The Crypto Dealings of the Darknet
Many internet users are familiar with or have at least heard of the darknet. The darknet is a section of the Internet that is difficult to trace and can only be accessed by the use of special browsers that aren’t readily available in the open market.
On the dark web, many illegal activities take place seemingly in the open. There has been speculation of the sale of weapons, drugs, and even reports of human trafficking. Naturally, because there is so much illegal activity going on, the payments that take place on these platforms need to be done discreetly. One method of payment that has caught on in recent times, however, is the use of bitcoin which doubled in 2018.
This information comes via a report form Chainalysis, a blockchain analysis firm, which states that by the end of 2018, the daily bitcoin transaction on the darknet was $2 million, twice what it was at the beginning of the year. Even more interesting is that the volume of bitcoin usage was largely unaffected by the late-2018 crash in price.
The Effects of Law Enforcement
While the daily transaction volume of bitcoin to the darknet increased, there was a noticeable decrease in the total amount of bitcoin that entered these websites that year.
In 2017, the total amount spent in BTC on the darknet was $700 million. However, this figure dropped to $600 million by 2018.