Why criminals prefer cash (Fiat) on top of crypto? - page 3.

bekti3

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Quote from: Cling18 on November 02, 2021, 10:27:32 AM

Criminals prefer fiat because they find it faster and easier without accessing anything on the internet. They see it as less complex that they could do transactions even without the use of the internet. However, some modern criminals prefer using cryptocurrency because of the anonymity that it provides. Traditional criminals aren't knowledgeable about cryptocurrency yet.

like you said because they really prefer things that are instant and don't want to be complicated about complicated procedures.
maybe even compared to fiat they prefer real money directly when transacting because indeed this does not require excessive things and is very simple to do.

As for what you said, there is some truth to anonymity and until now bitcoin is still considered a tool for terrorist financing based on this.
but actually if we look at the current cases it is very rare for this to happen

Obito

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This is true anymore, not all criminals will be an old school hardass that's going to stick with fiat if they know that they can probably get away with what they're doing if they use bitcoin. But to answer the question, I feel like they still want to insure that they preserve the value of their ill gotten wealth if possible and given how volatile cryptocurrency is in terms of prices, I really don't think that for a crook, it's not good to have your stolen money get slashed in half suddenly just because you have waited a bit too long to transfer your money.

BuNga_cute

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Quote from: CDC AP on November 05, 2021, 11:14:23 PM

I think people with a criminal mind ready to act on and undertake illegal activities don't care whether it is fiat or crypto as long as they can obtain them with minimal effort and get away with it.

That said, only crypto with less involved 'hacking' due to required expert knowledge would be at higher risk, while fiat would be at the top. We need to remember that for now crypto is still in its early days and it would take time until criminals would adopt crypto as their main strategy, like fiat is today, and there are plenty of articles written on exactly this.

Criminals will commit any crime they know and can escape the law. Why do many criminals choose fiat over crypto, because the majority of criminals
are not familiar with crypto. So they won't risk committing crimes against something they don't understand. It's the same with most people today,
there are still more people who invest in Gold than crypto. Like you said crypto is still new in this world, the majority of people are not familiar with it.
So it does take time for criminals to choose crypto over fiat. If in the future many countries have legalized crypto, then I am sure that criminals will
also slowly start to switch to choosing crypto over fiat.

CDC AP

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I think people with a criminal mind ready to act on and undertake illegal activities don't care whether it is fiat or crypto as long as they can obtain them with minimal effort and get away with it.

That said, only crypto with less involved 'hacking' due to required expert knowledge would be at higher risk, while fiat would be at the top. We need to remember that for now crypto is still in its early days and it would take time until criminals would adopt crypto as their main strategy, like fiat is today, and there are plenty of articles written on exactly this.

habebe

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other crime on the blockchain, They may not know how to properly implement key AML processes such as Know Your Customer (KYC) identity verification or they may just feel like the challenges of unmasking criminals is a burden that's not theirs to bear.i mean, the criminal has no knowledge they don't know how to do run a fiat so they prefer cash over the bank transaction that's just the easiest process for them.

Semar Mesem

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Criminals only care about cash, they will not save money in banks or crypto because they think it can be blocked, cash is the best thing so it is safe and can be used anytime, moreover most people think crypto is very risky and can lose up to tens of percent in a short time .

Similificator

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If I were to be the criminal, I would veryuch prefer fiat in a bag which I can spend anywhere any time in whichever suits my conveniences rather than a ledger with cryptocurrencies on it which would prove to be very tedious to utilize in times of need. But I guess, it always depends on the purpose or the situation. If looking to go to places far from residence then a ledger filled with crypto would be better than carrying a bag of cash that you need to declare on airports otherwise you would be in a shitload of problems.

In criminal transactions though, whether to use crypto or fiat as payments for illegal transactions would be dependent on the distance or in the ideal anonymity and security by both parties transacting.

Wong Gendheng

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Most criminals do not understand cryptocurrencies so they prefer cash, this is what makes me optimistic that no financial crimes are deposited into crypto, so the negative issue about crypto being used for illegal transactions is the issue of haters who do not like the development of cryptocurrencies.

LUCKMCFLY

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Quote from: Cling18 on November 02, 2021, 10:27:32 AM

Criminals prefer fiat because they find it faster and easier without accessing anything on the internet. They see it as less complex that they could do transactions even without the use of the internet. However, some modern criminals prefer using cryptocurrency because of the anonymity that it provides. Traditional criminals aren't knowledgeable about cryptocurrency yet.

Well, for many years, the biggest crimes have been done is with FIAT money, before cryptocurrencies did not exist until 2009, in fact in the times from 1950 to 2000 the crimes were something incredible, in drug trafficking the drug traffickers weighed the dollars and had the fixed price in Kg, that's where they got the ceuntas, and for them it was much better to have that cash than to have to put it in some digital tool.

