07 Jun '13, 4pm

#Bitcoin ATM is 'horrible for money laundering,' co-creator says

#Bitcoin ATM is 'horrible for money laundering,' co-creator says

Network World - On the surface, Bitcoin seems perfect for crime. The digital, peer-to-peer currency is largely known for its independence from governments or banking institutions, as well as its supposed anonymity. Naturally, as a result, Bitcoin has been widely used on the black market website Silk Road, which has been called “the Amazon.com of illegal drugs .” Silk Road is designed to keep its users entirely anonymous as they conduct business with the site’s drug purveyors. Bitcoin has fit in nicely in this market, allowing distributors and customers to make their purchases without exchanging cash, and thus arousing suspicion from law enforcement. As of September 2012, Bitcoin transactions on Silk Road amounted to $1.9 million per month, Carnegie Mellon researcher Nicolas Christin told The Economist. [BITCOIN: 7 reasons to be wary ] [MORE: 10 scary facts about Bitcoin ] ...

Full article: http://www.networkworld.com/news/2013/060713-bitcoin-atm-...

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