Hypothetically Laundering Bitcoin Money using a Laundromat

in #money11 months ago

Strictly hypothetical...
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Image by ZDNET
It is impossible to trace newly minted Bitcoins, but it is easy to trace bitcoin bought on an exchange because the exchange forces people to identify themselves. The government could try to track Bitcoin mining operations by the electric grid but being that we are running a laundromat this will not be an issue for us. If Bitcoins legal status does not change then we still are at risk for tax evasion, because I am not going to give the government a cut of my Bitcoin money. Bitcoin is an anti-government movement, the government and the banks are at war with it so I feel no obligation to cut them in on the profits. In order to mitigate this business risk we will only cash out Bitcoin at ATMs (Most of them require no ID for under $2000 per day), and deposit the money into the business account at the same time as cashing in the coins from the laundromat but a little at a time stretched out over the month, this is why a coin only laundromat is the best business to own. If the government does somehow find out that we are mining we will simply say we are mining independently (Not part of a pool), and it takes years to mine a block, we haven’t mined any yet. Then we will move our mining operation in a different family member’s name, telling the government we sold all the equipment and pay the taxes of the phony sale. There is risks that are not associated with the business/organization. There is a reason they call it laundering money, laundromat is the reason!

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HaPPy to see you again Man...
Well, It is bad if the government can track our activity or other details even in my Country Crypt is facing so many issues but for long time I am still Positive towards it.
Keep it up!

Thanks, good to see you too. Sorry I am trying to finish my computer science degree and currently taking 9 credits each semester while also working full time, and other life stuff. I am positive too, with the block halving next year we will see gains.

@embomb701,
OMG, It's really appreciable Mam whatever you are doing and I can understand how difficult it is to work full time as we well Study...
Best of Luck Man but don't forget that You have a Friend as well if you need any help then let me know as I am also in final Year of My Computer Science Graduation. You are doing great and I am damn sure you can do it.

Thanks my friend, I never had a doubt in my mind that I could do it, it just upsets me when my children want to play and I can't. I am also missing a lot of Jiu Jitsu MMA training time while studying but it will be worth it in the long run. Congrats on your final year of school, we should do a collaboration article when we finish. Have you looked into taking a blockchain course? I have taken one of the 2 courses online that Berkeley has I took one last year and will take the other next semester.

Yes, I am thinking to do that but right now I am working to develop a Specialized Skill so that I can be financially Independent.

Don't worry Dude your kids definitely gonna be more happy when they got to know that you are working hard for their future. So, Don't worry just go with the Flow...

It's pleased to talk with you my friend @embomb701 :-)

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Thanks man, I just wish I has more time in a day. Thanks again.

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@Sgt-dan, Thank for the comment, I am glad you enjoyed this! :)

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