They do not prefer cash in all cases. I have seen cases of kidnapping for ransom in bitcoin. For those cases I understand that bitcoin is superior, because the kidnappers don't have to physically go anywhere to collect the ransom and can move the money much more easily.
For retail drug sales, for example, cash is better.
Topic: Why criminals prefer cash (Fiat) on top of crypto? - page 17. (Read 4823 times)
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.
I guess this depends on the country but it is true that it became popular, people are now asking me where to buy and where to earn it though compared to the whole population, it is still small. People here are not actually looking at it as a safe-haven but they wanted to add their source of income by investing in these crypto currencies.
As an option: criminals prefer cryptocurrencies less because of their volatility. Since they know that sooner or later they will be caught, they seek to get rich here and now, using the familiar and more stable fiat currency.
Most likely, criminals find it more easy to spend fiat currencies because they are accepted in all establishments unlike crypto that there are chances that they will still be traced and caught from doing online transacations. Although there is already a slow adoption for crypto that is taking place, still fiat is the best choice for criminals because they find it more easy to launder.Well, there are real world criminals and there are cyber criminals. Fiat is far more easier to use after stealing it to someone If they don't notice than Bitcoin or other cryptocurrency. So, to say the least, criminals would always prefer fiat than crypto, not unless If these criminals are modern and tech genius criminals that has a long term plan on multiplying their stolen cryptos in the coming years or If Bitcoin aren't regulated yet and still remain in the gray area that has yet to be called "legal" in a certain country.
Nevertheless, most criminals obviously always prefer cash than any other form of digital currency.
There are many factors why criminals prefer fiat over crypto, because the majority of people don't understand cryptocurrency.
So criminals choose fiat because it's easier to do money laundering, they can spend fiat anywhere. After all, it does not guarantee
100% anonymity using cryptocurrency, still using cryptocurrency will definitely leave a trail. The proof is that many scammers are
finally caught by the police, this proves that the internet does not guarantee 100% anonymity.
So criminals choose fiat because it's easier to do money laundering, they can spend fiat anywhere. After all, it does not guarantee
100% anonymity using cryptocurrency, still using cryptocurrency will definitely leave a trail. The proof is that many scammers are
finally caught by the police, this proves that the internet does not guarantee 100% anonymity.
I don't think so. Since doing KYC is usually mandatory on any fiat payment system, this will be so easy to track the criminals if they use the fiat. So, they would prefer to use a P2P currency like monero and bitcoin for the transactions. If you visit the darkweb, you will see many drug dealers and the other criminals asks usually for monero and specially bitcoin because of the privacy and none needs to do any kind of KYC for it. Also, using a simple mixer, the transactions will be nearly untraceable.
There's no KYC when you perform cash transactions. This is the fiat OP is talking about.
Cryptocurrency used to buy illegal goods is still a niche. Most transactions are performed in cash.
The number of people who want to buy drugs online and then have them shipped to them is extremely low compared to all meth heads and heroine addicts who buy every single day in parks and alleys.
I don't think so. Since doing KYC is usually mandatory on any fiat payment system, this will be so easy to track the criminals if they use the fiat. So, they would prefer to use a P2P currency like monero and bitcoin for the transactions. If you visit the darkweb, you will see many drug dealers and the other criminals asks usually for monero and specially bitcoin because of the privacy and none needs to do any kind of KYC for it. Also, using a simple mixer, the transactions will be nearly untraceable.
There's no KYC when you perform cash transactions. This is the fiat OP is talking about.
Cryptocurrency used to buy illegal goods is still a niche. Most transactions are performed in cash.
The number of people who want to buy drugs online and then have them shipped to them is extremely low compared to all meth heads and heroine addicts who buy every single day in parks and alleys.
