Unknown areas like the deep web tend to conceal user activities, which allows users to share and access information without being scared of presence measured by techno establishments. However, the users of the deep web and cryptocurrencies are frequently involved with illegal activities such as selling and purchasing weapons, drugs, and many other illegal products.
Moreover, this place also uncovers the exit for inventive minds to explore what actually happens in this atmosphere. In this blog, we are going to explore why the deep web market uses digital currencies for investments & which popular currencies are used in this deepest layer of the internet.
Deep Web and Cryptocurrencies Overview
Deep web or onion router (Tor) networks are usually not reachable or visible to normal network operators. It is actually connected with the dark web projected to be secret, encrypted, or to make sure the obscurity of users’ activity.
However, the Tor browser delivers anonymous access that can be used for countless ill-treated criminal activities. For example, Silk Road, violent desires where anonymous payment systems (cryptocurrencies) are usually used in illegal cyber actions.
Moreover, this currency is used as a payment system in real-world crime. For example, Ransomware (malware) is malicious software where the attacker portends victims by obstructive access to their sensitive information without Ransome user is rewarded with a particular cryptocurrency.
Why is Bitcoin Transactions King of the Dark Web Marketplaces?
Bitcoin was the first digital currency introduced in 2009 and is still the most used digital currency worldwide. However, according to 2019 research, about 35 million Bitcoin dealing found on the dark web.
In the previous years, an outstanding growth success grew almost 1000 its value. Nowadays, every unit can array between $400 and $500. The payment technique of Bitcoin made the cybernetic currency anonymous, and the codes were used unreadily because the service was safe.
Dealing and activities on the dark web are 4556 bitcoins trading have been found that use illegal products. Despite being from bitcoins, 4470 were connected with illegitimate sexual content, hacking, killing, illegal weapons purchased, selling drugs and credit cards, and sale of social accounts purchasing.
In 2017 a large number of billions was grabbed by the FBI when they banned the SILK ROAD, the big market for the illegal dark web. And users who are connected with money laundering are sentenced to jail.
Top 5 Cryptocurrencies on the Evil Deep Web
These currencies are digitally coded scripts that duplicate the government-backed money used nowadays. The government-backed banks track currency transactions. Meanwhile, cryptocurrency transaction is trailed by blockchain (digital publicly ledger record).
Here we have share currencies that are widely used on the deep web.
1. Bitcoin
BTC is the dark web marketplace’s initial currency, and it helps to reorganize peer-to-peer expenses. Nearly 50 percent of bitcoins transactions are reported because its importance and observable feature have made it a less important asset.
However, the excess of bad actors on the dark web makes it hard to create trust in commercial transactions. Users who want to buy legal things must be careful not to misplace their possessions. In addition, as per our team’s report, Ransomware attacks required bitcoin to restore encoded files.
2. Monero
This digital currency is popularly known for its lower prices and pledge of security and privacy. However, Monero (XMR) suggests more advantages over Bitcoin as it uses ring signatures and confidential transactions (Ring CT). This feature is forthcoming that encrypts the recipient’s data and the history of communications and hides the currency they are transferring, and correspondingly these transactions cannot copy.
3. ZCash
ZCash (Zec) came into the dark web marketplace in 2016 and is widespread as a substitute for bitcoin. The CEO of ZCash declares that the currency is intended to be a game changer for protecting the anonymity and privacy of its user.
However, it can hide the details of the transactions and defend online users from cyber offenders. That offers to provide privacy and security to access this network from every location. Moreover, users can use ad zk-SNARKs to conform to the blockchain transaction without displaying source, location, and expanse.
4. Litecoin
Litecoin (LTC) was invented in 2011 by Charlie Lee for the dark web public. This currency directed nearly 15 percent of transactions on the dark web because of its quicker block time and worked on different algorithms. This cryptocurrency is used for different purposes, like online shopping and video gaming. Moreover, the purpose of making this currency is to make small payments over the internet smoothly.
5. Dash
Dash is another privacy coin known as Darkcoin. It’s a great digital cryptocurrency that prioritizes privacy and speed. Moreover, it incorporates master nodes that allow you to earn huge income. This crypto coin is the third most accepted crypto in the darknet and is mostly used by dark web USA users. However, some dealers migrated from Bitcoin to Dash, which caused its rampant usage.
