should I be concerned about the history of bitcoins when buying them ? - page 2.

witcher_sense

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Quote from: Bitox888 on May 29, 2022, 04:52:52 AM

If I purchase bitcoins via p2p, can I get some problems if the bitcoins I get were involved in some criminal activity ? If yes then how do I avoid such situation ?

Some people will say that bitcoin is perfectly fungible, that one bitcoin is always equal to another, and that you shouldn't "judge" bitcoin by the history of transactions that take place in the network. If it is true, then you shouldn't be worried: criminal money is no better or worse than any other money, the criminal past attached to it doesn't matter at all. Unless you are operating in a regulated environment buying and selling your bitcoin on a centralized platform that must comply with the rules imposed by a certain jurisdiction to be able to conduct business. These platforms don't care much about the fungibility or privacy of a currency, they only need their business to succeed. If they feel threatened, they can freeze your transaction even if it is legal and pristine. If you want to minimize the risk of being robbed by these greedy businessmen, do not send them transactions, even the cleanest ones.

But do participate in P2P transactions between independent individuals, offer your products and skills in exchange for bitcoin. That is how bitcoin circular economy is born.

Nrcewker

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Quote from: Bitox888 on May 29, 2022, 04:52:52 AM

If I purchase bitcoins via p2p, can I get some problems if the bitcoins I get were involved in some criminal activity ? If yes then how do I avoid such situation ?

It's really a good question to debate upon.
But to be seriously honest, then I haven't came across such an incident from anyone in the internet.
Cmon, P2P transactions are legal, and guess what almost all the Bitcoin transactions are unable to track, until and unless you linked your address in one of your social media profile.
Moreover if you want to remain more secure while doing BTC transactions, then use mixer for safety.
At last you can conclude that, you did not need to take any sort of tension while doing P2P transactions. Also if you don't feel purchasing Bitcoins from P2P deals, then give a shot at popular exchanges.

Mpamaegbu

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Quote from: Bitox888 on May 29, 2022, 04:52:52 AM

If I purchase bitcoins via p2p, can I get some problems if the bitcoins I get were involved in some criminal activity ?

If this thought pattern becomes a reality, then it means crypto industry will become problematic. It's like asking for the manufacturing process an automobile passes through before buying it. What I think should be a point of concern should be if the sale or exchange of the Bitcoin is in fiat and directly to your bank account and there is a transfer limit on your bank account. Some banks do have such mechanism to deter money laundering. Other than that, I don't see why anyone should worry themselves where the Bitcoin they're buying comes from.

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Quote from: Bitox888 on May 29, 2022, 04:52:52 AM

If I purchase bitcoins via p2p, can I get some problems if the bitcoins I get were involved in some criminal activity ? If yes then how do I avoid such situation ?

Not that much mate , because unless your country has an issue about Bitcoin transacting then you will face with that problem but not in the sense of when the transaction is legit.

and like what the first answer says? just explain that it comes from p2p for safer explanation .

or Use Mixing service if you think there will be something to face when you start transferring the Bitcoin .

worle1bm

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Although there should not be a problem as many people are using these P2P platforms for buying and selling bitcoins and you as buyer can't determine the source from where they have come but for your safety reasons you can use mixing service or if you are comfortable with KYC then buy them from exchanges if you feel this can be problem for you.Rest there are many using it and nothing serious has come up if i am correct.

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Bitox888

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Quote from: lovesmayfamilis on May 30, 2022, 06:14:38 AM

In addition, the movement of large transactions always attracts If the OP buys a small amount, I doubt it will attract attention.

Someone said that sooner or later we might accidentally run into dirty bitcoins, but again, large transactions are most interesting for tracking authorities.

"large" is how much these days ?

Oasisman

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Quote from: Bitox888 on May 29, 2022, 04:52:52 AM

If I purchase bitcoins via p2p, can I get some problems if the bitcoins I get were involved in some criminal activity ? If yes then how do I avoid such situation ?

If you use a platform that supports P2P like Binance, I guess that won't going to be a problem since every user must be verified before they can use such feature. So, the platform itself knew you weren't involved because you are another different person/user verified, and it's not gonna get you in trouble.
I like the question, though it has been asked several times but like most of them everyone wants security when it comes in purchasing Bitcoin.

