Bitcoin Spending On The Dark Web To Hit $ 1 Billion This Year

With the use of cryptocurrency becoming the go-to payment medium for illegal online businesses, Bitcoin transactions are expected to hit a record high of $ 1 billion this year. According to a report by Chainalysis, around $ 515 million (around Rs. 3,500 crore) in digital tokens has already been spent this year on the dark web, mostly on drugs, but also on more sinister services, such as pornography. childish and theft of credit card information, which is said to be in high demand in illegal online markets.

New Report Says Dark Web Bitcoin Spending Will Hit $ 1 Billion This Year

The findings were reportedly first reported by Bloomberg, which claims that while cryptocurrency spending on illegal goods and services is growing exponentially, the overall proportion of Bitcoin transactions for illicit transactions is declining, in large part. because of the more widespread use of digital currency. . According to Chainalysis, illegal transactions accounted for less than 1% of total Bitcoin spending so far this year, up from 7% in 2012.

The report is the result of a detailed study by Chinalysis of a notorious online black market called Hydra, which replaced Silk Road as the main destination for cybercriminals, the latter having been spectacularly destroyed by law enforcement authorities in the United States. few years ago. . Bitcoin is still the most preferred digital token for illegal transactions, according to the study, with Monero being a close number two.

While the latest report could give cryptocurrency skeptics more ammunition to demand a total ban on digital tokens, the fact that less than 1% of its use is on the Dark Web is a clear reminder that the arguments of those who attempt to ban technology is based more on paranoia than reality.