Dash crypto utilizes a unique two-tier network architecture to offer fast, secure, and untraceable transactions. With features like PrivateSend and InstantSend, Dash aims to provide a user-friendly experience while maintaining high privacy. Its decentralized governance system enables stakeholders to influence network decisions, making Dash an innovative player in the world of cryptocurrencies.
Reason: Why does Dark Web Marketplaces Always Invests in Crypto?
The dark web and correspondingly deep web are both internet corners known as heaven for the planning and source of communication for criminal activities. In addition, to allowing these illegal arrangements, the dark web also flattens trade and cryptocurrencies.
However, the blockchain was considered to address the control of dealing transactions on the dark web. Here we have shared some characteristics that help the deep web for blockchain technology of cryptocurrencies transaction.
– Provide Complete Anonymity on Deep Web & Cryptocurrencies
The deep web allows people to surf freely if their region has limited internet access or high political censorship. However, inconspicuousness can allow the user to complete transactions without leaving a hint because it can sometimes modify the modification between life and death.
Moreover, crypto is extremely beneficial for activities on the dark web, especially for those worried about online banking security. In the deep web, there are cryptocurrencies like Bitcoin and Monero that helps sneakiness to the locations, making an address for getting the transaction fees. Though these addresses are traceable but can’t be traced back to the original owner.
– High Security of Digital Assets
The dealer on the dark web selects safe and unfailing techniques for receiving their transactions. However, the bulk of dealings is accomplished on the dark web, from selling and purchasing illegal drugs, human trafficking, child pornography, and hacking. These transactions are a bit expensive to deposit. Moreover, the delay cannot be tolerable in these dealings.
5 Factors About Discouraging the Use of Crypto on the Dark Web
It is important to note that the factors discouraging the use of cryptocurrencies on the dark web are aimed at deterring illegal activities. Cryptocurrencies have numerous legitimate use cases and advantages when used responsibly and within legal frameworks.
1. The Value
There is no point in spending 1 BTC at $6000 on illegal substances when 1 XMR costs around $157. Due to the high cost of valuable coins like Bitcoins and Ethereum, people cannot trade them at their current values. Additionally, individuals believe that altcoins will skyrocket, so they are unwilling to trade them at a low price now. As a result, we find ourselves in an intractable predicament.
2. The Speed of Transactions
In the past weeks and months, Bitcoin has seen a drastic negative change in activity on the darknet. In addition to the increase in price, blockchain network transactions have become incredibly slow as a result of the price increase. Due to the growing popularity of Bitcoin, it has become an increasingly popular cryptocurrency.
Let’s imagine a drug user who wants a quick fix. They usually look for the fastest option available since they cannot afford to wait for transactions to clear on the network. It is estimated that approximately 60,000 unconfirmed Bitcoin transactions took place at a given time. During a bad day, it can be as high as 150,000.
3. Lack of Anonymity & Limited Acceptance
While cryptocurrencies provide a certain level of anonymity, it is not foolproof. Law enforcement agencies and cybersecurity experts have developed techniques to trace and link transactions to individuals, reducing cryptocurrency’s perceived anonymity.
Although the use of cryptocurrencies has expanded over the years, their acceptance on the dark web remains limited. Many illicit marketplaces still rely on traditional forms of payment, such as cryptocurrencies, making it difficult for users to rely on digital currencies exclusively.
4. Government Regulations
During the past year, there have been some turbulent times for some of the biggest names in the dark net markets (DNM). Alphabay and Hansa’s websites were recently shut down, and several others were attacked with DDoS attacks or went bankrupt. It appears that we are yet to see the worse because there is no end in sight, and the government will continue to hail stones at crypto.
5. Transaction Fees
Due to a relatively steep increase in transaction costs, Bitcoin is losing popularity on the dark web. This is due to the scaling problem. Currently, only a few miners solve computation problems on the network to verify these transactions, so mining is no longer lucrative.
This increases in traffic has resulted in an increase in transaction costs as a consequence. Users of the dark web who want their needs met instantly are particularly discouraged by this. If someone wants to buy a $30 drug, why should they pay about $35 in transaction fees?
Conclusion
On the deep web and dark web, all cryptocurrency transactions are used to keep the privacy of sellers and buyers. However, deep web marketplaces have been busy as other digital currencies have increased their fame.
In this post, we described the popular cryptocurrencies and why people use these for investing in the deep web. These options, like ZCash, Bitcoin, and Monero, are seamless for anonymous rapid and protected dealings.
So let us know in the comment section if you ever use any crypto deal and what you think which one is best.