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Quote from: Bitox888 on May 29, 2022, 04:52:52 AM

If I purchase bitcoins via p2p, can I get some problems if the bitcoins I get were involved in some criminal activity ? If yes then how do I avoid such situation ?

If you buy bitcoins through P2P, there is a very rare chance that you get into trouble if the seller got those bitcoins through criminal activity.
Actually, there is no way to confirm the source of bitcoins when we initiate a trade with any P2P trader.
Also since bitcoin is anonymous, it is hard to trace the money trail.

goldkingcoiner

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So wait. Should from a law standpoint the exchange you bought those coins from hold some sort of legal responsibility to sell you clean coins and if they do not, they are the ones who would have to refund you for "bad coins"?

I am no lawyer and I am also not giving out any law advice. But if you register with an exchange you give them your KYC details which is from a procedure that the government uses as regulation against fraud and money laundering? In this case I expect that the government holds exchanges accountable. Especially if I read that part about Fraud correctly...

Dunamisx

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Quote from: Bitox888 on May 29, 2022, 04:52:52 AM

If I purchase bitcoins via p2p, can I get some problems if the bitcoins I get were involved in some criminal activity ? If yes then how do I avoid such situation ?

I don't think there should be much need to go on panic over the purchase of bitcoin else you buy from a suspicious entity that has a tag of crime or fraudulency, on a normal purchase from a reputable exchange there should not be any challenge or query to how you got your bitcoin acquired since government knows about the presence of many exchanges while bitcoin on itself is an acceptable means for making payment, but you have to as well give caution to stuffs you do online in other not to place you on a suspect zone, i remember how Binance recently block some users account from some specific locations because of the suspicious activities.

Flexystar

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That's a nice question but I don't think we really need to be worried about it at all. As fellow members stated already I would also care less about its history. Moreover if anyhow it got transacted from the criminal history then it won't matter to me because background checks can make sure we are not the criminal! I mean there is no way we need to be that much worried. Yes, the question is entirely valid but the answer is simple and straight that its entirely based on how we have been with our transactions.

Also if its all about p2p then why not just switch to exchanges which has whole lot of mixed coins coming from all the directions.

Quote from: Marvelman on May 29, 2022, 04:13:47 PM

Quote from: so98nn on May 29, 2022, 11:38:47 AM

Quote from: Bitox888 on May 29, 2022, 04:52:52 AM

If I purchase bitcoins via p2p, can I get some problems if the bitcoins I get were involved in some criminal activity ? If yes then how do I avoid such situation ?

Well, those bitcoins might have been transferred many many many times before they might reach you! Basically the nodes that will keep creating further will have the connection to previous transaction (input and output, multiple) giving you extra layer of security. Yup many of them will say it could be traced but not down to the seed which was involved with criminal activity, cause that’s just impossible. It’s more or less mixing the coins continuously.

If you still think you received the coins which were involved with criminal activity then just hit Chipmixer, mix your coins and you have fresh lot of coins.

ChipMixer probably offers the best solution, and it's very easy to implement. But, is it possible to get even dirtier coins using ChipMixer?
I'm afraid I don't understand exactly how ChipMixer works, do all the incoming coins mix with other coins or do the coins (chips) go directly from one user to another?

May be this is also possible. Im not sure to what extent they really mix the coins and how the algorithm works but this is best practice to avoid such transactions.

Bitox888

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Quote from: Cling18 on May 29, 2022, 08:34:23 AM

I don't think the history will affect your purchase. It's actually been happening for lots of times but since you aren't involved in such criminal activity, you shouldn't be bothered about the it but if you seek assurance, then you could check it and buy from a different trader if that will give you peace of mind. You just have to make sure that you're purchasing from an exchange and not from an unknown person from other platforms.

actually I will be buying it from an unknown person and no he will not come via exchange platform. I am sure I will get my bitcoins, but concerned if they legit or not.

pawanjain

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Quote from: Bitox888 on May 29, 2022, 04:52:52 AM

If I purchase bitcoins via p2p, can I get some problems if the bitcoins I get were involved in some criminal activity ? If yes then how do I avoid such situation ?

