Cryptocurrency serves as a fuel for the dark web sites. A blockchain is a public ledger (decentralized) to keep immutable records of different transactions on the network. Several users store this record because of its reliability and security.
Blockchain technology is important because it manages the finances of the dark web. Almost six drug markets carried out their regular transactions with Blockchain technology. Their regular transaction volume is almost $650,000. Its regular average transaction may start from $300,000 to $500,000.
As compared to the number of transactions handled by Bitpay, a payment processor is responsible for the conversion of Bitcoin into fiat currency. Now you can understand the difference because Bitpay struggles to bring in almost $500,000 per day.
For deep web links, cryptocurrencies are essential for the escalating dark web. See some best types of currencies to use of the deep web.
Within three years, Monero has experienced unparalleled growth and usage among dark web sites. It is hyped as an anonymous cryptocurrency. This currency was famous for advanced concepts of cryptography that guarantee security and privacy.
Monero transformed from Bytecoin (early entrant in the sphere of cryptocurrency). It becomes popular among crypto users for different transactions on the deep web sites. There are numerous unique features, including the protocol of CryptoNote and one-time ring signature.
These things can encrypt the data of the recipient, the history of transaction and the sender. An RCT (ring confidential transaction) system is imminent. It will allow users to hide the currency they are going to transfer. Moreover, these transactions can’t be traced.
Litecoin is a brainchild from Charlie Lee. This cryptocurrency is useful for the dark community. It is synonymous to the structure of Bitcoin, although the technology boasts numerous improvements. You can see the current Bitcoin technology.
Complete anonymity can’t be assured with the use of this currency. Litecoin is famous for its extensive use. It was logged that 15 percent of the transactions on the west side of the dark web. Transactions on deep web sites were executed with Litecoin in the East, and this figure increased to 35%. You can get the advantage of smooth transactions and relative speed.
A recondite encryption source is known as the zk-SNARK. It is famous in the sphere of Zcash. It can conceal the details of your transaction and protect online users from cybercriminals. With this feature, it is challenging to access this network from every location.
For the dark web sites, Bitcoin is the early facilitator for transactions. It is accounted for almost 47% of transactions and Bitcoin becomes a global currency. A current increase in the fee of transactions and a decrease in the complete rate of sales are becoming the reason for the decline in the Bitcoin usage on the deep web sites. Remember, the anonymity level is gradually decreasing.
It was also known as Darkcoin and Dash was a perfect coin for the dark web sites. It uses the coinjoin technique that mixes the transactions of various users in a bid to mask important transaction.
Why do you need cryptocurrency on the dark web?
Blockchain can solve different issues of centralization. With this blockchain technology, you can achieve peace of mind. It can be the bedrock for cryptocurrency. It has numerous inherent features that are discussed below.
You can execute transactions on the dark web without leaving any trace. It becomes beneficial for different activities on the deep web links. Along with Bitcoin, other currencies, such as Monero offer impressive features. These features are stealth addresses that generate an address to receive funds. Keep it in mind that these addresses can be traced, but you can’t trace the original owner.
With the help of cryptocurrency, you can make numerous transactions. The total volume of transactions on deep web can amaze you. From the purchase of illegal drugs and the sale of pornography, these transactions may be costly to fund. Remember, delays in these types of transactions are not allowed.
The dealers need a reliable and safe means to get their funds. For this reason, limited currencies are available for transactions. It allows you to make the payment without government intrusion. You can use Bitcoin and several other cryptocurrencies on the dark web.
Dark Web and Bitcoin
Over 47% of transactions involved Bitcoin on the deep web and dark web. This currency is suitable for the status of crypt-enthusiast. With the use of cryptocurrencies, the concept of anonymity becomes a farce.
Bitcoin promises complete anonymity. For this reason, the global community is embracing this community with open arms. The specific nature of this currency makes it famous among tech-savvy individuals. It is becoming privy for people to make massive transactions.
Cryptocurrencies, such as Monero and Litecoin, are making waves in the dark web market. These options are favorable for faster and reliable transactions. They are performing well because of their affordable transaction fees.