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Home Cryptocurrency news

Bitcoin Dark Web Transacted Value Spikes By Over 65% in 2020

Tony Spilotro by Tony Spilotro
11 months ago
in Cryptocurrency news, Bitcoin
Reading Time: 2min read
bitcoin dark web crypto
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The cryptocurrency market is like the Wild West, where anything goes and crime is everywhere if you aren’t careful. While Bitcoin got its start on the dark web, its use across the underbelly of the internet has only increased in 2020.

Could the growth of Bitcoin revenue on the dark web be partly responsible for the recent bullish momentum?

Blockchain Analysis Reveals Growing Dark Web Bitcoin Revenues

Bitfury’s blockchain analysis product, Crystal, provides clear data about the inflow and outflow of BTC and other cryptocurrencies sent to and from exchanges and other wallets.

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Thanks to the full transparency distributed ledger technology provides, details about these transactions, senders, and receivers aren’t difficult to come by.

Related Reading | Stimulus Checked: Here’s The ROI on a $1,200 Investment in Top Crypto Assets 

While Bitcoin does indeed add a layer of pseudo-anonymity through cryptographic addresses, behaviors, and accounts connected to exchanges can piece together a trace back to the original owner.

Data from Bitfury claims that although the overall number of Bitcoins being transacted across Q1 2020 is down year-over-year, the actual value being sent to dark web vendors is up 65%.

According to the data, dark web vendors were sent a cumulative 47,000 BTC in the first quarter of the year. The reason for the decline, Bitfury attributes to crypto users becoming savvier and switching to other altcoins such as Monero to further obfuscate their transaction details.

While altcoins are indeed gaining popularity with dark web users, Bitcoin still reigns supreme in terms of overall usage.

What OPSEC? Crypto Users Are Sending Fund To The Dark Web Directly From Exchanges

Users are said to be sending BTC directly from exchanges that required KYC at registration, defeating the point of using the dark web at all.

These types of transactions are highly traceable, as any exchange accounts with KYC are typically tied to a bank account or involved submitting identification at the time of signup.

More than half of the Bitcoin sent to the dark web came directly from exchanges.

Government entities and law enforcement are becoming increasingly superior at tracing blockchain transactions, or are turning to companies like Bitfury’s Crystal and other blockchain analytics firms such as Chainalysis to assist with tracking crypto users.

Related Reading | Australian Woman Accused of Laundering $5M in Bitcoin Through Unregistered Exchange

Even the IRS has contacted this type of company in order to crack down on taxpayers not claiming their crypto earnings.

Things get even more complicated for law enforcement, however, once the BTC makes it into the hands of better-prepared criminals. These vendors are then sending their received Bitcoin to mixers, to further hide any trace of their activity.

It’s only those who are sending BTC from exchanges that are at risk of having their Bitcoin transaction traced.

Tags: bitcoinbtcusdBTCUSDTcryptodark webxbtusd
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Tony Spilotro

Tony Spilotro

I'm Tony Spilotro. Behind the pseudonym, I'm a global remote work leader with a decade of award-winning content experience and excellence. Here, I explore my newfound passions pertaining to privacy, finance, economics, politics, cryptography, property rights, and other libertarian-esque views. I am a Bitcoin evangelist, maximalist, and educator whenever I can be, helping to spread its message of freedom from government control, monetary policy mismanagement, and passing the buck - literally – to future generations. My journey from a curious retail crypto investor to a serious Bitcoin advocate, trader, and technical analyst is an unusual one, but life-changing nonetheless and has become less about money and more about a long-overdue revolution. While a firm believer in the laws governing math and science, I am profoundly fascinated by the impact of astrology and astronomy including moon and solar cycles and planetary alignment and their ability to influence and potentially predict markets. It hasn't yet clicked for me as to how to put anything to use, but I consider it my current rabbit hole I can't yet dig out of. My perspective of growing up alongside the internet, the dot com era, the Great Recession, and roots in video games collecting coins and rare items caused Bitcoin to immediately make sense to me. Through all of these lenses, I seek to produce content that is educational and entertaining, and I thank you sincerely for taking the time to read what I have to say. Please follow me on Twitter and feel free to drop me a line if you would like to work together.

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