Crypto Currency

The Role Of Crypto In Darknet: Illicit World Of Technology!

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Why are cryptocurrencies popular among cybercriminals? Is there any future for cryptocurrencies, especially bitcoin in the darknet? Digital assets are mainly used as a means of anonymous payment.

The Role Of Crypto In Darknet

Thus they are useful in many areas including darknet. Commonly, the darknet is used for illegal activities such as black markets or exchanging of illegal goods and services. According to studies and reports, bitcoin dark web activity has raised up to 340% since 2017. The anonymity of cryptocurrencies in the payment process attracts drug-dealers and hackers.

The Role Of Crypto In Darknet

An Overview of Darknet

Darknet or dark web is a part of a network of secret websites that existed on an encrypted network. Those sites are purposefully hidden from the surface net by additional means. Those facilities offered by the darknet technology are used for illegal activities such as black markets, illegal file sharing, and the exchanging of illegal goods or services like stolen financial and private data.

Apart from those illegal activities, there are many useful purposes for darknet. Individuals within closed societies and those who face extreme censorship can use this technology to communicate with others in outer society. Even though, the majority of actions in darknet is illegal as the darknet offers a level of identity security than the surface net. So it appears to be appealing for criminals who looking to protect their identity in order to evade detection. As digital currencies became more popular in daily life, the darknet is also gaining popularity even though it is used for illicit purposes. 

Crypto And The Darknet

Cryptocurrencies are used as a way of payment in the darknet as the cyber fraudsters seek maximum anonymity while performing certain illegal operations. Cryptocurrencies are already common among sellers of items like illegal drugs, weapons, and other restricted drugs. The important feature of the darknet is that all the connections are established between trusted nodes through special protocols and ports. Thus you cannot enter into the darknet through Google chrome or firefox.

To purchase goods through the darknet, you need cryptocurrencies. The most commonly used cryptocurrency to purchase is bitcoin. But certain darknet markets favor Monero(XMR). XMR is a more private version of the bitcoin. It is harder for anyone to connect XMR transactions with your real-world identity. It was reported that bitcoin, monero, and ethereum were the preferred coins to conduct dark web applications. Just like an eCommerce store, you can pick goods from darknet markets. You can also use dark web links to buy products, services and do a lot of stuff that includes providing services of many kinds. 

The dark web is a hidden part of the web that is only accessible through special software like Tor. cryptocurrency or bitcoin especially remains the primary payment option on the dark web. Although, many other currencies like Litecoin also dominates in this field.

Hope you all understood the role of cryptocurrency in dark markets that operates secretly online. 

Fred Harris is a writer and performer who got involved in cryptocurrencies at the start of 2017 when he was hired to work at a Bitcoin-related company. He's passionate about cryptocurrency, digital rights, IT, and tech and has been an avid writer and follower of the crypto and blockchain space since 2015. He is specialized in machine learning, artificial intelligence, blockchain technology, and big data.

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