I am not a criminal but I guess the reason is liquidity.
It is true that cryptocurrency is safer to use than any fiat right now since we will be able to avoid direct contacts but since we are talking about crimes, it doesn't matter. With their places limited to spend money right now and with Bitcoin's acceptability here in our country, I would still use fiat. Just imagine you buying drugs and offering criminals Bitcoin which they don't know or even see its value.
Topic: Why criminals prefer cash (Fiat) on top of crypto? - page 16. (Read 4823 times)
In my opinion there are still many people who don't understand crypto, so it's only natural that criminals prefer fiat over crypto.
Moreover, fiat has been used for thousands of years by humans, so it is only natural that fiat is preferred by criminals. Because
human nature prefers something that he already understands. And also criminals looking for the easy to spend, in fact, fiat is
easier to spend than crypto.
Moreover, fiat has been used for thousands of years by humans, so it is only natural that fiat is preferred by criminals. Because
human nature prefers something that he already understands. And also criminals looking for the easy to spend, in fact, fiat is
easier to spend than crypto.
I think it is not about bitcoin not being that liquid but because of the fact that with the knowledge that we already have with bitcoin and the blockchain, people could easily track the transactions happening using a bitcoin. Even though fiat are centralized, there is no way that they could track it since there is no records to look into.
In my opinion there are still many people who don't understand crypto, so it's only natural that criminals prefer fiat over crypto.
Moreover, fiat has been used for thousands of years by humans, so it is only natural that fiat is preferred by criminals. Because
human nature prefers something that he already understands. And also criminals looking for the easy to spend, in fact, fiat is
easier to spend than crypto.
Moreover, fiat has been used for thousands of years by humans, so it is only natural that fiat is preferred by criminals. Because
human nature prefers something that he already understands. And also criminals looking for the easy to spend, in fact, fiat is
easier to spend than crypto.
As of late, crypto has become extremely popular due to the negative effects of COVID-19 in the mainstream economy. People are starting to consider crypto to be a safe-haven against the traditional monetary system empowered by banks worldwide. Yet, the vast majority still relies on Fiat for day-to-day transactions because of its price stability and widespread acceptance in the mainstream world.
With the advent of privacy coins, people can enjoy true financial freedom like never before. Privacy coins can become attractive tools for illicit activities because of their untraceable blockchain ledger. Despite all of the benefits privacy coins provide, criminals still rely on Fiat for all of their nefarious actions. I'm starting to wonder why, since Fiat (physical cash) is not as anonymous as one thought it would be. Privacy coins are truly anonymous (especially those that are private by default like Monero and Grin), as there is no central authority behind them. Maybe criminals prefer Fiat because of its high level of adoption in the mainstream world? Or maybe because Fiat has an easier learning curve than crypto?
If by any means criminals start adopting crypto in mass (especially privacy coins), we could expect a full government crackdown on the entire industry. Which is why I think it's best for criminals to continue using Fiat for the sake of the crypto/Blockchain industry's growth worldwide. But we'll never know what will happen in the future. Thoughts?
With the advent of privacy coins, people can enjoy true financial freedom like never before. Privacy coins can become attractive tools for illicit activities because of their untraceable blockchain ledger. Despite all of the benefits privacy coins provide, criminals still rely on Fiat for all of their nefarious actions. I'm starting to wonder why, since Fiat (physical cash) is not as anonymous as one thought it would be. Privacy coins are truly anonymous (especially those that are private by default like Monero and Grin), as there is no central authority behind them. Maybe criminals prefer Fiat because of its high level of adoption in the mainstream world? Or maybe because Fiat has an easier learning curve than crypto?
If by any means criminals start adopting crypto in mass (especially privacy coins), we could expect a full government crackdown on the entire industry. Which is why I think it's best for criminals to continue using Fiat for the sake of the crypto/Blockchain industry's growth worldwide. But we'll never know what will happen in the future. Thoughts?
Criminal activity uses governed backed fiat by the far majority do they crack down on fiat
In all seriousness until crypto becomes mainstream crypto won't be the main financial instrument over cash/fiat because cash is as liquid as it gets. And if crypto becomes mainstream and criminals start using it over fiat then it will be too far in for governess to back it out.
Well I frankly thing that because fiat is conventional, fiat does not need any support unlike crypto that needs an internet to get an access. And thinking that crypto can be traced, they can be sure that no one's hunting them down. The worst thing that criminals can have is a marked fiat, they can't just spend it anywhere. Addresses can be flagged, exchanges might not accept your crypto if it came from a flagged address especially if the government is the one who flagged it.
No, they aren't. It is near impossible (if not actually impossible) to be anonymous on the internet.
If you host your own Monero node, run it via Tor, buy your Monero using untraceable cash which you anonymously send to your trading partner without ever revealing any personal information, etc., etc., then yes, using Monero brings you very close to anonymity. Simply buying and using Monero does not, as you can and will leak your information in a hundred other ways, from KYC tracking to IP addresses to browser fingerprints to other currencies you trade to and from.