I think the main reason behimd why certain criminals do prefer the usage of fiat money rather than getting into crypto is that because they are already familiar on it and it have been a long time that they have already been into it so whatever trouble they could face, they could set up a back up plan to get away on such troble. Unlike into crypto which is just new that they are still in need to work it out learning about it and they might even get caught on it for there are cybercrime teams in police that can track them down once they have made a mistake with the transactions since they were just new into it. They will prefer the familiar and less hassle way of doing their illegal activities for sure for they have get used into it and have proven and tested ways on how they will escape into using fiat rather than crypto.
As an option: criminals prefer cryptocurrencies less because of their volatility. Since they know that sooner or later they will be caught, they seek to get rich here and now, using the familiar and more stable fiat currency.
Most likely, criminals find it more easy to spend fiat currencies because they are accepted in all establishments unlike crypto that there are chances that they will still be traced and caught from doing online transacations. Although there is already a slow adoption for crypto that is taking place, still fiat is the best choice for criminals because they find it more easy to launder. I haven't seen any increased adoption of bitcoin or any other crypto because of COVID-19.
Well the price is certainly up. Staying above $10.5K yearly resistance for this long is huge. As a technical trader who views everything in terms of supply and demand, I generally interpret that kind of technical breakout as long term accumulation and mark-up (in other words, demand overtaking supply). That also suggests adoption is increasing.
We also need to account for the liquidity being pumped into the system by central banks. That's causing all assets to pump in price. But I wouldn't assume that's 100% responsible for the rise since March either. People have had a lot of extra cash to pump into BTC and other investments (money saved from not going out or vacationing, stimulus payments, extra unemployment funds, deferred mortgage payments) so it's reasonable to assume there are some new investors in our midst.
As an option: criminals prefer cryptocurrencies less because of their volatility. Since they know that sooner or later they will be caught, they seek to get rich here and now, using the familiar and more stable fiat currency.
Well, fiat is the money that the world knows. It's the default money of everyone, good and bad, criminal or not. It is therefore common knowledge that fiat is also the preferred currency of the criminals.
Because it is much easy to utilize and use in many businesses which is probably the reason why they prefer to steal it or scam it than digital currencies. Digital currencies needs a lot of knowledge and skills about technologies which is really hassle for them to earn so they will think of other ways which is to steal cash.
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.
Maybe for convenience because paper bills can't be easily tracked once received and can easily transfer without any KYC methods. Simple criminals prefer the usual thing because it is a common method especially if it's just a small value. It's easy to spend the money with fiat in the market because only a few people accept cryptocurrency for payment.
I don't think so. Since doing KYC is usually mandatory on any fiat payment system, this will be so easy to track the criminals if they use the fiat. So, they would prefer to use a P2P currency like monero and bitcoin for the transactions. If you visit the darkweb, you will see many drug dealers and the other criminals asks usually for monero and specially bitcoin because of the privacy and none needs to do any kind of KYC for it. Also, using a simple mixer, the transactions will be nearly untraceable.
KYC on cash? I don't think so. KYC is more mandatory in cryptocurrency, especially in exchanges if the criminals will convert the crypto in fiat. 
Not all criminals are fully aware and knowledgeable about crypto so that's probably one of the reasons, unlike with fiat that it does not require technical knowledge. Criminals won't use things they are not good at because it will put them at a bigger risk of getting caught. And maybe also because there's still not enough crypto adoption and the majority are still relying on fiat, criminals can find more victims than in crypto space. But I think it varies with the intellectual and skill capacity of the criminals because if they know how the crypto space runs, then they will take advantage of it.
I think those criminals who used bitcoin are those criminals who targets big amount of money that is very hard to hide in a bank, my bank always ask me where do I get the money whenever I'm depositing, if one would try to deposit a huge amount then it will really be a big problem, specially if they don't have enough background to prove they really own it. It also depends to the criminals, maybe those criminals are not into technology scamming, some criminals are using bitcoin too to make it untraceable for the owner to retrieve his money once he transfer it to the criminals btc account. Some criminals are targeting fiat money first then they will be the one converting it to btc or maybe they would try to deposit it into different banks as a fiat.
