Cryptocurrencies and criminals. You can’t possibly name a better duo that comes out of the mouths of central bank-owned politicians more frequently. If we exclude the insane levels of propaganda coming from the mass media, cryptocurrencies are still having a hard time in keeping their name clean.
There is an undeniable problem with drug trade digitalization. Of course, politicians, especially those whose pockets are regularly filled by the central banks, tend to quickly forget that more or less 1% of all bitcoin transactions are actually illegal.
Politicians completely ignore that fact and often mention that the majority of drugs sold online are via cryptocurrencies. Ciphertrace’s report on Anti-Money Laundering (AML) confirms that this is indeed the case.
Drug trade digitalization is not the world’s biggest problem
That being said, the dark web marketplaces offer far worse than drugs. The most despicable acts of which human beings are capable of are available in the dark web and most of them, do not take crypto as payment. The problem is, that politicians frequently ignore that the above mentioned “services” do not take crypto for payment.
Cryptocurrencies have more or less transformed the entire landscape when it comes to drug trade. Drug trade digitalization has resulted in a massive shift of the drug market from the streets to the online marketplaces.
Many police authorities have however, stated numerous times that cryptocurrencies actually help in tracking down and apprehending drug dealers. Due to the transparent nature of cryptocurrencies, which renders transactions easier to trade than the cash-only ones, many authorities are having an easier time catching illegal drug dealers.
The most important change in the drug trade digitalization is that availability of anonymous electronic payments. Previously, a physical transfer of cash was almost always required. The anonymous digital payments which are possible via cryptocurrencies are incredibly attractive to drug dealers.
Cryptocurrencies are still young, very young and they are a more or less limited usage. Even though transactions are made more anonymous, cashing out crypto which was used for illegal reasons is still a very complicated and risky endeavor.
This is why many experts believe that it will take quite a while for cryptocurrencies to become a real competitor to cash when it comes to illegal activities. The technology is advancing and anonymous cryptocurrencies are becoming more excepted globally. This however, opens up the possibility that privacy coins come into the scene and revolutionize the entire structure and development of the dark markets.
You can also check out:
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- Silk Road: The Story of Billions of Dollars, Bitcoin and Idealistic Downfall
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- Talent Growth System by Coinbase is Already Practiced by Global Giants - Dec 19, 2019
- Double-Spending: Potential Risks and Integrated Solutions - Dec 18, 2019
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