If you host your own Monero node, run it via Tor, buy your Monero using untraceable cash which you anonymously send to your trading partner without ever revealing any personal information, etc., etc., then yes, using Monero brings you very close to anonymity. Simply buying and using Monero does not, as you can and will leak your information in a hundred other ways, from KYC tracking to IP addresses to browser fingerprints to other currencies you trade to and from.
Well, there's no such thing as 100% anonymity. But I have to admit, privacy coins are much more anonymous than Fiat due to the lack of a central authority. The level of anonymity you're going to get, will depend on how well you protect your identity on the Internet. If you're careless, you can easily get caught. For the truly paranoid, acquiring XMR in-person, interacting with the Monero blockchain using a VPN + TOR, and trading it via a decentralized exchange would be all you need to stay as private as possible. Despite the many benefits privacy coins provide, they're still not attractive to criminals because prices are not stable on the market. Things would've been different if there was a privacy-oriented stablecoin, though.
Probably. Much easier to launder something which can be spent anywhere and everywhere than something which can only be spent or converted to cash in a small handful of places, none of which will be able to accommodate the significant sums of money criminals will be trying to launder without KYC demands.
Yeah. Fiat's high level of accessibility, makes it the top choice for criminals and the average person alike. That won't change since crypto has been unable to become an independent monetary system in the mainstream world. The price volatility, the steep learning curve, and lack of merchant acceptance, makes crypto inferior to traditional Fiat currencies. Which is why I believe that crypto will remain as an alternative to banks than a replacement for a long time.
I think it was pretty simple and obvious that criminals find it less hassle and pressure to work on doing criminal activities using fiat for they are more familiar with it compared to cryptocurrency that they are still in need to learn and understand about it. Using fiat is already the way they have used to be before the existence of crypto and they have already lots of ways to get out of trouble using fiat compared to crypto that they might get caught if they were not familiar on how they will execute illegal activities through it. The way those criminal people do not understand fully crypto makes it enough reason why they still prefer to use fiat rather than crypto.
It makes sense, though not all are the same. For most new people, hiding their identity in cryptocurrency is still very difficult and only requires them to learn it first. In my opinion, criminal dont really like thing that get them into trouble like hiding their identity through crypto transaction. All transaction are recorded on the network and if they want to be converted to fiat then KYC is still a barrier to hiding too. So, while it may still be hiding behind cryptocurrencies, I think there are still loopholes to find some crime involving illegal transaction with the help of exchange. 
The privacy of every transaction depends only to you, you can minimize the privacy to zero or you can maximize it to 100.
From my point of view, Criminals prefer cash or fiat currency instead of bitcoin because fiat is a medium of exchange or used as a payment that they can't merely spend bitcoin and other cryptocurrencies to buy the things that they wanted.
Actually if they will be using fiat currencies, if they had to many of it, it is harder to store that makes it to be spotted. Maybe if the fiat that the OP is referring is a fiat that is cryptobased (a crypto that backed up by fiat currenciy). The only reason that I can think why they would choose fiat(which most are stable) is because it is less prone to value changed. Crypto such as bitcoin is very volatile, in my opnion, probably they are afraid the money that they got from illegal activities would just lose it's value. They want to guarantee that they got a good value.
I think it was pretty simple and obvious that criminals find it less hassle and pressure to work on doing criminal activities using fiat for they are more familiar with it compared to cryptocurrency that they are still in need to learn and understand about it. Using fiat is already the way they have used to be before the existence of crypto and they have already lots of ways to get out of trouble using fiat compared to crypto that they might get caught if they were not familiar on how they will execute illegal activities through it. The way those criminal people do not understand fully crypto makes it enough reason why they still prefer to use fiat rather than crypto.
Cash is untraceable, ...
With Bitcoin ...
With Bitcoin ...
Bitcoin is super traceable. Just use Bitcoin blockchain explorer and see. Every coin can be traced to its coinbase. It is the same way as if someone would put his name on back of a dollar bi when have it. And when give to someone else he would write his name there and so on.
Cash is untraceable, doesn't require technical knowledge to use, doesn't require Internet, power, electronic devices. Can be spent at will immediately.
Imagine that you want to do a very fast, risky transaction, like buy a gun. You meat up at night and exchange within 10 seconds and it's over. With Bitcoin you'd have to know the address to deposit to, be in a cell phone or wifi reception range, wait for a confirmation... Nobody is going to do that and sending a gun via mail is risky. Packages are screened all the time.
Imagine that you want to do a very fast, risky transaction, like buy a gun. You meat up at night and exchange within 10 seconds and it's over. With Bitcoin you'd have to know the address to deposit to, be in a cell phone or wifi reception range, wait for a confirmation... Nobody is going to do that and sending a gun via mail is risky. Packages are screened all the time.