Currently there is still drug trafficking, and they continue to carry out their crimes through FIAT money, that is a chain that does not burst, many may now commit crimes and use cryptocurrencies, but it is not something so relevant, FIAT money is still the preferred In the biggest crimes, bandits trust FIAT money more than digital money.

vabchgent

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Quote from: romero121 on November 01, 2021, 12:39:19 PM

Criminals and drug traffickers prefer fiat, because they find it an easy accessible than crypto. When transaction were made through cryptocurrency, the process is simple and there is chance of backtracking if small mistakes were made. People have a belief, cryptocurrency is much used for criminal activities, terrorism and darkweb needs. I don't say crypto isn't used, but compared to fiat it is very very small.

In recent days hackers prefer crypto currency. Because, they're technically skilled and knows how to bypass different parameters involved while a transaction is made. The world is at the very beginning days of crypto adoption. So, at present it isn't possible to spend big with cryptocurrency. There are possible ways, but everyone aren't good enough and strong to take such risks.

There is no general answer to that question what criminals prefer. It does depend on a whole lot of factors, not least the geographic circumstances of a criminal transaction. If you make a big deal with someone from another continent, what do you prefer? Payment in Monero or a couple of big bags with cash? It is just a question of the requirements and conditions concerning a specific transaction.

Basically you are right that cash is the most anonymous form, but the bigger the transaction gets, the harder it is to do with cash.

xSkylarx

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Quote from: ?? on ??

Quote from: Cling18 on November 02, 2021, 10:27:32 AM

Criminals prefer fiat because they find it faster and easier without accessing anything on the internet. They see it as less complex that they could do transactions even without the use of the internet. However, some modern criminals prefer using cryptocurrency because of the anonymity that it provides. Traditional criminals aren't knowledgeable about cryptocurrency yet.

I don't think it's because of knowledge but because criminals are worried that when depositing money into crypto they have to go through complicated procedures, usually criminals don't want to bother with exchanges that require data verification and also withdrawals to bank accounts must match their identities so cash is better than cryptocurrencies.

This, on the other hand, has a valid point. If you're a criminal, they'll pull an identity thief or devise a workaround to get around this verification process. Fiat is the most direct method of spending money, and I believe that this is the primary reason for its popularity. In order to take advantage of this, criminals employ this method the most frequently. However, I believe that they are switching to crpyto because of the anonymity and speed it provides, as well as the ability to send large sums of money

FrozenBit

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Quote from: Xampeuu on November 03, 2021, 04:30:46 AM

especially if the criminals are on an international scale, of course they will be more practical when using crypto money. Therefore, many international drug syndicates use it, and this is also the focus of the government so that it becomes one of the reasons for not regulating money

I think for criminals they don't care about crypto or fiat, as long as it is convenient for their transaction.
We keep talking about the issue of cryptocurrencies being used a lot in illegal transactions, but in reality the most illegal transactions are still fiat. And simply because it's detrimental to them (the government) doesn't like it, they blame it.

Xampeuu

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Quote from: Cling18 on November 02, 2021, 10:27:32 AM

Criminals prefer fiat because they find it faster and easier without accessing anything on the internet. They see it as less complex that they could do transactions even without the use of the internet. However, some modern criminals prefer using cryptocurrency because of the anonymity that it provides. Traditional criminals aren't knowledgeable about cryptocurrency yet.

especially if the criminals are on an international scale, of course they will be more practical when using crypto money. Therefore, many international drug syndicates use it, and this is also the focus of the government so that it becomes one of the reasons for not regulating money

stomachgrowls

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Quote from: Abiky on November 02, 2021, 10:48:44 AM

Quote from: iv4n on November 01, 2021, 03:09:19 AM

It's not something we can generalize, for some old guys in the criminal waters fiat is the best way, for younger crypto is better and easier! And it's not just the difference between generations, small-time criminals who hang around the corner will definitely use more fiat, but the ones who think big and work on the global stage will probably find crypto as more suitable for moving money from one place to the other...

And in the end, I believe there are always exceptions! There are people (despite age and their position) who think out of the box, people who are ready to try new things and explore new possibilities, and to find the way that suits them best!

