Is it possible to do money laundering via bitcoin? I mean as no one knows if you have bitcoin and how much bitcoin do you actually own, it could be used to convert black money to white right? Or at least store your black money without much hassle. But there is the risk of its value but I think for people who have lots of black money and don't want to be caught, this risk might be worth taking for them isn't it?
What are your thoughts?
This is one of the key reasons on why the government is against the world-wide implementation of bitcoin due to the fear of its anonymity factor. Every transaction in bitcoin, it protects the parties from knowing the exact location of each transaction. This is also the reason on why most people under the Dark Web use bitcoin as the main currency in order NOT to be detected by authorities.
There are a lot of way for money laundering but bitcoin is the best way among all the way of money laundering and for becoming favorite of bitcoin is one of the main reason is money laundering.
Money laundering via cryptocurrencies is the most convenient and safest way of doing it. The anonymity factor it provides and anyone can do it. Not only money laundering but sending money via remittances.