Use of Cryptocurrency in the Dark Web

The world Wide Web can be categorized into three different categories: Safe Web, Deep Web, and Dark Web.

Dark Web, also called Dark Net, is the dark world of the internet where illegal things happen. People buy and sell things deemed illegal by the governments, for example buying and selling drugs and weapons, funding terrorism, child pornography, human trafficking, sex racket, etc. They say even a hitman is for hire on the dark web.

Because of their anonymity, cryptocurrencies, mainly privacy coins, are becoming the primary currencies of the Dark Web. People are using cryptocurrencies to buy and sell illegal things and carry out illegal activities.

Well, Dark Web existed even before cryptocurrencies, however, cryptocurrency is making transactions on the dark web very simple.

Using Cryptocurrencies for Illegal Transaction

Have you used cryptocurrencies to buy something illegal?

Well, you might consider this question stupid because you wouldn’t admit it even if you have bought illegal items via cryptocurrencies. At least I wouldn’t accept that I have used cryptocurrencies for illegal transactions even if my identity is anonymous.

We cannot just blame cryptocurrencies for promoting illegal activities but it is true that cryptocurrencies have simplified payment systems and can be used without being tracked. Or, can it be tracked?

Gambling is illegal in my place, therefore, I cannot use my card to pay for gambling. However, I can use cryptocurrency without being caught, right? Well, you will have to reconsider this.

My transactions are public on the blockchain, my IP is visible. If the police want me to take down for doing illegal transactions, I can be easily nailed down.

Are Cryptocurrency Transactions Completely Anonymous

One of the main reasons why governments around the world are afraid of cryptocurrencies is the possibility of using cryptocurrencies in the underworld. Common people are buying this theory and are starting to believe that cryptocurrencies are actually used to fund terrorism. However, this is not true.

Cryptocurrency transactions are not completely anonymous, you can see the transaction on the blockchain. If you have skills, you can even find out whether the bitcoin sent to a certain address came freshly from the mining operations or has been in circulation for a long time. 

Unless you are using a privacy coin like Monero or choosing the privacy option while sending Dash, your transactions can be traceable.  Since most of the transactions can be easily traced, cryptocurrency transactions are not completely anonymous.

First published on Forum Coin in Author's name