Younger people are quite fond of technology. There's nothing stopping a young criminal from using crypto in the first place. Older ones will eventually adapt themselves to crypto/Blockchain tech as it becomes more popular in the mainstream world. With privacy coins and other decentralized solutions in play, criminals can perform illegal activities without getting noticed. It's up to the government to ramp up its surveillance efforts in order to prevent this from happening on blockchain networks as much as possible. We're still in the early days of crypto so we can't tell how criminals will react to something new in the mainstream world. As long as crypto has legitimate use cases, governments will give their approval for the long-term growth of the industry. I wouldn't worry about criminals using crypto on top of Fiat for now. Just my opinion

Whether you do like it or not then theres no way that we could stop on those criminals on using up crypto but for now if they do make out some top priority that with fiat then its their choice and theres

no stopping of them but im not really surprised that they would still prefer cash than with crypto yet dealing with fiat directly will really make things more easier but somewhat can be traced up

but to think that even before that crypto didnt still exist they are still making such thing without any problems.Its how or depend on covering up their tracks.

Abiky

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Quote from: iv4n on November 01, 2021, 03:09:19 AM

It's not something we can generalize, for some old guys in the criminal waters fiat is the best way, for younger crypto is better and easier! And it's not just the difference between generations, small-time criminals who hang around the corner will definitely use more fiat, but the ones who think big and work on the global stage will probably find crypto as more suitable for moving money from one place to the other...

And in the end, I believe there are always exceptions! There are people (despite age and their position) who think out of the box, people who are ready to try new things and explore new possibilities, and to find the way that suits them best!

Younger people are quite fond of technology. There's nothing stopping a young criminal from using crypto in the first place. Older ones will eventually adapt themselves to crypto/Blockchain tech as it becomes more popular in the mainstream world. With privacy coins and other decentralized solutions in play, criminals can perform illegal activities without getting noticed. It's up to the government to ramp up its surveillance efforts in order to prevent this from happening on blockchain networks as much as possible. We're still in the early days of crypto so we can't tell how criminals will react to something new in the mainstream world. As long as crypto has legitimate use cases, governments will give their approval for the long-term growth of the industry. I wouldn't worry about criminals using crypto on top of Fiat for now. Just my opinion

Cling18

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Criminals prefer fiat because they find it faster and easier without accessing anything on the internet. They see it as less complex that they could do transactions even without the use of the internet. However, some modern criminals prefer using cryptocurrency because of the anonymity that it provides. Traditional criminals aren't knowledgeable about cryptocurrency yet.

Kodok Bencot

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Things that make criminals don't want to use crypto because they are afraid of risk, cash according to them is more feasible because it is more secure and stable, and most criminals don't want to bother with technical things like having to go to exchanges that have to KYC verification.

romero121

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Criminals and drug traffickers prefer fiat, because they find it an easy accessible than crypto. When transaction were made through cryptocurrency, the process is simple and there is chance of backtracking if small mistakes were made. People have a belief, cryptocurrency is much used for criminal activities, terrorism and darkweb needs. I don't say crypto isn't used, but compared to fiat it is very very small.

In recent days hackers prefer crypto currency. Because, they're technically skilled and knows how to bypass different parameters involved while a transaction is made. The world is at the very beginning days of crypto adoption. So, at present it isn't possible to spend big with cryptocurrency. There are possible ways, but everyone aren't good enough and strong to take such risks.

Sethrey

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Quote from: Abiky on October 11, 2021, 01:23:33 PM

With privacy coins and decentralized exchanges, KYC no longer becomes an issue. Criminals can remain out of the radar if they make use of decentralized and anonymous alternatives. The reason why most of them are using Fiat on top of crypto is because Fiat is stable. Not to mention, most merchants and businesses accept Fiat as payment method. Crypto's wild fluctuations in price tells us that it's more suitable as a speculative instrument than a real currency for day-to-day payments. I'd prefer criminals to stay away from crypto as much as possible so governments can give the "green light" for the industry's growth. The more legitimate uses crypto has, the better it'll be for its mainstream adoption. Just my thoughts Grin

I like privacy coins exactly for the fact that none of my operations can be tracked. And I've chosen $CRP from Utopia P2P for that. It's rate gained 50% during 24 hours on the inner exchange https://u.is/en/currencies.html That's pretty nice!

bakasabo

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Quote from: 19Nov16 on November 01, 2021, 05:48:21 AM

Most criminals only think briefly

Such criminals created smaller crimes or harm less. Those who commit multi million crimes has several backup plans and scenarios.

Criminals prefer cash, because it is still more untraceable than crypto. Cash does not leave path and less evidence. Cash is simply more popular. Subconsciously, having cash or just feeling money in hands gives more pleasure than knowing that you have ones and zeros in back account. It is still easier to use cash as a payment when making huge purchase. Try to withdraw or make a transaction of $100,000 - bank security will immediately give you a call and monitor your activity. $100,000 cash can be carried in a plastic bag. When criminal gets crypto, he subconsciously think how to cash it out, how to used. With cash "all the doors are open".

Topic: Why criminals prefer cash (Fiat) on top of crypto? - page 3. (Read 4823 times)