Tin foil hat on.
Not being tech savvy or in tune with crypto currency it's really a question to those that use / buy bitcoin. Can you buy bitcoin without use of any bank? From what I see you have to prove identity and use transfer methods to purchase - effectively traceable transaction.
I understand that those who then want to use anonymity then wash the coin but my question really is - a purchase of a bitcoin is in fact traceable and your bank knows you purchased?
LE have the right to ask a bank for your transaction records? LE also have the right now UK and US to not only access your bank but also to access your ISP "legally". Tor use can be guessed to be in use. Banks are legally obliged to report suspected illegality. They don't need 100% proof just suspicion.
If I was a clever man I'd first profile using the banks "help" and ISP to see who is prolific - buying and changing coins, who is accessing Tor. Put the two together and ultimately the volume of the transactions will show how prolific the two in combination are to build the case for further investigation. It's not convictable but it sure as hell reduces the needle in a hay stack very very quickly.
If I were a bank I'd stop bitcoin trades - they are a method of money laundering I can't control. A bank doesn't have to give you an account they can take it away at any point. Why do banks want bitcoin trades? A bank will want control (to comply with financial law) and a cut - so why do they allow bitcoin transactions and surely wouldn't they introduce a new crypto currency they can control and track? First however I'd clear my books of any suspicious client and report to LE to keep my nose clean.
bitcoin increase - could it be Impact of high fluctuation of exchange rates. It's a method of moving money around the globe as one currency. Isn't it also about having a balanced portfolio of risk - a lot of businesses have jumped on the bandwagon to invest their profits into as many portfolios as possible gold, bitcoin, bonds etc. One loses one gains. Put it all in the same place big risk.
Hat off again.
The least traceable way to purchase bitcoins is to go to a website like localbitcoins.com and buy them from someone who accepts cash deposits as payment.
they give you their bank account information upon locking in the purchase, you have like 3 hours or something to make the deposit (I think vendor can extend the time, idk I always was done way before 3 hrs) at the bank that they use
You basically go into the bank, grab a deposit slip, write down the name and routing number they give you, go up to the teller and say "id like to make a deposit", they'll say no problem because it's a cash deposit and there isn't any ID required to put money INTO a bank account, you get a receipt, thank you have a nice day, I'll take a lollipop for the road mmkay...
so then you take a picture of the deposit receipt with your localbitcoin username written on it and upload it to the saved transaction page you initiated when you requested the coins in the first place before you went to the bank. When the picture of the receipt is uploaded, you click on the box that lets the btc seller know that you have deposited the money
and depending on the vendor, you'll have your coins anywhere from 5 mins - a set time at the end of the night. they verify your receipt with their bank account and release the coins to your localbitcoin account, some just take a lot longer than others.
I never really went too crazy trying to hide this part of the process tbh. The website also has reviews and ratings for vendors which is good because I was a little leery about depositing cash before I got the coins but there really isn't a more efficient way to do it. And I never had any problems, always got the coins I paid for
Remember, it is not illegal to buy bitcoins.
It is illegal to buy bitcoins and use them to have drugs mailed to your house
