Why Is It Common Knowledge That BitCoin Is Useful for Money Laundering?

Good afternoon,

If you look at the blockchain technology behind BitCoin, it makes intuitive sense that any money laundering done out of BitCoin would have to take place at the Exchanges In which dollars or other hard currencies enter the system. Looking at the security protocols of CoinBase, I do not think that is an issue with them. I am not familiar with any other BTC dealers.

Investopedia has a helpful article that summarizes this point concisely.

www.investopedia.com/terms/b/blockchain.asp

• Blockchain is a specific type of database.

• It differs from a typical database in the way it stores information; blockchains store data in blocks that are then chained together.

• As new data comes in it is entered into a fresh block. Once the block is filled with data it is chained onto the previous block, which makes the data chained together in chronological order.

• Different types of information can be stored on a blockchain but the most common use so far has been as a ledger for transactions.

• In Bitcoin’s case, blockchain is used in a decentralized way so that no single person or group has control—rather, all users collectively retain control.

• Decentralized blockchains are immutable, which means that the data entered is irreversible. For Bitcoin, this means that transactions are permanently recorded and viewable to anyone.

As I am not an Oracle Salesman, I do not want my spending habits tracked by anyone. Privacy and Freedom should be granted to all who are not incarcerated for crimes they committed or in rare cases warrants have been issued to gather evidence of crimes that will be prosecuted in the near future.

Please note, I am an Investor In Bitcoin as an Inflation Hedge.

Warmest Regards,