and face to face exchange, even exchanging you will face some problems with your black money.
BTC & Gift Cards are better at anon, than Monero.
At least according to the current criminal preferences.
http://www.fraud-magazine.com/article.aspx?id=4294967696
At least according to the current criminal preferences.
http://www.fraud-magazine.com/article.aspx?id=4294967696
Quote
The problem is that gift cards might be a little too easy to use. Consider the potentially sinister side.
According to Jeffery Ross, a senior adviser with the U.S. Department of the Treasury's Office of Terrorist Financing and Financial Crime, terrorists and money launderers might find it easier to escape detection by using gift and other prepaid cards.
Ross says that criminals are increasingly using the cards, some of which are bought with "digital currency" via the Internet, to avoid leaving financial fingerprints.
The Department of the Treasury is considering new regulations to help monitor the $163 billion (U.S.) stored-value industry, which includes gift, long-distance, transit, payroll, and money cards redeemable at automated teller machines.
While casinos and banks are among the most established means for laundering, money launderers are increasingly turning to such methods as online payment services and gift cards to move their illicit funds because they provide anonymity.
According to Jeffery Ross, a senior adviser with the U.S. Department of the Treasury's Office of Terrorist Financing and Financial Crime, terrorists and money launderers might find it easier to escape detection by using gift and other prepaid cards.
Ross says that criminals are increasingly using the cards, some of which are bought with "digital currency" via the Internet, to avoid leaving financial fingerprints.
The Department of the Treasury is considering new regulations to help monitor the $163 billion (U.S.) stored-value industry, which includes gift, long-distance, transit, payroll, and money cards redeemable at automated teller machines.
While casinos and banks are among the most established means for laundering, money launderers are increasingly turning to such methods as online payment services and gift cards to move their illicit funds because they provide anonymity.
Yes, money can be laundered via btc.
You keep it in a wallet like say blockchain.info, then you're anonymous.
Use it in a p2p transaction, and governments won't be able to spot you or stop you.
But if you use an exchange where you convert to fiat (which usually will require identification and all that jazz), then there's a possibility that you'll be questioned for your funds.
You keep it in a wallet like say blockchain.info, then you're anonymous.
Use it in a p2p transaction, and governments won't be able to spot you or stop you.
But if you use an exchange where you convert to fiat (which usually will require identification and all that jazz), then there's a possibility that you'll be questioned for your funds.
Money laundering is highly possible, but the problem is with transaction. When we need to change the black money to bitcoin, the person who provides bitcoin gets fiat. So if we try through banks surely taxation occurs for the black money. Profitable only if the exchange happens person to person on direct exchanging.
yes bitcoin can be used to launder money if needed. but it is still traceable. if coins like monero become really big, this will be the coin of choice of those who want to launder
Money laundering is not the concept of cryptocurrency because in cryptocurrency we deal with people whom we don't know personally so we deal with strangers and become victim if scam. What if we do the same with real money. Will we trade with unknown? Deal with known person and be safe.
Bitcoin is really for money laundering. Imagine: It's anonymouse, you control your own wallet offline without banks and etc, no one can know your funds and no one can track you, for additional securities you can use bitcoin mixers and these whole things makes bitcoin ideal for money laundering. That's why some famouse websites don't use this as a payment system and that's why goverment don't likes bitcoin, simply it's nature of bitcoin.
And this is possitive trait of bitcoin imo people should have some privacy
Bitcoin is more and more popular for money laundering. It's still rather anonimous and for authorities it is not so easy to trace the money or seize the wallet, sometimes even because of lack of regulation.
So people who gain the money through illegal activities often convert it to Bitcoin. Of course there is risk because of price volatility but still is better then to lose everything.
So people who gain the money through illegal activities often convert it to Bitcoin. Of course there is risk because of price volatility but still is better then to lose everything.
Well, it is, and yes, it can be use to keep your money away from the eyes of many. But I think it won't be a good idea to make money laundering for the sake of keeping your money being taxed by the government. It would just make you violate a law, though they can't find your money now, but for sure in the future they will.
Bitcoin features is perfect for money launders, you can easily get BTC of exchange with no KYL and AML but the price maybe higher than the official rate on exchanges and move your money around and clean it up
Yes. Ofcourse. Bitcoin can be use for money laundering because it harder to trace where the funds came from. Everybody is anonimous. Thats why some exchange required every details of you in able for you to buy bitcoin. This is the way to regulate bitcoin and to avoid such thing.
bitcoin = money
what you can do with bitcoin = what you can do with money
with USD you can:
pay your bills, buy groceries, invest in businesses, buy stocks and gold, buy drugs, pay ransom, launder your dirty money, gamble,....
with bitcoin you can do all the above too. simple as that.
what you can do with bitcoin = what you can do with money
with USD you can:
pay your bills, buy groceries, invest in businesses, buy stocks and gold, buy drugs, pay ransom, launder your dirty money, gamble,....
with bitcoin you can do all the above too. simple as that.
Well, it is, it can be used as money laundering tool. Anything can be used as it is, be it a real estate or anything that has value, as long as you could hide your money, then you could do it. You could stock your money as bitcoin to hide it or you can make it as passage so it is not easy to trace where it goes out. 
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?
Absolutely yes and now is the right time to launder your dirty money via Bitcoin because with the price higher than before, it will take a smaller amount of coins to use. BTC is also in the grey area when it comes to its legitimacy and how the governments of different countries view it, so its very easy to find a legal loophole.
I think bitcoin has great potential to be used as money laundering. In bitcoin transactions, no one would question the source of funds bitcoin. In contrast to the banks which would have to ask the origin of the source of funds if one transaction using the bank. Naturally, this gap is very large for the money launder. Besides the secret identity information each person makes transactions difficult to trace. Maybe if bitcoin in regulation that could reduce money laundering in 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?
Of course that's possible. BTC is a tool, which could be used anywhere.
https://bitcointalksearch.org/topic/m.17426103
it is and it's the reason why the government don't like it, and why in some country it's banned, but there are way to know if your money were used for illegal activity
the so called "taunt"(if i remember correctly) bitcoin, have their value reduced this was also a problem for the bitcoin fungibility
the so called "taunt"(if i remember correctly) bitcoin, have their value reduced this was also a problem for the bitcoin fungibility
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?
Yes, Of course. Bitcoin is anonymous and it is not controlled by Government or financial Organization. You can use bitcoin to purchase drugs, weapons... or to launder money and Bitcoin has no border Therefore bitcoin is usually called illegal currency.
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