Decentralized Bitcoin- A Perfect Fit for the Dark Web

Bitcoin has been under constant pressure and criticism due to its affiliations with the dark web. As both, the dark web and bitcoin offer extraordinary decentralization, they are considered to be a perfect combination for people to carry illicit and unethical activities. There are several unethical and unconventional services offered in the dark web against bitcoin. Due to this, now, people are able to easily access what they couldn’t have before.

For instance, murdering a person is real life was very difficult in the past. But with the induction of bitcoin, people could easily hire a hitman via the dark web to murder someone. Although it may sound strange and unusual, in the past, a nurse paid about $12,000 to a hitman for murdering the wife of her lover.

READ ALSO: Trusting only Bitcoin, CEO of PayPal Joins CEO Twitter

Killing a man has become so easy on the dark web due to the anonymity provided by bitcoin that a man also hired a hitman to kill the new boyfriend of his lover. The 47 years old Vincent Hui Kim Seng was able to access a website on the dark web through the Tor browser and hire a hitman for bitcoin having $6,000 worth.

Similarly, the use of bitcoin for buying controlled substances or drugs on the dark web has also caused substantial trouble. Apart from that, there have been several occasions when private information was traded on the dark web in exchange for bitcoins. On one occasion, it was revealed that people acquiring data from various bitcoin exchanges due to KYC protocols turned to the dark web for selling data.

As many adversaries of cryptocurrencies are always finding reasons to bash the largest cryptocurrency of the world by market cap, the involvement of bitcoin over the dark web is often brought up whenever the drawbacks of cryptos are discussed. The CEO of the blockchain platform Elementus said:

The illicit activity, in my opinion, is the biggest thing preventing mainstream adoption of crypto. I believe the best solution is an indirect one — improved AML (anti-money laundering) / compliance technology for the on-chain services that handle the funds.

Bitcoin scams and hacks in the space are already destroying the repute of bitcoin. In addition to that, the association of bitcoin with the dark web prevents bitcoin from becoming mainstream.

READ ALSO: How did Bitcoin become a currency for privacy?

Fatir Malik

Electrical engineer by profession, turned into blockchain developer. Fatir contributes regularly with his insights about latest developments in fintech sector. Contact the editor at editor.opinions@blockpublisher.com

Leave a Reply

This site uses Akismet to reduce spam. Learn how your comment data is processed.