If by any means criminals start adopting crypto in mass (especially privacy coins), we could expect a full government crackdown on the entire industry. Which is why I think it's best for criminals to continue using Fiat for the sake of the crypto/Blockchain industry's growth worldwide. But we'll never know what will happen in the future. Thoughts?
I just hope that countries' government agencies have a way to control money laundering in the future, if this continues, the underworld will get stronger and they will begin to manipulate the financial market. main focus. I don't dare think of that scene
The privacy of every transaction depends only to you, you can minimize the privacy to zero or you can maximize it to 100.
From my point of view, Criminals prefer cash or fiat currency instead of bitcoin because fiat is a medium of exchange or used as a payment that they can't merely spend bitcoin and other cryptocurrencies to buy the things that they wanted.
Actually if they will be using fiat currencies, if they had to many of it, it is harder to store that makes it to be spotted. Maybe if the fiat that the OP is referring is a fiat that is cryptobased (a crypto that backed up by fiat currenciy). The only reason that I can think why they would choose fiat(which most are stable) is because it is less prone to value changed. Crypto such as bitcoin is very volatile, in my opnion, probably they are afraid the money that they got from illegal activities would just lose it's value. They want to guarantee that they got a good value.
Fiat (if we are talking about physical cash) is untraceable. Plus, unlike privacy coins fiat doesn't need to be exchanged or cashed out.
If you compare fiat with the cryptocurrency you'll see people prefer fiat more than Crypto.
The reason is people aren't well aware of bitcoin and cryptocurrency.
Most the peoples don't have the idea what cryptocurrency in the forms of money is, while some just catch wind of it yet think nothing about it.
From my point of view, Criminals prefer cash or fiat currency instead of bitcoin because fiat is a medium of exchange or used as a payment that they can't merely spend bitcoin and other cryptocurrencies to buy the things that they wanted. Fiat currency is also untraceable that you can freely hide your funds whenever you want. Unlike bitcoin, it is traceable because every transaction is recorded publicly. It is why criminals need to use bitcoin mixers when they do bitcoin laundering to convert bitcoins to fiat currency anonymously.
You people should see the bigger picture here, who deals with money, a few thousands here and there can prefer cash, but when you raise the amount to +100k or +1m you can't carry all that cash in your pocket, you need banks or crypto! At the lowest level people mostly operate with cash, because people get their salaries on hand (cash) and they spend cash. But how you go to higher levels the need for cash is going lower! The point here shouldn't be about criminals and what they prefer, each of us would like to have cheaper and more secured transactions, not only from hand-to-hand payments, from one country to another too!
Now many people don't have a need for that, but some businesses do that all the time, and they wish the easier way for operating. It's what crypto offers in the first place, ordinary people or criminals doesn't matter, we all need a good tool for the business we have, and it's crypto!
Now many people don't have a need for that, but some businesses do that all the time, and they wish the easier way for operating. It's what crypto offers in the first place, ordinary people or criminals doesn't matter, we all need a good tool for the business we have, and it's crypto!
They prefer cash because they can easily spend it anywhere they will go. All they want is easy money, to escape easily and hide wherever they want.
You will be surprised but fiat is much less suspicious than cryptocurrency. The Golden rule is that if you want to hide something then don't hide it at all.
It is very difficult to explain, but for example. If you suddenly got a huge amount of money and say that you earn it"from cryptocurrencies" then you will have to explain how you get it and this may be very hard.
And for Fiat money, there have been proven reliable and proven schemes for laundering for decades, and these are only those that we know about (and therefore not so reliable). As funny as it may sound, fiat "dirty" money is much safer than cryptocurrency.
It is very difficult to explain, but for example. If you suddenly got a huge amount of money and say that you earn it"from cryptocurrencies" then you will have to explain how you get it and this may be very hard.
And for Fiat money, there have been proven reliable and proven schemes for laundering for decades, and these are only those that we know about (and therefore not so reliable). As funny as it may sound, fiat "dirty" money is much safer than cryptocurrency.
Fiat (if we are talking about physical cash) is untraceable. Plus, unlike privacy coins fiat doesn't need to be exchanged or cashed out.
I bet only a small portion of the entire world's criminals is familiar with Bitcoin or crypto in general.
But still, those criminals are getting larger and becoming more difficult to catch because they also learn and improve due to development and bitcoin's adoption in our society.
That is what could be considered as unintended consequence. And it is not Bitcoin's role to sift its users. The more people use Bitcoin, the higher the number of criminals who also use it. The wider the adoption of Bitcoin grows, the more it becomes familiar to the people, and therefore the more it could be optimized according to their circumstances.
Bitcoin is not a criminal's money but it is not a good boy's money either; it is simply money, a better form of money which people, good and bad, would prefer.
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