Here at NeverGetBusted, we frequently encounter cases where only a small amount of marijuana was seized along with a large sum of cash. Famed ex narcotics officer and my colleague, Barry Cooper, asked me to research the best way to hide drug money. After some diligent research and after interviewing several anonymous and underground sources, I think the best way to avoid becoming a victim of a government sanctioned theft is to transfer your cash stash into Bitcoin.
Simply put, Bitcoin is digital cash that remains anonymous when used properly. It’s anarchy money that is uncontrolled by any government or private institution such as the Federal Reserve. Your bitcoin ‘wallet’, as it is called, is not attached to your true identity. Digital cash is far more concealable and discreet than a stack of paper dollars. If stored properly, no person will ever know your digital wallet exists. Your Bitcoin wallet is encrypted with a passphrase that would take an obscene amount of resources to crack. Government officials trying to seize your stash would have better luck catching sunlight with a fishnet.
You may be thinking, “But wait! Didn’t that one guy have his Bitcoin seized?” Yes, Ross Ulbricht, the founder of the online drug dealing website, the Silk Road, was arrested and the DEA seized $25 million dollars of his Bitcoin stash. Ulbricht was discovered due to negligence and indiscretion during his management of the Silk Road and his wallet was seized as a result of several foolish blunders. When the FBI found Ulbricht in a public library in San Francisco, he was using his laptop which contained his primary Bitcoin wallet as well as an unencrypted wallet with a large sums of Bitcoin. Instead of storing both wallets in his laptop, Ulbricht could have easily hidden the digital wallets using one of the methods describe below. Even with his wallets seized, the FBI has been unable to access or use the Bitcoins because they are protected by pass phrases. Bitcoin wallets are essentially digital safes too secure for even the most advanced institutions and hackers to crack.
When you’re ready to acquire some Bitcoin, you can purchase them at an exchange such as Bitstamp or Bitcoin Source. Alternatively, you can buy or sell Bitcoin directly from people in your area using LocalBitcoins.com. In this exploding industry, new sites and services for exchanging Bitcoin are popping up rapidly across the globe. Bitcoin ATMs are also beginning to proliferate. Yep! You heard it correctly. Bitcoin, a digital currency, is now considered to be legitimate enough that companies have placed Bitcoin ATM machines throughout the U.S., Canada and Europe. You can check the Bitcoin ATM Map to see if you’re lucky enough to have one in your area.
Once you’ve purchased some Bitcoin, you’ll need to store them in your wallet, which is identified by a long string of letters and numbers known as the ‘address’ . Your Bitcoin wallet can be stored on your computer, a flash drive, or in one of the many online based wallets like Hive. I would highly recommend starting with Hive, as it is very easy to set up and is incredibly user friendly. Using an online wallet like Hive also prevents you from losing your Bitcoin due to the confiscation or failure of your computer.
A safer, lesser known way to store your Bitcoins is an approach called ‘cold storage’ . Cold storage freezes Bitcoin wallets so that they can be stored offline and/or off of your computer. It is a straightforward but extensive process, so I would suggest checking out this incredible guide to cold storage. The guide will show you how to take your Bitcoin wallet offline and even print it out on paper. It doesn’t require a far leap of imagination to see how easy it would be to hide that. It’s time to think beyond the mattress stash.
Bitcoin and other cryptocurrencies are the money of the people. They are decentralized, transparent and capable of being used anonymously. These factors combined with it’s digital nature makes it a far more practical store of value than cash or precious metals. Use these technologies to your advantage. This is simply a primer intended to spark interest and inspire. Please drop your questions and comments below and I’ll answer to the best of my ability.
By the way, if you have some bitcoin, show some love with a tip.