Topic: Why do people need to use Bitcoin for Money laundering? - page 3. (Read 2094 times)
Because Bitcoins are not linked to a person’s identity and only depend on the private key connected to the Bitcoin account. Since Bitcoin is a decentralized network, there is no central record-keeping mechanism that governments or financial institutions can after.
actually it's simpler than supposed. governments do not want a currency other than their own control to dominate the markets. This is why the news is exaggerated.
The main reason for Bitcoin as a money laundering platform is its inherent anonymity and lack of supervision. The limited customer information obtained from cryptocurrency exchanges makes it easier for criminals to hide their illegal activities and illegal transactions.
Bitcoin trading information canbe hidden in a variety of ways, creating barriers for those trying to track the entire dirty trading chain. The Bitcoin blender combines transactions to effectively mix stolen coins with clean coins, but there are currently some security analysts working on smashing money laundering tools on these bitcoin blockchains. In addition, transactions completed on the TOR network are also difficult to track because the IP address from which the transaction originated was hidden.
Bitcoin trading information canbe hidden in a variety of ways, creating barriers for those trying to track the entire dirty trading chain. The Bitcoin blender combines transactions to effectively mix stolen coins with clean coins, but there are currently some security analysts working on smashing money laundering tools on these bitcoin blockchains. In addition, transactions completed on the TOR network are also difficult to track because the IP address from which the transaction originated was hidden.
Truth be told people used it for money laundering because itdoes not show location and the senders details ..
Money laundering flourished with Bitcoin because it doesn't send details of the person sending and details of the receiver and country... With that people like using it because of privacy
Money laundering flourished with Bitcoin because it doesn't send details of the person sending and details of the receiver and country... With that people like using it because of privacy
If a scandal erupts with the bank, all participants of the economy bear losses – the government, bankers and the most terrible, ordinary people. It is therefore easier for governments to gloss dirty themes than to undermine the region's economy.
that's why the government banned bitcoin in its country because bitcoin can be used for crimes such as money laundering, the government cannot know the use of bitcoin and they also cannot know who is using because it is difficult to track it
And the bitcoin ban was ineffective, even as a joke to those who wanted money laundering and crime, government can not do anything to stop bitcoin, they are helpless before bitcoin and that is why many people continue to use bitcoin to launder money. Bitcoin is truly the perfect product for money laundering, value, shipping speed and security, all beyond expectations but it is also the wall that prevents bitcoin from coming to legitimacy
Bitcoin is the best way for money laundering since third party is not involve in the transaction. There is a law slogan that says judiciary is the last hope of a common man but we can all see that the reverse is the case. There is always high level of injustice.
Money laundering, like other crimes, can use IT. And businesses that use IT and use virtual currency are prone to be infiltrated. Criminals are always looking for patterns, ways. So if it's more difficult, the more complicated, he will go in there.
When there is something gives you the ease of accessing automatically people's attention will turn towards it.The network is decentralized and everybody can see the transactions done on this network. It is easier to trace transactions made on this network.
People use bitcoin for money laundering crimes because bitcoin offers advantages in terms of anonymity. We can transact with bitcoin with anonymous names so that when we use bitcoin for money laundering, our real identity will not be known.The currency has also been associated with online drug sales, money laundering, and sex trafficking.
Because no one can track the existence of bitcoin and it makes criminals use it by washing money with bitcoin. Maybe this is a thing that is often done if we know bitcoin deeper because no one can track.
I think people need to use bitcoin for every vital purpose and specially for money laundering because there is no way of tracing the money to them offline.However BTC always be the subject or a tool used to have money laundering.
I think you don't need to worry about such ways of money loundering. It will be in every times, because of people nature. But bitcoin is not the best currency for money laundering. Zcash or Verge is much better for this goal.
that's why the government banned bitcoin in its country because bitcoin can be used for crimes such as money laundering, the government cannot know the use of bitcoin and they also cannot know who is using because it is difficult to track it
People need to use bitcoin for every vital purpose and specially for money laundering because it is the most safest way to transfer and no one can identify.
Between 2004 and 2010, HSBC laundered Billions of Dollars for the Mexican Drug cartels and nobody blinked an eye. After
7 years of doing this, they got busted and they paid US$1.9bn in fines. {This could be recovered in profits, within a few
weeks} Most people saw this as a slap on the wrist for the people who were involved with this. Not one person working for the
Bank got jail time for doing this.
https://observer.news/featured/5-years-ago-hsbc-fined-record-us1-9bn/
Ross Ulbricht, was sentenced to life in prison without parole for creating and running Silk Road, which allegedly facilitated
the sale of $250 million worth of drugs.
Why are we seeing such double standards, when Bitcoin is involved?
Due to the anonymity of bitcoin, people are taking advantage to hide their illegal transactions using bitcoin. Imagine, we can store billions of our money in different wallets without the knowledge of other people even the government. This is why BTC always be the subject or a tool used to have money laundering. 7 years of doing this, they got busted and they paid US$1.9bn in fines. {This could be recovered in profits, within a few
weeks} Most people saw this as a slap on the wrist for the people who were involved with this. Not one person working for the
Bank got jail time for doing this.
https://observer.news/featured/5-years-ago-hsbc-fined-record-us1-9bn/Ross Ulbricht, was sentenced to life in prison without parole for creating and running Silk Road, which allegedly facilitated
the sale of $250 million worth of drugs.
Why are we seeing such double standards, when Bitcoin is involved?
Not just in laundering that Bitcoin is used. As of now, compared to the past years, Bitcoin community is truly on its growth and continuously growing which make our future. There are different kinds of things where Bitcoin is already been involve. In the future, Bitcoin has a potential that will become the payment method throughout the world.
Bitcoin can be used anonymously. I think this is a downside that criminals can take advantage of.
When you launder money using banks , it can be easily traced to you.....but same cannot be said , when one launders using bitcoin.
So its common sense to use bitcoin since no one can trace it back to you and so the fear of being caught is eliminated completely.
That is the major reason why people prefer to launder money using bitcoin.
So its common sense to use bitcoin since no one can trace it back to you and so the fear of being caught is eliminated completely.
That is the major reason why people prefer to launder money using bitcoin.
People use bitcoin to launder money because there is no way of tracing the money to them offline.
This is due to the anonymous structure of the blockchain technology.
People now leverage off this weakness to perpetrate criminal activities.
This is due to the anonymous structure of the blockchain technology.
People now leverage off this weakness to perpetrate criminal activities.
Of course there are ways of tracing people, especially if you're not careful. Bitcoin isn't entirely untraceable, especially if you don't know what you're doing fully. Remember, bitcoin is an entire public ledger of every transaction that has ever happened and many people have been caught using it for dodgy things. I remember reading a story a while back about one of the owners of a big pirate torrenting site was identified by the donation address he used because he sent the coins straight to his own personal coinbase account in his own name and that was one of the big pieces of evidence used against him at trial.
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