76% of dark market using Bitcoin

[maxreish]

We have knew that since the beginning. Since bitcoin transactions are private and anonymous, illegal activities has risen using dark markets. The law abiders like to deal their fraud actions, dealing with illegal things in the dark market to untraced their transactions. We can not deny the fact that bitcoin or crypto transactions can keep and hide the shady settlements or transactions and can be used as a powerful tool in a crime.

[killat]

Lol, the problem is that most of dark market transactions are still performed via fiat, not via crypto.

However, nobody ever thought about banning fiat for this. But when it comes to Bitcoin, it is bad, evel ... c'mon

[manok jepang]

The rise in Monero prices was approved by the adoption of digital currencies on several dark markets. The black market became a large part of the culture that still adheres to the wider community after the Silk Road case, which relies on Bitcoin so that customers can buy digital currencies. followed by Ethereum which can be used in only about 7% and Monero 4% of crypto use cases involved on the dark market.

[antisocial77]

That might true .the solution is simple, people who using dark market, they better use monero so bitcoin cant blame by illegal activities.

[Miklight88]

This might be a reason for last conversion as most of privacy coin are not that pair with USD or fiat and they can easy be convert to BTC for easy that or USD transaction which brought about the high side on btc as most used in darknet .

[gentlemand]

I find it strange XMR isn't more widely used. Even if liquidity isn't all that you'd think the baked in anonymity would be very attractive. Perhaps not enough users believe it truly is as anon as it claims.

No way in this day and age would I be dicking around with Bitcoin. We've no idea how good law enforcement has become in coin tracking. I presume convenience is the prime factor in its continued use but I certainly would be prioritising security instead.

[Duzter]

Since it's existence bitcoin is getting used on dark market. Even a small transaction counts, and over the entire dark market 76% of services use bitcoin and not 76% of transactions were happening with bitcoin. This way I see this as a common thing, because bitcoin gives the safest way for transactions in large volumes which requires complicated process with banking.

[Leonardo7]

I think they use bitcoin because of its ease of acceptance and its price and market dominance showing bitcoin as the most trusted of any coin. Monero at 4% is very low despite been a privacy coin.

[lepbagong]

If it is indeed an analysis that the use of bitcoin is very large on the black market, it is also very frightening because it could be that countries that feel unable to control will tighten up by not being allowed to be used as a transaction tool. but I believe that blaming is only 1 to 2%. so it's just relatively not large.

[nightxglow]

I think it's because bitcoin is more popular and well known, and also those people had bitcoin only instead of other coin. And i don't find it weird, because people will choose a currency with perfect anonymity and trust worthy to trade in dark market. Maybe they're not really sure and trust other coins as much as they trust bitcoin. But this kinda makes me sad because people will surely think negatively about bitcoin again if they found out bitcoin is used often in black market.

[auntyjmary]

Bitcoin is a universal payment method that can easily be used by all persons in the world. People always want to use the easy means to get what they want and the transaction fees that is associated with bitcoin payment is relatively cheaper compared to other payments methods we have around such as PayPal.

[BitHodler]

I find it strange XMR isn't more widely used. Even if liquidity isn't all that you'd think the baked in anonymity would be very attractive. Perhaps not enough users believe it truly is as anon as it claims.

Or perhaps there is less demand for shady activity currencies than people think. Most people aren't drug dealers or scammers so using Bitcoin in combination with a mixer is more than enough privacy for them.

Most of the demand comes from people wanting to get rid of their exchange taint, which is what mixers allow you to do perfectly fine. People always assume there is so much dark web demand while that isn't true at all.

XMR and some other privacy coins have seen some uptick in use, but the prices have been quite volatile lately so it might have been the speculative side of crypto that drove the use up slightly.

[Vishnu.Reang]

The rise in Monero prices was approved by the adoption of digital currencies on several dark markets. The black market became a large part of the culture that still adheres to the wider community after the Silk Road case, which relies on Bitcoin so that customers can buy digital currencies. followed by Ethereum which can be used in only about 7% and Monero 4% of crypto use cases involved on the dark market.

Monero offers additional anonymity, but it lacks the liquidity that Bitcoin possesses. It is not very easy to convert Bitcoins to Monero in an anonymous manner. Cashing out Monero is even more difficult, if you don't want to reveal your real identity. ETH is more liquid, but if anonymity is considered it ranks much lower than BTC and XMR. 

[wattcrypto]

I'm starting to this this is a statistic overtime rather than the current state.

