Is Bitcoin only used by criminals to buy drugs?

Why buying drugs with Bitcoin is impossible to hide?
Bitcoin is seen in a negative light by those who think its transactions are completely anonymous. In hindsight, this makes it one of the best currencies for illicit transactions such as those used in drug trafficking rings. However, those claims have been highly exaggerated.
Bitcoin cannot be anonymous no matter how much it seems so. For one thing, its transactions can be traced with blockchain analysis and verification tools that can track them easily. This includes where they originated from through methods known as clusterization. This method is used by several blockchain analysis tools to analyze data sets to determine said transactions.
The aforementioned data sets contain information that can be tracked such as the history of incoming funds, the addresses that are being used and how much Bitcoin currency is being transferred. Since this currency is actually a ledger of transactions it is accessible to the public and users can observe it at their leisure as well. In other words, all transactions are open to everyone and this includes addresses.
However, it is difficult to track down transactions on such a massive scale but that only deters criminals from using it to buy or sell drugs. Plus, clusterization can be used to monitor them and track down specific transactions that lead to the same wallet. This is historical data points that reveal transaction histories of specific accounts clearly making criminal transactions almost impossible to hide.
In other words, there is nothing stopping government agencies from accessing that data and tracking down drug traffickers at the source. In other words, drug traffickers who use Bitcoins for transactions can run, but they cannot hide for long. Federal agencies can easily track them down using blockchains to track down their wallets.
Another reason why buying drugs with this cryptocurrency is difficult is because those transactions are anything but cheap. It is incredibly difficult to push large amounts of this currency through mixing services incognito or without attracting attention. It’s like discovering a drug dealer’s books which makes it a goldmine for federal agencies.
Due to the sensitive nature of their product, drug lords will never use only one means of transaction. Even if the use Bitcoin to make some of them, the blockchain will be too small to be detected. Take into account the fact that the drug trade is valued at about $300 billion while Bitcoins are circulated at less than $7 billion. That means this cryptocurrency is rarely if ever used to push drugs.
Since there is low market capitalization, drug lords cannot use Bitcoins or any cryptocurrency for that matter to push stock. If they do try it, the transactions will be limited which will not allow them to break even. Needless to say, this digital currency is safe from such criminal activities.

Related posts
BitcoinBitcoin NewsbtcusdBTCUSDCBTCUSDTETFNewsxbtusd

Bitcoin May Never Go Below $50k Once An ETF Is Approved, Declares On-Chain Analyst

Bitcoin may never drop below $50k asserts on-chain analyst Ki-Young Ju. But as usual, there are conditions that follow this possibility. In a tweet, Ju analyzed that Bitcoin could follow the same path that gold took in 2004 when the first…
BitcoinBitcoin NewsbtcusdBTCUSDCBTCUSDTNewsxbtusd

Quarterback Star Tom Brady Breaks Internet After Showing Interest In Bitcoin

Tom Brady, the American athlete who is widely regarded as the “greatest” quarterback in NFL history is the latest celebrity to show interest in the world’s most valued cryptocurrency Bitcoin. Brady who has a massive Twitter following of 1.9 million…
BitcoinBitcoin NewsbtcusdBTCUSDCBTCUSDTNewsxbtusd

Almost $200 Billion Worth Of Bitcoin Is Currently At Risk – Report Warns

A recently published 2021 crypto report by Opimas LLC, a finance-based management consultancy firm, has revealed that approximately 3,480,000 out of the world’s mined 18.5 million Bitcoin, stands vulnerable to attacks as a result of improper safekeeping. The 36-page report…