Topic: Money laundering via BTC - page 8. (Read 39154 times)

You can say the biggest downward side of Bitcoin is the money laundering issue. This is a very serious issue on the integrity of the whole cryptocurrency market. The authorities need to take serious actions and come up with a way to track such people.

it is very likely that criminals keep money in bitcoin, but for perpetrators criminals committed in developed countries, with highly developed systems may be difficult, especially the corruptors there, it is possible that law enforcement officers usually detect not on the storage of his own money but for the form their business, another example of drug dealers, they are not held for money but can be caught through the type of illegal goods in business and automatically all assets including bitcoin will participate in foreclosure.

Absolutely agree, bitcoin is not like monero or zcach.
In general, it is not easy to track a banking transaction either (it is not worth believing in movies and serials).
As for Bitcoin, it is not anonymous, but rather pseudo-anonymous.
Why so? In contrast to bank accounts and most other payment systems, Bitcoin addresses are not tied to the users identity at the protocol level. Any person at any time can create a new, completely random Bitcoin address (and a personal key associated with it) without having to provide their personal data.
Transactions are also not tied to the users identity. Therefore, any user can successfully transfer bitcoins from any address from which he has a personal key to any other address. No one needs to disclose any personal information.
And thirdly: Bitcoin transaction data is transmitted and forwarded by nodes to a random set of peer-to-peer nodes.
However to find out the data is not so difficult, remember pseudo-anonymous.
1. First of all, although Bitcoin transactions are transmitted through randomly selected peer-to-peer nodes, this system is not impeccable. If, for example, a criminal has the opportunity to connect several nodes to the Bitcoin network, then the aggregate of the data collected by them can be sufficient to determine the origin of the transaction.
2. Secondly, the Bitcoin address can be mapped to a person's real identity if his identity is used in some way with the Bitcoin address. For ex on crypto exchange, wallets, online shops etc.
3.But most importantly, all transactions on the Bitcoin network are completely transparent and can be tracked by anyone. It is full transparency that makes it possible to group several Bitcoin addresses and bind them to one user.

So yes, on the on hand fraudulent schemes and laundering are possible, but on another hand, it slightly can be found.

I think yes, bitcoins are laundering money, because no one knows how many bitcoins you have and how many purses you have.

Laundering money using bitcoin is the most freedom we are enjoying from crypto currency because it is not check by any government or controlled by their authority. It may sound very bad but this the freedom we are getting from investing in cryptocurrency using bitcoin.

one of the reasons why most countries can not formalize the existence of bitcoin can be abused by people who are not responsible for money laundering and other criminal acts because bitcoin can not be regulated or approved by any central bank

Back in the days where exchangers doesn't comply with KYC proceedings where big sums of money can still freely go in but now there is already a restriction into the amounts which if you do launder money on huge sums then identity information would be asked unless if you do Peer to Peer transactions with people do have BTC then its possible but if you do go into other services then it would be hard as of these days.

Yes, it is very much possible to launder money with bitcoin and I am sure there are already many cases of this happening. There are created a lot of sites and applications that use bitcoin for this.

If the regulations are set in place there is no way anyone could launder money, with strict regulation the hopes of acquiring huge amount of bitcoin without being traced is just a dream, there are many cases being under the scanner and many culprits are brought to justice in this short period of time, people who does these illegal activities will continue to do so as they will find a new way to launder the money without being traced and blockchain is not the way to go for these criminals.

in fact money laundering is not only done with bitcoin but can be any way, but for the case of crypto currency may be much easier because the existing system is global is not affected by one of the countries, so the current era is indeed the criminals who use that way, but it may be difficult in a country where the financial system is very tight and very well integrated, such as japan and other developed countries.

Hey, shamzblueworld

I'm agreed with you. I also think that it is very much possible to money laundering via Bitcoin. You know right now Bitcoin is legal most of the country. Other Countries like or Asian countries are not taking any steps through Supreme court. People from Asia easily can launder there money to black market.I believe that they don't need to face any hassle to laundering money from their countries.

The thing about bitcoin is the conversion of black money to white money is not straight forward as it may sound and AFAIK money laundering through crypto is not so easy as you will have to go through KYC with most of the available exchanges to get the asset you need if the money is too much, the risk of exposure is high when using crytpo unless its a small amount which is likely to bother nobody.

in my opinion bitcoin a place for money laundering is very likely, but such cases can only be done to the perpetrators of the country whose financial system is not strict or the technology of the country is still left behind, but for a country whose financial system is very tight and the technology is very supportive may be very difficult to do,

Bitcoin in all over world is mostly used for money laundering. People want to save money without paying texes so they transfer their wealth to other countries in the form of bitcoin. As there is no monitering on bitcoin so it is easy way of  transefer blackmoney. In some countries bitcoin is banned.

Bitcoin is quite possible to use for laundering dirty money and other financial irregularities. However, one must take into account that it is only relatively anonymous and with a great desire and corresponding capabilities of the special services, the bitcoin owner can be established. According to studies, bitcoin for illegal purposes is used from one to ten percent of cases. Criminals often use coins with a higher degree of anonymity - monero, SCash, Dash and others.
I just wonder why Russian special services used bitcoin as a payment for intervention in the election of US President Trump. Probably because of this they were uncovered.

Keep in mind, in some countries like in my country before having bitcoin you have to buy bitcoin through national banks who governed by the government.

Surely this is an easy way for the government to find money laundering cases. And another risk for someone who will do money laundering is the bitcoin price volatility.

I cannot imagine if they sacrificed their money to save money in bitcoin because it would suffer huge losses if the price decline drastically, this is always thought by the money launderer, unless he has a stupid mind.

What do you mean? There’s still KYC. Many other service providers or exchanges require you to provide identification. I don’t know where to make your transactions but I have been providing ID’s to my wallet service provider when I cash out. Also, transactions can actually be tracked. The reason why money laundering can be done thru BTC is because the authorities don’t look into it or track it regularly as compared to the use of fiat or banks.

I was thinking about something like that few days ago. Where is better to hold coins, in BTC or in other coin, like BNB (binance). Bitcoin, as we saw, went from 20k to 6k, I wouldn't like my money, just disappear.

..definitely yes,,there is a possibility to do a laundering money.people are very smart to do some act that are not acceptable to the public..that is why,,many countries ban bitcoin because of this activities.they use bitcoin in order to hide some malicious act in a way that no one can track all their activities.. 

Yes. That's how Bitcoin facilitates illegal activities. The risk of Bitcoin price fluctuation is worth taking because it's really beneficial to hide from authorities.