In the case of Bitcoin, this new way of purchasing drugs and other illegal goods grew over 60% last year to around $1 billion. That likely makes it as big as some of the most well-known cartels, according to some public estimates on cartels.https://www.cnbc.com/id/29754581
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Some of the rest is legitimate payments — $1.7 billion last year, acc. to Chainalysis. But when you add that to the $748 billion in drug transactions, drugs could be said to be responsible for 31% of all Bitcoin payments.
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The dollar, meanwhile, enabled around $100 trillion in legal payments last year (acc. to the Fed), so total global drug sales would only account for around .5% of all dollar payments.
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(The dollar also enabled lots of other kinds of transactions, like foreign trade, capital markets activity and lending that have no analogue in the Bitcoin world and that probably make many people more willing to tolerate the illegal transactions.)
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These #'s start to provide a picture of why we write about this. It is not just because the black market stuff is sensational. It is also one of the most steadily growing and interesting experiments in how BTC can be used in the real world.
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It's not the only thing we are going to write about in the crypto realm, but it certainly seems worthy of coverage.
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"If we exclude 94% of the non-illicit uses of Bitcoin, we can see that illicit uses make up a whopping 26% of the remaining transactions."
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& can't distinguish between drugs (story headline) and zero days, cc fraud and all other illegal activity lumped under illicit.
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You reading this
@ChrisBrummerDr
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I’d like to point out that blockchain analytics only know what they know in terms of illicit activity due to the sheer number of unknown wallets in existence. They don’t know what they don’t know.
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