Bitcoin use in the Darknet has increased

Last year, the value of bitcoin (BTC) sent to Darknet markets increased by as much as 70 percent. That's according to at least a report [...] https://www.pinterest.com/pin/1085437947660215829/

Last year, the value of bitcoin (BTC) sent to Darknet markets increased by as much as 70 percent. At least, that's according to a Chainalysis report released on January 18. The company's report indicates that user activity for the Darknet's main cryptocurrency is not at all dependent on its market price and does not drop at all during a downturn. If the new data in the report is to be believed, the total value of BTC sent to Darknet markets increased by 70 percent in 2018. On the dark side... According to data obtained by Chainalysis, the total value of transactions made on the "dark side of the web" has been steadily increasing since 2011. Their volume peaked in 2017 at $707 million and declined by about 14 percent to $603 million in 2018. According to the report, this decline can be attributed to the closure of the popular Alphabay store in mid-2017. The platform's demise also resulted in a significant decrease in Darknet activity - down 60 percent. Despite last year's surge of interest in Bitcoin in this part of the web, overall its use in these areas is declining. The heyday of this market was in 2012. It was certainly fostered by the operation of SilkRoad, a popular drug and gun store, but which was shut down by the FBI in 2013. After this period, the share of transactions made on the Darknet using Bitcoin has been steadily decreasing. The reason is probably also that the main cryptocurrency has become more mainstream and popular, and thus more people, but also services, are interested in it. As the media reminded last December, the recently deceased co-founder of the cypherpunk movement Timothy C. May, predicted in his "Crypto Anarchist Manifesto" that cryptocurrencies would "allow the free trade of state secrets" but also facilitate the sale of illegal goods. In a sense, these words have become a fact, but today the reality is becoming quite different. According to various sources, however, it is still cash, especially US dollars, that remains the preferred method of payment for illegal goods and services. Although Bitcoins are sometimes used for illegal purchases, as much as 90 percent of US dollars reportedly contain traces of cocaine.... Tags Bitocin Chainalysis cypherpunk Darknet dollars cryptocurrencies Timothy C. May