When it comes to making transactions on the darknet, one of the most commonly accepted forms of payment is Bitcoin. However, not all types of Bitcoin are accepted by darknet markets. Here is a breakdown of the different types of Bitcoins that are typically accepted:
1. Bitcoin (BTC)
Affiliated virtual currency exchanges sanctioned
- Bitcoin (BTC) is the original and most widely accepted form of cryptocurrency on darknet markets.
- It is the most stable and commonly used form of cryptocurrency for transactions on the dark web.
2. Bitcoin Cash (BCH)
Monero on the Horizon: On Bitcoin, Chainalysis, & Darknet Marketplace Activity
- Bitcoin Cash (BCH) is a fork of Bitcoin that offers faster and cheaper transactions.
- Some darknet markets accept Bitcoin Cash as an alternative to Bitcoin (BTC).
Other research has focused on identifying the most influential suspicious domains in the Tor network, a network of servers that can be used to access the Darkweb [83]. This research used a machine learning technique called “ToRank” to identify and rank the most influential domains based on their activity and connections to other domains [84]. There has also been research on the detection of botnet activities through the lens of a large-scale Darknet, which involves the analysis of large amounts of data from the Darkweb to identify patterns and trends in botnet activity. Finally, there has been research on using Darkweb crawlers to uncover suspicious and malicious websites on the Darkweb [85]. The Darkweb, a hidden part of the Internet, attracts individuals who seek to engage in illegal activities while maintaining anonymity. This behavior can be linked to psychological factors such as impulsiveness, thrill-seeking, and a sense of power.
The collapse of FTX and other firms resulted in tens of billions of dollars in losses to investors and led some experts to call for a complete crypto ban, though traditional financial firms were relatively unscathed. To their proponents, cryptocurrencies are a democratizing force, wresting the power of money creation and control from central banks and Wall Street. Critics, however, say that cryptocurrencies empower criminal groups, terrorist organizations, and rogue states while stoking inequality, suffering from drastic market volatility, and consuming vast amounts of electricity. Regulations vary considerably around the world, with some governments embracing cryptocurrencies and others banning or limiting their use. As of January 2024, 130 countries, including the United States, are considering introducing their own central bank digital currencies (CBDCs) to compete with the cryptocurrency boom.
3. Monero (XMR)
Coin Prices
- Monero (XMR) is a privacy-focused cryptocurrency that offers enhanced anonymity for transactions.
- While not as widely accepted as Bitcoin, some darknet markets do accept Monero as a form of payment.
“Numerous publicly available reports, even with Tor and VPN assisted searches, have indicated no adoption of Dash as an alternative payment method for these (Dark Net) transactions,” Ryan Taylor, Dash CEO, stated in an email. Taylor says the cryptocurrency’s PrivateSend feature, which mixes up the origin and recipient addresses of transactions, accounts for less than 1% of overall transactions on the Dash network. “We believe that privacy is an important feature for users to have access to….but that has not equated to Dash adoption, let alone use, on the Darknet,” he said.
Thus, non-technically-savvy people probably won’t notice any difference between the original version and the trojanized one. All of the pastes from the four different accounts were viewed more than 500,000 times. However, it’s not possible for us to say how many viewers actually visited the websites and downloaded the trojanized version of the Tor Browser.
Circa the late 2000s, a technological prodigy pseudonymously known as Satoshi Nakamoto birthed a new form of digital currency, Bitcoin. At this time, the surface-level internet was already an established entity, but the Darknet was barely sprouting its clandestine roots. Bitcoin, designed to enable peer-to-peer financial transactions without intermediaries, would catalyze more than financial freedom; it would become the lifeblood of an Internet underworld. Bitcoin is now an asset that institutions control, and its market cap is approaching $1 trillion.
Bitcoin Has Lost Steam. But Criminals Still Love It.
Frequently Asked Questions
Q: Are there any other cryptocurrencies accepted by darknet markets?
A: In addition to Bitcoin, Bitcoin Cash, and Monero, some darknet markets may accept other cryptocurrencies such as Litecoin, Ethereum, or Zcash. However, Bitcoin remains the most commonly accepted form of payment.
Q: Why do darknet markets prefer Bitcoin for transactions?
- These operations are examples of how much effort and how many countries are needed to cooperate in shutting down DNMs.
- Bitcoin’s growth reached its pinnacle in late 2017, when its price skyrocketed to nearly 2 lac INR per Bitcoin.
- According to the Atlantic Council, at least eight other countries (Algeria, Bangladesh, Bolivia, Morocco, Nepal, Pakistan, Saudi Arabia, and Tunisia) have banned cryptocurrencies, while dozens more have sought to restrict adoption of digital assets.
- For more anonymity, users can exploit variety of services for further anonymization, including a built-in software solution allowing users to “mix” their Bitcoins with other users directly into Silk Road transactions.
- It can also be used as a platform to promote online health scams, misleading people into buying fake or ineffective treatments and discouraging people from seeking legitimate medical care.
A: Bitcoin is preferred by darknet markets due to its widespread adoption, liquidity, and relative stability compared to other cryptocurrencies. Additionally, Bitcoin offers a certain level of anonymity for users making transactions on the dark web.
Overall, Bitcoin (BTC) remains the top choice for transactions on darknet markets, but alternative cryptocurrencies like Bitcoin Cash (BCH) and Monero (XMR) are also gaining acceptance in the underground marketplace.
