Bitcoin has come under severe criticism for its alleged affiliations with the dark web. The decentralized nature of Bitcoin makes it perfect for exploitation by criminals on the dark web. Many consider them to be the ideal match for people to carry out illegal activities. The dark web offers several unconventional and unethical services against the decentralized Bitcoin. It gives people easy access to things that they couldn’t get before.
Hike In Crime Cases
Crimes like getting someone kidnapped or murdered were extremely difficult in the past. However, digital currencies like Bitcoin and other cryptocurrencies have made it quite easy for people to hire hitmen through the dark web. A few years ago, a nurse paid a hitman $12,000 worth of Bitcoin to get her lover’s wife murdered. Similarly, a man hired a hitman to get rid of his lover’s new boyfriend. The anonymity provided by the dark web, coupled with decentralized Bitcoin, has in many ways led to this increase in crimes.
The Emergence of The Dark Web
The term ‘darknet’ was first coined in the 1970s. It referred to private networks with high privacy level. Although surreptitious, everyone initially considered it innocuous. However, it soon became a haven for planning unlawful activities. Not only did the dark web allow these plans to be hatched, but it also facilitated the trade of cryptocurrencies. Although few convictions have happened in cases wherein criminals used Bitcoin and dark web to carry out a criminal act, such activities continue unabated. In fact, cryptocurrencies, especially Bitcoin, have become the default currency on the dark web.
If you have been keeping an eye on the Bitcoin Cash news, you might know of the astronomical increase in Bitcoin’s price in late 2017. Also, you would know how the prices nosedived soon after. Could this downfall be a direct result of the unregistered transactions that occurred on the darknet? Possibly!
Dark Web And Bitcoin
An Australia-based body carried out a study, which reported that more than 45% of Bitcoin transactions are done via the dark web. It means people active on the dark web were using almost half of Bitcoins. These Bitcoins found their way to the Bitcoin wallet of dark web mafias who control that space. Thus, the concept of anonymity that accompanies crypto transactions has become somewhat of a farce now. The inception of cryptocurrencies and Bitcoin in general, promised absolute anonymity to people. It also motivates people across the globe to embrace it wholeheartedly.
Why Do People Use Bitcoin On The Dark Web?
Blockchain gave people a significant relief from centralization. This decentralized technology forms the foundation of the digital currency. However, the very factors that make the blockchain and assets functioning on this technology so extraordinary also can be used to subvert laws. Let’s assess the advantages of blockchain technology and Bitcoin, which are also used to commit illicit activities.
As Bitcoin allows people to complete transactions without leaving their trace, it also facilitates activities of the dark web.
From the purchase of illegal drugs to the sale of child pornography, every transaction that requires massive funds can be carried out on the dark web through cryptocurrencies.
The combination of Bitcoin and dark web gets further leverage as it offers criminals a safe and secure medium that can facilitate lightning-fast transactions.
With most governments having no crypto regulation in place, the dark web mafia continues to have a gala of time with little to no rules.
Bitcoin, along with other cryptocurrencies and blockchain, has been instrumental in boosting the growth of the dark web. While nobody can deny the benefits of digital currency, its association with the dark web can produce catastrophic results for the decentralized currency. Naturally, this may impact Bitcoin.
Hi, I am Sujit. I am a passionate blogger and crypto admirer. I work for Cryptoknowmics which is known for the best Top cryptocurrency events listing and latest airdrops. I like to find and share new information across the web. You can follow me on Twitter and Linkedin too.
The dark web has emerged as the new hub of illicit activities in collusion with the Bitcoin. It must be nipped in the bud before it does any further harm.
Primary Keyword: Dark Web