You don't convert it directly into "money", and go down to the yacht store.One thing I can never understand about these crypto billions, maybe someone can explain it to me:
eventually it will most likely be necessary to convert these crypto billions into real world national currencies. How would they do that? Most exchanges seem to have limits on the amount that can be converted at one time. For example, if I understand it correctly, Coinbase has a $25,000US daily limit on withdrawals. So it would take them more than a lifetime to convert all the bitcoins to real cash, since the US dollar is still the basis for most of the world's financial transactions. But I'm guessing that my thinking is too limited and old world on this matter. I must be missing something.
Same way that organized crime gets rid of dirty money that may be tracked: money laundering.eventually it will most likely be necessary to convert these crypto billions into real world national currencies. How would they do that?
watching it that way the only winners with real money are also criminals and terrorists.So the only winners with cryptocurrencies, criminals and terrorist.
Many countries have a threshold on cash transactions above which they have to report the transaction to authorities especially when the transaction isn't linked to a known bank account so yeah, if you are attempting to cash out 30k$, I'd expect an over-the-counter exchange for cash to be as tedious as opening a first bank account since they need to do roughly the same ID checks.the ironic part of this is that if you even want to get a TINY amount of crypto you have to give more data than if you wanna sign up for an account with a bank.
Bitcoin/cryptocurrency is either absolutely useless or absolutely unnecessary for any legitimate purpose but extremely useful for many illegitimate purposes, like money laundering, illegal (drug) trade, collecting untraceable ransomware payments!Bloomberg reports that Africrypt's founders have disappeared with $3.6 billion worth of Bitcoin.
Sibling Investment Firm Founders Vanish With Record $3.6 Billion in Bitcoin : Read more
There is no innovation there, BTC has a public ledger, anyone can parse the block chain to find out which wallet owns how much of each block ever mined. The only reason the feds were able to recover any of the BTCs from the pipeline ransom attack is because they traced the coins to a wallet managed by an US exchange. If they had transferred the coins to multiple anonymous wallets created for the ransom payment purposes and dividing the payment between attackers, the trail would have gone cold turkey until the coins got transferred out of those wallets to somewhere else that keeps records.Times have changed. Technology is evolving everyday. There are new innovations that do not only trace bitcoin addresses but find out what platform or exchange they belong to.