On the surface, Bitcoin seems to be a great way to hide cash. Actually, it’s a terrible way to launder money. That’s the conclusion of a new academic study that analyzed Bitcoin’s blockchain, or the public ledger that records bitcoin transactions. The ledger shows how bitcoins move from one person to another, represented by 34-character alphanumeric addresses.
http://www.itworld.com/security/370750/bitcoin-offers-privacy-long-you-dont-cash-out-or-spend-it