Bitcoins and drugs

Disclaimer: Do not use Bittylicious to buy illegal drugs. If we find that you are doing this, your account will be banned forever.

The downfall of Silk Road is the best thing that has ever happened to Bitcoin. Bitcoin's price rise immediately after Silk Road's demise is proof that Bitcoins are used for many legitimate purposes and that it did not in any way rely on the drug industry.

At the end of the day, what's the most popular form of currency, by far, used to buy drugs. It's cash. Bitcoins are only popular in this industry because they share some similar characteristics to cash, namely that they are irreversible and somewhat anonymous.

Yes, Bitcoins will still be the currency of choice for online drugs bazaars. Bitcoins still have the same attributes that make them appeal for this sort of underground activity. It's pretty much as close to sending cash on the Internet as you can get.

To be honest, you could hardly call Bitcoin a currency if it couldn't be used in this way. Name one other currency or at least easily convertible asset that somehow can't be used to buy drugs?

No, I don't do drugs. No, I've never bought drugs before. Yes, I've used Bitcoins for real, useful purchases (Internet hosting, advertising and even beer). We just need to put the drug situation into perspective and treat Bitcoins like a real currency which will always have a dark side.

--Marc