• Advertise
  • Submit a Press Release
NewsBTC
Bitcoin & cryptocurrency news
Crypto.com Logo
  • Home
  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Play GamesTry
  • Bet & WinTry
  • Spin & WinTry
No Result
View All Result
  • Home
  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Play GamesTry
  • Bet & WinTry
  • Spin & WinTry
No Result
View All Result
NewsBTC
No Result
View All Result
bitcoin dark web crypto
Nexo Logo

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

Tony Spilotro by Tony Spilotro
2 years ago
in Bitcoin, Cryptocurrency news
Reading Time: 2 mins read
Advertisement

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.

5 BTC + 300 Free Spins for new players & 15 BTC + 35.000 Free Spins every month, only at mBitcasino. Play Now!

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.

BitStarz Player Lands $2,459,124 Record Win! Could you be next big winner?
Get 110 USDT Futures Bonus for FREE!

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
Tweet123Share196ShareSend
Win up to $1,000,000 in One Spin at CryptoSlots
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 at @tonyspilotroBTC and feel free to drop me a line if you would like to work together.

Related Posts

El Salvador bitcoin

More Stress For El Salvador As Bitcoin Dips To $29,000

6 hours ago
Bitcoin Selling Pressure Continues As Long-Term Holder SOPR Spikes Up

Bitcoin Selling Pressure Continues As Long-Term Holder SOPR Spikes Up

10 hours ago
Bitcoin and Ethereum

Exchange Inflows Rock Bitcoin, Ethereum As Market Struggles To Recover

12 hours ago
Ethereum Prepares For Ropsten Testnet Merge As Token Struggles To Hold $2k Support

Ethereum Prepares For Ropsten Testnet Merge As Token Struggles To Hold $2k Support

12 hours ago
Time For Autopsy? Bitcoin May Plunge Further After Dive Below $30k

Time For Autopsy? Bitcoin May Plunge Further After Dive Below $30k

15 hours ago
mining

U.S. Mining Stocks Drop Almost 50% Despite Hashrate Increasing

20 hours ago

Premium Partners

Top Brokers

PrimeXBT

PrimeXBT

Review · Visit

Top Casinos

BitStarz

BitStarz

Review · Visit
7BitCasino

7BitCasino

Review · Visit
Punt Casino

Punt Casino

Review · Visit
Wildcoins Casino

Wildcoins Casino

Review · Visit
CryptoSlots

CryptoSlots

Review · Visit
mBit

mBit

Review · Visit
CryptoGames

CryptoGames

Review · Visit
Bspin

Bspin

Review · Visit

Sportsbooks

1xBit

1xBit

Review · Visit

Can Gnox (GNOX) become a crypto giant like Cardano (ADA)?

May 19, 2022

Terra (LUNA) and Binance (BNB) Experienced a Terrible Week While Presale Crypto Chronoly (CRNO) Is Flying High

May 19, 2022

3 Years, 6 Lamborghinis: FreeBitco.in’s “Biggest Giveaway in Crypto” Continues Its Legacy

May 19, 2022

SFUND To Be Listed On The Leading Global Crypto Exchange Huobi Global

May 19, 2022

Diversify your crypto portfolio with Pac-Man Frog (PAC), Monero (XMR), and Aave (AAVE)

May 19, 2022

ABOUT US

NewsBTC is a cryptocurrency news service that covers bitcoin news today, technical analysis & forecasts for bitcoin price and other altcoins. Here at NewsBTC, we are dedicated to enlightening everyone about bitcoin and other cryptocurrencies.

We cover BTC news related to bitcoin exchanges, bitcoin mining and price forecasts for various cryptocurrencies.

COMPANY

  • Advertising
  • Comments Policy
  • Privacy Center
  • Sitemap
  • About Us
  • Contact

Technical Analysis

  • Bitcoin (BTC)
  • Ethereum (ETH)
  • Ripple (XRP)
  • Chainlink (LINK)
  • Cardano (ADA)
  • Tezos (XTZ)

LINKS

Crypto Prices from Nomics

Cryptocurrency news

  • Bitcoin
  • Ethereum
  • Ripple
  • Chainlink
  • Cardano
  • EOS
  • Tezos

© 2021 NewsBTC. All Rights Reserved.

  • Home
  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Play Games
  • Bet & Win
  • Spin & Win

© 2021 NewsBTC. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.