The price of Bitcoin may grow up or fall; the regulators from across the world may try hard to regulate it. Ordinary people may doubt its potential. But it is increasingly getting adoption in the dark web.
According to a news published in Bloomberg today, there will be a record hike in the use of Bitcoin in the darknet this year. As per the report, it may grow up to $1 billion this year, thereby fuelling the growth of illegal activities like child pornography and drugs.
Bitcoin was heavily used in darknet in 2017 but has declined last year. Although usage of Bitcoin in illegal transactions have declined but cryptocurrency worth $515 million has been used in darknet so far. The findings are reported by a company that helps in preventing illegal transactions.
The anonymity and decentralized way of transactions make them the most favorite among the evil minds. The transaction of cryptocurrencies is much like cash transactions. This makes them an innovative vehicle for currency laundering and terror funding.
To combat the terror financing, the FATF, a regulatory organization, has made KYC a mandate for the cryptocurrency exchanges. In Europol met last month they have given tips to the companies working in the digital currency space to detect the crimes related to cryptocurrencies.
Regulating the digital currency industry has become the need of the hour. Last month Bitcoin worth $20,0000 was grabbed by the US disguised law enforcement officer in a hotel in Massachusetts.
Government is working its best to combat the illegal usage of cryptocurrencies. But the darknet is becoming the hotbed for the criminal activities surrounding the cryptocurrencies. As per a report by Chain analysis Hydra is becoming the most vital market places for the darknet. As per the report, Bitcoin is the utmost widespread digital currency followed by Monero in the darknet.
Among the goods sold Drugs tops the list followed by child pornography and stolen credit cards. Illegal spending tied to Bitcoin have increased over the year, but illicit transactions of Bitcoin have decreased, the report says.
The illegal usage of cryptocurrencies may have a negative impact on your mind. But according to a discussion with Arthur Hayes, the president, and co-founder of Bitmex with Bloomberg, one can get some positive vibes as he is optimistic about the crypto industry.