[ene1980]

CipherTrace just published their Q2 Cryptocurrency AML Report and found it interesting that Bitcoin still reigns king in dark markets and cybercrime. Most people associate privacy coins even just 4% involve Monero.
Even in the case of malware and ransomware, ETH used in only 1% of instances and BTC used in 98% of cases.

I see this as a vague report and i am not sure how they got these estimates which is being written in that article, there is no specification about how many sites they conducted their survey in the dark markets to come to a conclusion that bitcoin is still reigning in dealing illegal substances including drugs. If there is a detailed report on the amount of case reported or the study they made then we can make a conclusion other than that it is just a fake report .

[jjbanks994]

CipherTrace just published their Q2 Cryptocurrency AML Report and found it interesting that Bitcoin still reigns king in dark markets and cybercrime. Most people associate privacy coins even just 4% involve Monero.
Even in the case of malware and ransomware, ETH used in only 1% of instances and BTC used in 98% of cases.

I see this as a vague report and i am not sure how they got these estimates which is being written in that article, there is no specification about how many sites they conducted their survey in the dark markets to come to a conclusion that bitcoin is still reigning in dealing illegal substances including drugs. If there is a detailed report on the amount of case reported or the study they made then we can make a conclusion other than that it is just a fake report .

That's an interesting thought. I don't see how a reputable company would put out a 'fake report'. I feel like Ciphertrace isn't legally allowed to disclose the names of the markets and the sources because ultimately they are trying to find a balance between privacy and protecting people.

[salty]

CipherTrace just published their Q2 Cryptocurrency AML Report and found it interesting that Bitcoin still reigns king in dark markets and cybercrime. Most people associate privacy coins even just 4% involve Monero.

Even in the case of malware and ransomware, ETH used in only 1% of instances and BTC used in 98% of cases.


https://ciphertrace.com/q2-2019-cryptocurrency-anti-money-laundering-report/

This is hardly true,but nevertheless, if we agree with the fact that 98% of all transactions in the bitcoin network are criminal-then why the hell is the Bitmain mining equipment plant still operating?

[Vishnu.Reang]

CipherTrace just published their Q2 Cryptocurrency AML Report and found it interesting that Bitcoin still reigns king in dark markets and cybercrime. Most people associate privacy coins even just 4% involve Monero.

Even in the case of malware and ransomware, ETH used in only 1% of instances and BTC used in 98% of cases.


https://ciphertrace.com/q2-2019-cryptocurrency-anti-money-laundering-report/

This is hardly true,but nevertheless, if we agree with the fact that 98% of all transactions in the bitcoin network are criminal-then why the hell is the Bitmain mining equipment plant still operating?

Read the post again. He is saying that out of the transactions related to ransomware/malware (not all the transactions), Bitcoin is being used 98% of the time. According to various studies, 1% to 2% of all the Bitcoin transactions can be classified as illegal. This 98% share from ransomware is included in that figure. Vast majority of Bitcoin transactions are perfectly legal.

[SquallLeonhart]

That might true .the solution is simple, people who using dark market, they better use monero so bitcoin cant blame by illegal activities.

The dark market has existed before bitcoin and has been booming well without government been able to completely lay it down because there are so many technology they were also using to operate before bitcoin, so I don’t think bitcoin contributed to major part of it although it has its own little contribution which the contribution should have even been eliminated long time ago if government had agreed to regulate the bitcoin.

Monero is also a good privacy coin, and they are taking advantage of the privacy of it to operate in the dark world but that was not the main intention of monero, so we cannot leave monero also to be lost in the darknet and get its name tarnished, all I see for in this cryptocurrency market is regulation and that would put an end to those challenges.

[pawanjain]

I think it's because bitcoin is more popular and well known, and also those people had bitcoin only instead of other coin. And i don't find it weird, because people will choose a currency with perfect anonymity and trust worthy to trade in dark market. Maybe they're not really sure and trust other coins as much as they trust bitcoin. But this kinda makes me sad because people will surely think negatively about bitcoin again if they found out bitcoin is used often in black market.

Bitcoin sure is well known and most widely used cryptocurrency but it's not that hard to exchange it to any other coin. If people want then they can exchange it to other coins as easy as buying a chocolate.
Apart from that bitcoin does not have the perfect anonymity as it is not fully anonymous. There are better coins than bitcoin which can provide better anonymity than bitcoin. Eg. Monero.