Honestly speaking, it's hard to determine whether the bitcoins were previously used for illicit activities or not.
Most of the criminals/hackers use mixers to get away with the trace to their bitcoins and this makes it very very hard to figure out if those bitcoins were used for criminal activities or not.
So I think we as a regular user/trader/investor shouldn't be much concerned about the bitcoins we are holding.

mindrust

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Quote from: Bitox888 on May 29, 2022, 04:52:52 AM

If I purchase bitcoins via p2p, can I get some problems if the bitcoins I get were involved in some criminal activity ? If yes then how do I avoid such situation ?

Yes you should be concerned. That’s one of the problems of a public blockchain. Don’t buy any bitcoins otc imo. It is risky. Police may show up at your door and you may lose both your coins and your FIAT in the end. If you want bitcoins buy it from an exchange. Preferably from a big exchange like coinbase or binance.

skarais

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Quote from: KaliLinux on May 30, 2022, 07:57:49 AM

Is that as easy to confirm? that is knowing if the person you are transacting with on P2P is a criminal? Till now I never really thought about OP's concern which is really valid and since most of us have these p2p transactions how do I really know which of the "Satoshi" was criminally obtained since I was buying them in bits on different transactions?

Have you seen any special tags on wallets owned by hackers or criminals in crypto before? That might help you identify it.

But in the case of P2P platforms then I think the service will verify the seller's account and wallet first before allowing him to make transactions through the platform. So I'm probably pretty sure that platforms like Binance P2P have actually done thorough due diligence for every seller who wants to trade P2P there so that buyers no longer worry about the history of the funds they got. But of course if they still have doubts, then use a mixer to erase the history before hold them in the wallet.

KaliLinux

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Quote from: Jody.Drummer on May 29, 2022, 11:10:08 AM

Quote from: Bitox888 on May 29, 2022, 04:52:52 AM

If I purchase bitcoins via p2p, can I get some problems if the bitcoins I get were involved in some criminal activity ? If yes then how do I avoid such situation ?

Since you are buying on P2P, let's say the seller is getting Bitcoin from a criminal act.

First, you are just a buyer with the reason you do not know the history of the seller at all.

Second, pay attention to before/after transactions:
for example, if you know that Bitcoin sellers in P2P are criminals but you keep buying then you are considered involved.

However, if the other way around, if you find out that the seller is a criminal after you buy, then I think you have the power of proof where you are just a buyer just making a transaction.

Is that as easy to confirm? that is knowing if the person you are transacting with on P2P is a criminal? Till now I never really thought about OP's concern which is really valid and since most of us have these p2p transactions how do I really know which of the "Satoshi" was criminally obtained since I was buying them in bits on different transactions?

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Quote from: Bitox888 on May 29, 2022, 07:44:02 AM

I am going to buy it from a guy I dont know. So I wont use exchange but I dont know the guy and I have no idea where he got his bitcoins from.

as long as you buy it, and you have proof of the purchase transaction, then I believe no law will bind you.

if possible the seller is arrested for his criminal activities. and tracking related to where Bitcoin is distributed. You may be involved in legal proceedings. but will not bind you as a suspect when you have evidence that will prove that you are the buyer, not a criminal gang.

lovesmayfamilis

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In addition, the movement of large transactions always attracts If the OP buys a small amount, I doubt it will attract attention.

Someone said that sooner or later we might accidentally run into dirty bitcoins, but again, large transactions are most interesting for tracking authorities.

Rufsilf

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If that was legally acquired, there is nothing to worry about as it was not the question of where it is come from as it was not necessary to ask it from the seller. As long as your intention is good, that seems okay. I never heard such an issue that Bitcoin has been seized because it was coming from illegal, that only happens if crypto is banned in a particular place or country. But assuming it was allowed in your country, that gonna be fine, you can buy Bitcoin as you can.

But, it was best to know who you are dealing with just to be safe...many scams happen in P2P transactions, you need to be careful otherwise.

Topic: should I be concerned about the history of bitcoins when buying them ? - page 2. (Read 831 times)