I think fiat is widely used still cause they can't really purchase a lot of things using btc, unless they would purchase illegal things too. Everyday necessities can be bought by fiat without hassle, and we are too far away in living using btc only. That's why maybe.
Not all criminals are fully aware and knowledgeable about crypto so that's probably one of the reasons, unlike with fiat that it does not require technical knowledge. Criminals won't use things they are not good at because it will put them at a bigger risk of getting caught. And maybe also because there's still not enough crypto adoption and the majority are still relying on fiat, criminals can find more victims than in crypto space. But I think it varies with the intellectual and skill capacity of the criminals because if they know how the crypto space runs, then they will take advantage of it.
The affirmed North Korea-linked Lazarus Bunch heist, including the exchange of stolen reserves over the crypto biological system, as well as the utilize of Chinese facilitators to cash stolen crypto resources gives knowledge into one of the strategies utilized. Paid ahead of time cards connected to crypto wallets can moreover encourage the inversion of stolen crypto back to fiat in little sums.
Not all criminals prefer cash, but most of them. Maybe genius or high profile criminals using crypto in their illegal transaction. As we all know, crypto-currency is not yet known worldwide, or we can say not all criminals know that there is a mode of payment that can hide their identity. So maybe some of them don't seem aware that they have a good option. And cash is the most comfortable option for low profile criminals to buy and sell illegal things.
Cash is always the king in the present market, just because of complete anonymity criminals won't go completely on making transactions with those privacy coins. What we see in the opening post is just an assumption. For a long the usage of fiat on illegal activities and laundering is much high in comparison to the cryptocurrency usage. Right now compared to the past the crypto usage in daily living is high, but the illegal usage hasn't increased. So there is nothing to worry of government cracking against crypto.
I don't think so. Since doing KYC is usually mandatory on any fiat payment system, this will be so easy to track the criminals if they use the fiat.
Who is doing this KYC you're talking about?
It's cash, we're talking about paper bills you can spend anywhere without showing an ID (unless you buy a gun) and which you can hand to anyone at any time.
It's far easier to hide behind cash than crypto, and far more importantly, you're avoiding fees when you must change from cryptos to fiat, as at one point everyone needs fiat, you can't live on coins alone....yet!
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.
And other than obscure blogs and twitter fanatics claiming this, do we have some numbers for it?
We're still doing baby steps as we speak, extremely popular is nowhere in sight.
With the advent of privacy coins, people can enjoy true financial freedom like never before.
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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.
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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.
You realize that you can't achieve total freedom and at the same time telling people what they should and should not do with their freedom?
No government or any other authority or company control over it, also means you don't have a say in what others do with their money. My keys, my choice!
I don't think so. Since doing KYC is usually mandatory on any fiat payment system, this will be so easy to track the criminals if they use the fiat. So, they would prefer to use a P2P currency like monero and bitcoin for the transactions. If you visit the darkweb, you will see many drug dealers and the other criminals asks usually for monero and specially bitcoin because of the privacy and none needs to do any kind of KYC for it. Also, using a simple mixer, the transactions will be nearly untraceable.
In movies, people know that cash is the preferred way not to get tracked if you are concerned with people tracking you. Let’s be clear about using cash as well. It doesn’t translate to you being concerned with privacy. It’s just an easier way.
For the criminals, It’s easier for them to launder the money to make it legal again without a type of tracing. For crypto, there is a footprint in which you could track where the money goes.
For criminals who are concerned with international affairs, I think cryptocurrency would be a benefit for them as well. Not cash. It can be a case to case basis.
For the criminals, It’s easier for them to launder the money to make it legal again without a type of tracing. For crypto, there is a footprint in which you could track where the money goes.
For criminals who are concerned with international affairs, I think cryptocurrency would be a benefit for them as well. Not cash. It can be a case to case basis.
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