Topic: Why do people need to use Bitcoin for Money laundering? - page 7. (Read 1994 times)
Criminals use bitcoin to clean money because of its anonymous trading feature. They use this feature for bad purposes. They use the "dirty money" to trade bitcoin with anonymity, then buy it with real money, become "clean money". So most countries hate bitcoins, and some countries even ban bitcoin.
the first point that needs to be underlined is that this is not in its bitcoin. maybe a crypto system that makes it easier for parties to carry out illegal activities.
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 authorities also cannot track the transactions carried out by whom. This is the advantage of bitcoin being misused. Bitcoin offers an anonymity facility for security purposes but is misused for negative transactions. Of course the benefits brought by bitcoin turned into ugliness which ultimately led to bitcoin increasingly losing the trust of the community.
money laundry is illegal in all country, there are many people that want to get their own profit without care with other person, and bitcoin can be the one of media, why? because money laundry is anonymous, transaction is visible on the public but the sender and receiver is anonymous
And before Bitcoin there was no money laundering? The fate of the Bitcoins depends only on its owner, the accusations of being used for money laundering is somewhat outdated and refers back to the times that was used massively in the Deep Web, nowadays there are futures contracts being traded and probably will have an ETF, each time more legally recognized.
People need to understand that bitcoin is another form of currency it is a tool to send money to someone so it all depends on the users on how they wanna use it. It's entirely up to them and it's not satoshi nakamoto's fault and especially not bitcoin's fault. We the crypto users are the one who will take responsibility.
Because Bitcoin is the biggest value electronic currency. Market Bitcoin expands worldwide. Specially in the anonymous Bitcoin transaction. You will not know who I am dealing with. So many criminals choose Bitcoin to wash money.
I don't think bitcoin can be used for money laundering without tracking the transactions on the blockchain network. I believe people see bitcoin as a prefect option for money laundering but i don't think it is a prefect option. The network is decentralized and everybody can see the transactions done on this network. It is easier to trace transactions made on this network.
Its obvious that the main reason is because bitcoin is way easier, cheaper and also its harder to trace than using banking system. Eventhough you can tracked the transactions and the transactions are recorded, you can never now who owns it, someone can have more than 100 address to circulate and hide transactions between accounts and by the time you know which one is the right address, the amount of money inside already been transferred to somewhere else.
you're right, all bitcoin transactions are recorded.but the drawback here is, we never know who is the recipient and sender between wallets.
When there is something gives you the ease of accessing automatically people's attention will turn towards it. Same is happening with bitcoin as well, the pseudonyms feature has helped it provide with the best money laundering ways and this made people make use of it into money laundering. Even after this, the total volume of USD used is much higher than that of bitcoin into money laundering.
Because bitcoins can be circulated around the world because no country is currently banned from using it, and it is a safe way to move assets without fear of being stolen and fearing taxation. or collect the state ...
Bitcoin becoming a means of exchange.People are really promoting bitcoin and its got a lot of fans. i am not surprise when i f bitcoin serve as money laundering.
I think the government is critical of bitcoin because of its anonymity. coupled with the fact that they have no control over it and that all their attempts to taming bitcoin have all hit the brick wall and just come back stronger. The government of course will always support the fiat its has control over.
money laundering is easier they do with bitcoin but the problem is not on bitcoin, but the irresponsible person has gone wrong using bitcoin. and have a big impact on bitcoin prices.
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?
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?
What happened with HSBC is not right at all, they should have paid for what they did. But the thing with silk road is also serious crime, it's not alright to let people buying drugs and whatever else illegally.
Unfortunately, there are some people who have been using bitcoin and other cryptocurrencies as a tool for money laundering. But it's just a tool. They also using cars and fiat money for making crimes. Problem not about tools. it's about bad people.
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?
they use bitcoin as a transaction to get rid of the results they get from either drug sales or money laundering, because the bitcoin owner will never find out who the owner of the address is, so they do that to avoid the law 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?
At present, the development of Bitcoin is still relatively early. The government has not established a perfect supervision mechanism for the time being, so it has provided some opportunities for money laundering and criminal activities! Bitcoin transactions cater to the anonymity of this part of the gray and even black industry chain that can achieve the free flow of national currencies.
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?
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?
Now that is an interesting question. For me, I think the reason why they are using Bitcoin is because its decentralised and anonymous. As a result, it is hard to track them until something is changing that would finally figure out their whereabouts. Now, the dark web is turning on to other anonymous type cryptos such as Litecoin, Monero, etc., for money laundering.
Because using bitcoin is the safest way to money laundering their crime money. Unlike bank accounts, bitcoin is untraceable and anonymous, not to mention safe. The authority couldn't possibly find out where they hid the money. I think it's easier for them to keep it that way.
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