Bitcoin is a remarkable piece of technological advancement. The Distributed Ledger Technology is a fantastic way for
Currently, law enforcement agencies are doing a poor job at fighting drug trafficking, as drug smugglers invest more to stay ahead. For instance, smugglers along the U.S.-Mexico border are reportedly using commercially available tech to identify vulnerabilities on the border, and the government is struggling to stop them.
At a UN roundtable held on the global drug problem and money laundering, the agenda noted organised crime had kept pace with the expansion of the global economy. Powered by advances in technology, transport, and travel, drug trafficking had become fluid and efficient.
While smugglers have historically used cash for shifty deals, cash payments over $10,000 attract unwarranted attention. Besides, if a drug smuggler is caught, law enforcement agencies usually seize all their assets and auction them off without the consent of the owners. Sounds ridiculous, right!
Here is where Bitcoin comes in. The digital currency is the best option for drug dealers to secure their profit. Since Bitcoin is an intangible asset, it can never be seized from the smuggler, under any circumstances.
Under the law, a drug user risks spending up to 5 years behind bars if found guilty of a drug-related offense. Drug mules and smugglers face 30 years in prison or life sentences if found guilty of drug-related crimes. On the contrary, drug smugglers who divest into Bitcoin, get wall-street executive-like sentencing; a simple warning will do.
Using Bitcoin for Illicit Transactions is good for smugglers and Blockchain adoption.
Bitcoin is the new currency for criminals. We know this how? Because mainstream media and famous public figures keep saying it, and so it must be true. For instance, Bill Gates was quoted saying that at the moment, cryptocurrencies are currently being used to purchase drugs. Well, that’s quite an endorsement.
Moreover, Bill Harris, PayPal co-founder, also believes that Bitcoin and other cryptocurrencies are best-suited for criminal activity. Jamie Dimon, CEO of JPMorgan, also said that drug users are better off using Bitcoin than dollars. Since transactions are purportedly anonymous, Bitcoin could be dominated for illegal endeavours.
Simply put, Bitcoin is everything to a drug smuggler in this technology era. It can be used to purchase goods anonymously, just as long as the smuggler uses a Bitcoin wallet hosted on a dark web server. Bitcoin transactions don’t rely on third-party vendors to process the payment, this means that users get to enjoy low fees, and don’t have to deal with banks.
Bitcoin is the currency for those who want their transactions to be difficult to trace. Bitcoin and cryptocurrencies in general, have a unique level of secrecy that law enforcement agencies can’t keep up with. Thanks to Bitcoin’s crime-enabling payments technologies, more people will adopt decentralised currencies.