Why do people need to use Bitcoin for Money laundering? - page 9.

ainajane11

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Quote from: Kprawn on March 03, 2018, 09:36:39 AM

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. Roll Eyes

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?

I think it's because Bitcoin have the most influenced thing in investing which many people abuse it and use it for scamming.

ralph_0608

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since transaction is ecrypted and untraceable it is easy for money launderers to purchase bitcoin and encash it since it doesn't leave footprintsvthat lead to the identity of buyer and seller that is why government are trying to regulate crypto currency to minimize this kind of activity. and KYC is one of the pre requisite in some other countries if you want to buy crypto coins.

money_amount

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If you invest in BTC, then you do not need to verify your identity so you can spend all your money to invest in bitcoin then put all of them into a cold wallet. This is very difficult to detect.

nestiold

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Because its easy and faster to transfer bitcoin than cash, lets say you need to pay 10 millions, you need a lot of cash plus a lot of problems, and bitcoin is 1 click transfer.

Olayinka225

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Well...though I didn't pray money Launders should think of using BTC for there money laundering because it's going to affect the economy of such country or even business the money is coming from:

In that you know, btc transaction can't be traced even though you can have the transaction hash id but you can't know from whom ever the coin is coming from and whom ever it's going to ANONYMOUS!!! Indeed....transaction very easy and cheap, no need to go to bank for you to be pinned down by the FBI or KBR.

Assface16678

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Quote from: Kprawn on March 03, 2018, 09:36:39 AM

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. Roll Eyes

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?

Bitcoin is very accessible, effective, efficient and such, therefore it is easier for illegal deeds to do transactions with the use of bitcoin. But as we all know the government are slowly taking steps into the crypto world in able for them to regulate the usage of bitcoin to illegal acts. Bitcoin was produced to help not to be a tool for illegal works.

Thecryptocurrency09

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Quote from: Kprawn on March 03, 2018, 09:36:39 AM

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. Roll Eyes

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?

We are all aware how bitcoin tend to act anonymously. Throught this a lot od bad things could possibly be implied. People who prefer to hide their identity choose to move under table to protect themselves by publicity of their crime. From that, we can draw the conclusion on why do they prefer to use bitcoin.

efxtrader

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Using bitcoin for illegal activitry like money laundering is almost untraceable because using decentralized system and its peer to peer transaction. I am once watch documentary about Ross Ulbright and its very sad. I think he just want to try make safe market

dutchkay

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Bitcoin is peer to peer and you don't need to fill any form through anyone or go through rigorous process before using it. This makes it easier for people to use it as money laundering. Just imagine the process you have to go through to stash away some cash which you know might be traceable. But bitcoin does that in seconds for you without hassle. Though the public blockchain exists which all transaction can be seen by anyone.

Ezenwanyi

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I keep saying this....the blockchain is an enabler of criminal activities like money laundering.
This is largely due to the fact that, there's no way to link cryptocurrency to its owner offline.
So launderers feel laundering money using bitcoin is the most effective way and away from the prying eyes of security agencies and the govt.

thesmallgod

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It is just like someone who rub gasoline on his body going near fire. bitcoin will be a catalyst which will speed up the rate at which many is being laundered into and out of the country because using digital currency such as bitcoin means criminals need not to carry huge stack of money around. with just single hardware wallet. billions of dollar worth of crypto can be stored and carried around from one place to the other. we all also know that one of the features of crypto is due to its anonymities which means it will be very difficult to trace anyone using bitcoin address except the coin is on exchange platform which require kyc which I am very sure criminals will not be so stupid to do that.

bitbunnny

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It's a funny question. Criminals are always trying to find the easiest and the less dangerous ways for their activities and when it comes to money laundering anonimity and difficulties to trace the transactions are priorities.
This is something that Bitcoin has enabled, especialy at the begininig when first appeared. Now it's easier to trace Bitcoin but still it's much more convenient for money laundering and illegal activities than fiat money.

Nnedaddy1

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People prefer using cryptoucurrency to launder money, this is because there's no way to trace or link the digital assets to them directly.
Its safer and the best for them.

Coleth

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I think because it is easy for them to use, unlike fiat money they could easily being tract down when they see you holding on it, while Bitcoin as digital money and as operated using gadgets and nets, they cannot just tract it down if they don't know your infos, wallets and etc.

boddy.dy

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Some people who used bitcoin for their money laundering because before some of the people don’t really know what bitcoin is. In this day many people want to be rich or wealthy in a blink which if you don’t really know bitcoin you can see that it is possible with this. Well somehow we can say that this is possible but there is also a big possibility that you can lose your money here. And that lose is sometimes not explained well buy those people that is why the end result is that they are doing illegal thing or a money laundering.

MrRiuss

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Quote from: Kprawn on March 03, 2018, 09:36:39 AM

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. Roll Eyes

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?

because bitcoin is anonymous. it is very difficult to trace.

Thefrolly

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Bitcoin is for the small people to launder money whereas the big players don't need such mediums and can easily launder their money using big banks and private organizations. But the smaller players don't have that option and bitcoin is the perfect medium to launder their money. Although I don't think Bitcoin is being used on a large scale for laundering money.

Stromspirit

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because very quick investment bitcoin to get the money and juha bitcoin a very lucrative investment to give a huge profit hanay in just a few years so everyone will use bitcoin to get a huge profit from bitcoin

rawr1620

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Bitcoin is decentralized meaning nobody really knows and how to track where the bitcoin started from. It is easy to laundry dirty money into it.

mendra_2009

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Those who use bitcoin for money laundering, think that money laundering through bitcoin is very safe for them, and will not be known who the perpetrators. This is because it is easy for everyone to create bitcoin accounts and buy bitcoins without clear and complete data verification, so it will not be tracked who the real owner of the bitcoin transaction.

Topic: Why do people need to use Bitcoin for Money laundering? - page 9. (Read 2094 times)