The new Netflix series entitled “How to sell drugs online (fast)” quotes and briefly explains 4 crypto – bitcoins (BTC), XRP, IOTA and ethereum (ETH) – but, unfortunately, once again, as can be seen from the title of the series, shows only the other side of the coin, explaining precisely how cryptocurrencies can be used for illegal trade.
Obviously, those who know this world properly understand that no coin, and consequently no crypto, is exempt from being used to buy illegal material, therefore to both, fiat and crypto, we can apply the same rules and therefore it is not the prerogative of crypto to be used for illegal purposes, especially the 4 mentioned in the Netflix series.
As long as we talk about it?
Of course, on the one hand, “bad advertising is always advertising”, but on the other hand, it is not a good incentive to hear about cryptocurrencies in a negative light.
Even if it’s still early for mass adoption, especially in terms of usability of cryptocurrencies as a method of payment, you can see how more and more companies are trying to work for a greater awareness of crypto in the world: see Coinbase Earn, Binance Academy or Eidoo sponsorships for the Mini Challenge, all initiatives aimed at educating people about crypto.
Crypto and regulation
Could the regulation of cryptocurrencies be an effective response to the problem?
To regulate or be afraid of something because it could be used by criminals is like blaming fiat currencies – maybe cash – because they are used to buy drugs or weapons. Paradoxically, in this sense, one could also fear bartering.
Cash and cryptos have some features in common, especially when you consider their anonymity.