Hi guys ! My name’s Dave.
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?
ข่าวกีฬา
Any help will be fine.
Thank you in advance.
There is no single answer to this question. I do not endorse money laundering but I would just like to tell methodologies of how I have seen people doing this. Black money is merely that money which has not been fed into the banking system to avoid taxes on it. Now there can be various methodologies I have seen people using BTav for is
1. That you receive BTC itself from your employer/ customers and you receive them into a private key wallet and store them. If your employer is at a distant place away from your country this surely is the safest method of hiding the proceeds as the source is difficult to be traced out. There is only one precaution which is to spend the whole amount of money in that wallet whenever you decide to. This would ensure there are absolutely zero traces. So change your wallet after every receipt.
2. You receive money in cash but later buy Bitcoin. Now this is pretty tricky today as all exchanges demand KYC while converting fiat to btc and do it using Bank accounts. So only option is localBitcoins.com. Now you are pretty safe but the moment you decide to bring in this money to spend better spend directly in BTC.
3. The way idiots do this is they Directly purchase BTC from their bank account and hide that money in tax returns. This is the worst way and you can be caught any time.