When it comes to buying goods and services on the darknet, one of the most commonly accepted forms of payment is bitcoins. Bitcoins are a type of cryptocurrency that allow for secure and anonymous transactions, making them ideal for use on the dark web.
- However, cryptocurrencies do not fit neatly into the existing regulatory framework, creating ambiguity that lawmakers will likely have to resolve.
- “It’s yet another barrier for entry and barrier for purchase, which means that the sales are going to decrease because of that.”
- One can say that one corner store closed does not mean a crime-free neighbourhood – just the opposite, several new shops will soon open across the street.
- 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].
- U.S. and German authorities, supported by Europol, have targeted ChipMixer, a cryptocurrency mixer well-known in the cybercriminal underworld.
Compared to something more public and traceable like Bitcoin, Monero (currently valued at approximately $137 USD per coin) uses a technology suite to obscure transactions and is generally considered far more “anonymous” than its more well-known counterpart. It also has a substantial development community and maintains a strong base of privacy advocates and cypherpunks. In one high profile case, Ross Ulbricht, the owner and operator of the infamous Silkroad drugs marketplace was unambiguously linked to the website after police traced Bitcoin transactions to a wallet owned by Ulbricht.
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Types of Bitcoins Accepted
Not all bitcoins are created equal when it comes to darknet markets. Some markets only accept certain types of bitcoins, so it’s important to know which ones are accepted before making a purchase. The most commonly accepted types of bitcoins on darknet markets include:
Darknet markets
U.S and international allies have made a concerted effort in recent years to find and crush the virtual world’s mega laundering hubs. In this 2008 paper [PDF], pseudonymous engineer Satoshi Nakomoto proposes Bitcoin, the first cryptocurrency. ZHONG funded the Fraud Accounts with an initial deposit of between 200 and 2,000 Bitcoin. Through his scheme to defraud, ZHONG was able to withdraw many times more Bitcoin out of Silk Road than he had deposited in the first instance.
Bitcoin (BTC)
Bitcoin (BTC) is the original and most widely used form of cryptocurrency. It is accepted by the majority of darknet markets and is considered the standard form of payment on the dark web.
Bitcoin Cash
Research on the Darkweb, a secretive and often illicit part of the Internet, seems relevant to the UN SDG, particularly SDG 16 (Peace, Justice, and Strong Institutions). According to this study, SDG 16 has the highest number of publications and citations related to the Darkweb, followed by SDG 3 (Good Health and Well-Being). There are strong linkages between peace and inequalities (SDG 16 and 10) and peace and good health (SDG 16 and 3), highlighting the centrality of SDG 16. We used VOSviewer [46,47] to create a visualization of the keyword co-occurrence network.
Bitcoin Cash (BCH)
Our unit of analysis was “index keywords.” We extracted a total of 5155 index keywords from the dataset, and 55 keywords met the inclusion criterion when the minimum number of keyword occurrences was set to 15. We also carefully used the VOSviewer thesaurus feature to merge synonyms of certain keywords into a single term. All of these criteria were helpful for reducing the number of keywords in the network, the number of clusters, and the complexity of the network while maintaining the quality of the interpretation. After applying these criteria, VOSviewer generated a visualization with four distinct clusters (Fig. 5) and Table 5 shows the top keywords in each cluster.
Bitcoin Cash (BCH) is a spin-off of Bitcoin that offers faster transaction times and lower fees. While not as widely accepted as Bitcoin, some darknet markets do allow for transactions using Bitcoin Cash.
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. Some new dark net markets have pushed customers to use alternative cryptocurrencies that leave less of a trail. The spread of fentanyl, which is blamed for the opioid crisis in the United States, was made possible, law enforcement has said, by Chinese labs selling the drug online for Bitcoin.
Dark web markets continue to evolve after big takedowns, Europol says
Monero (XMR)
Monero (XMR) is a privacy-focused cryptocurrency that offers enhanced anonymity compared to Bitcoin. While not as commonly accepted on darknet markets, there are some vendors who will accept Monero for their goods and services.
Choosing the Right Bitcoin for Your Purchase
Bitcoins: The Currency of the Darknet
Before making a purchase on a darknet market, it’s important to check which types of bitcoins are accepted by the vendor. Most markets will specify which cryptocurrencies they accept, so be sure to double-check before completing your transaction.
By understanding which bitcoins are accepted by darknet markets, you can ensure a smooth and secure shopping experience on the dark web.
