Money laundering via BTC - page 5. | Bitcointalksearch.org

KrishaBitcoin

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Quote from: shamzblueworld on January 09, 2017, 01:11:50 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?

Money laundering thru Crypto is already applied and used by the people to hide their illegal assets before and for me this is the one main reason of why Bitcoin price become more expensive last year but unfortunately for this bad guys because the regulation is now strictly applied in every country to prevent this illegal activity that is why KYC is one of the requirements now to anyone who would like to join the Crypto.

Yadamosan

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Yes, Money launder in BTC is more worth investment other than big company or a businessman because in Bitcoin or BTC is a legit Money and surely get paid not unlike other, BTC is a legit money launder and BTC is helping people to get paid on their salary easier and help people to get rich faster better than working BTC is powerful now bitcoin is our future investment for sure they have a chance that a country get 50% of their country are get invest on BTC someday.

yurekaa

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very possible if we or someone wants to do money laundering with bitcoin. one of the reasons crypto has not been legalized until now is that the government is afraid that criminals commit money laundering through bitcoin. Money launderers will be difficult to track because they use bitcoin for money laundering. Bitcoin users are very difficult to track because bitcoin users can fake their identity and bitcoin users are spread throughout the country. bitcoin can be traded in all countries so it will be very difficult to track.

KorakPawon

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Quote from: shamzblueworld on January 09, 2017, 01:11:50 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?

yes maybe this can happen because if you get money or hide money in the usual place in the bank, or at home it will arise a question, and maybe if by investing in bitcoin this might be repeated from the supervision of different authorities when it is imposed on the bank or at home, the risk is more frightening.

Natalim

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Quote from: marcbitcoins on September 28, 2018, 08:58:49 PM

Quote from: shamzblueworld on January 09, 2017, 01:11:50 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?

Money laundering is the main reason of why bad people is joining this investment so that it could use Bitcoin in their self interest agenda as it could not easily track transactions and the owners before because of its Anonymity but with the power of regulation, these are all neutralize now but the demand for Bitcoin was affected too as these bad guys are part of the Bitcoin holders before.

We do not want to see the increase of demand because of the bad guys, if we want bitcoin to progress we have to make it useful for everyone.
Money laundering law is already here even before bitcoin's inception, and it's the duty of the government to track dirty money to trace criminals and their illegal activities.

marcbitcoins

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Quote from: shamzblueworld on January 09, 2017, 01:11:50 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?

Money laundering is the main reason of why bad people is joining this investment so that it could use Bitcoin in their self interest agenda as it could not easily track transactions and the owners before because of its Anonymity but with the power of regulation, these are all neutralize now but the demand for Bitcoin was affected too as these bad guys are part of the Bitcoin holders before.

Crypto_topic

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I believe it is already been done not a single time and not only with the help of Bitcoin but also other main cryptos as well. And actually transactions are not really anonymous - if you have a private keys and a bit knowledge it can be traceable.

But i do believe that its too much hassle for big money, there are more easy ways to do it, if you are a rich enough and have a wealthy business.

jekquenkinkas

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it is very possible that bitcoin will become money laundering.
because the price is very high and makes bitcoin has a very high value.
and maybe people do money laundering for taxes they have to pay

Patient_Zero

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Quote from: shamzblueworld on January 09, 2017, 01:11:50 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?

for criminals like corruptors putting money from their crimes in bitcoin is a stupid thing, we all know bitcoin has a block chain, a recording machine for every transaction in bitcoin that records all new transitions connected to the previous block, so law enforcement can validate blockchain with follow notes that record every transaction until the first transaction of the satoshi nakamoto maker makes bitcoin, so it's all transparent for law enforcement to investigate suspicious money circulation.

BeGoods

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Quote from: zahed on September 22, 2018, 03:19:30 PM

Money laundering is just diseases for our country it's considered punishable work. I think most provably it's happened by bitcoin and it's so easy to transfer black money one country to others country. Identity is not published in btc that's why it's increasing day by day.

That is why the government is afraid of the threat of cryptocurrency, because the facilities owned can make many people do money laundering to avoid the taxes they have to pay, so the government experiences material losses because their biggest income comes from taxes and it is lost due to the arrival of Crypto.

stadus

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Quote from: msk19 on September 25, 2018, 05:21:07 PM

Specifically in bitcoin, on the contrary, less dirty money, because all transactions are recorded in the public book.

Money Laundering using bitcoin can be trace because the end point is you need to cash out where you need to be verified in order to avail the service.
If you are under the radar of the government you will definitely get caught, like you said, there is a public ledger where anytime can be reviewed.

msk19

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Specifically in bitcoin, on the contrary, less dirty money, because all transactions are recorded in the public book.

BioHackerus

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so would you do it if you got a lot of coins?

transferring obviously isn't a problem.

but getting Fiat out for sure.

1. I know there are companies that issues you a credit card or even bank card (maestro in EU), per mail. there is of course tight limitation on drawing money, but still...

2. Go to Swiss / Bahamas or something and you have account where nobody cares if for the income the taxes were payed. you can get your Fiat there, but how to export cash? I think there is max 10.000 before you have to show it to customs

3. any ideas?

KorakPawon

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Quote from: Soros Shorts on January 09, 2017, 01:53:19 AM

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. Grin

all possible crime levels can happen, it's true you say we don't know when it comes to what we need to do is keep watch and secure what we have but for now bitcoin security I think it's safer and might reduce crime.

Rooster101

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It is more hard to detect the movement of cryptocurrencies that the fiat and there are already reports of money laundering that uses bitcoin recently. This is might be the reason why some governments are imposing regulation on every crypto exchanges to monitor the flow of bitcoin transactions for possible money laundering.

bryant.coleman

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Quote from: shamzblueworld on January 09, 2017, 01:11:50 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?

One of my Indian friends told me that when the demonetization of the old banknotes happened there in 2016, a lot many of the black money holders converted their cash to BTC. And they immensely benefited from this measure, after the Bitcoin prices shot up by 20x in 2017.

zahed

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Money laundering is just diseases for our country it's considered punishable work. I think most provably it's happened by bitcoin and it's so easy to transfer black money one country to others country. Identity is not published in btc that's why it's increasing day by day.

fara_buduk

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the money washers will do anything to carry out their actions not only in bitcoin but on other assets and that may be possible but the government must provide policies and refinements so that the money laundering movement is even smaller such as KYC

ningrumxxi

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Quote from: Gembul on January 09, 2017, 02:04:46 AM

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.

this is not the case in developed countries, because with advanced technology they are still reaching to track the origin of illegitimate money owners with bitcoin mixer services, the government can still call to release suspicious data from criminals, but for developing countries it is still difficult to do because their financial system has not well integrated, so to anticipate the government still has not legalized bitcoin as a legitimate medium of exchange.

coxian

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Yeah, you're absolutely right. It is very much possible to make money laundering via BTC.
Thats some countries marked bitcoin as illegal.

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