Topic: Money laundering via BTC - page 44. (Read 39389 times)
short answer is, that it is possible, but not as easy as one might think. also there are better ways.
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.
Bitcoin is many places is not considered a currency or money but is called a virtual service, so in some places, it's just considered as a commodity rather than as a currency. Of course I am sure governments will try to regulate and control if they see too much money is being drained from their country.
Absolutely, shady transactions are fit with bitcoin. The reality is we can transact anonymously online and it's easy for us to launder the amount of money. It's possible hence the government are making effort to trace this transactions and the people behind this, they directed the local exchanges to to force their clients to comply with the KYC Policy in order to continue serving them.
It only gives a hard time for the government to trace but they can certainly trace it as they have all the necessary resources.
It only gives a hard time for the government to trace but they can certainly trace it as they have all the necessary resources.
money laundering is not just putting your money in from one side and getting it out from the other side clean! you are not using a washing machine for your dirty clothes. that is a layman's way of thinking. it is a lot more than that.
you can read the wikipedia article for a step by step guide
https://en.wikipedia.org/wiki/Money_laundering
but in short it is done through a business, you have to be able to say where that money came from. read the methods part of wikipedia
you can read the wikipedia article for a step by step guide
https://en.wikipedia.org/wiki/Money_laundering
but in short it is done through a business, you have to be able to say where that money came from. read the methods part of wikipedia
Of course, I think bitcoin is a powerful means for us to commit money laundering. That was the cause why bitcoin is still doubtful, in country where I live, feared bitcoin will be a great tool for criminals to clean the money from tracking. Especially with all the capabilities of the bitcoin which of course complicates the authorities. But anyway that's the advantages of bitcoin, we can not oppose it. Thank you.
Bitcoin is pseudo-anonymous, so it's not ideal to hide "black" money in a technology that can be traced back to the person hiding that money. There are other Alt coins with full anonymity more suited for that purpose. Even if you use mixer services with Bitcoin, the authorities can still subpoena these services to release the data, and then you will have to give a explanation for that money. ^hmmmm^
Of course it is possible to launder money via Bitcoin. Otherwise, Bitcoin cannot be considered the equivalent of a real currency, because the ability to launder money is a "feature" of every fiat currency. 
Yes, it is very much possible to launder money with bitcoin and I am sure there are already many cases of this happening. This is also how most of the sites like bitmixer survive and are able to pay those big amounts out on signature campaigns. Since it allows people to be almost anonymous, therefore it is and will always be the best way for people to evade taxes and launder money. It is also the reason some governments are against it.
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?
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