Bitcoin’s Role on the DarkNet

Bitcoin’s Role on the DarkNet

The history of Bitcoin, despite the young age, is very rich in events and accidents – as well as any processes involving big money. This new technology, which every day is gaining popularity attracts more and more respectable and law-abiding citizens.

It is possible that the "dark side" of the cryptocurrency industry – in fact, the underwater iceberg part, is several times bigger than visible activity on the stock exchanges, exchange offices and shops to accept Bitcoin.

As you know, one of the leading distinguishing features of cryptocurrency to the average money is a maximum anonymity. And it attracts not only hackers but also "ordinary" frauds and scams, preferring to stay in the shade when they make doubtfully legitimate transactions.

What can you buy or sell with Bitcoin in DarkNet?

Many people believe that search engines (especially Google) can give directions to all the queries. However, the truth is that a considerable part of the Internet cannot be free for users. This is what we call a "Dark Web," and here bitcoin is the official currency. It is possible that the "dark side" of the cryptocurrency industry – in fact, the underwater iceberg part, is several times bigger than visible activity on the stock exchanges, exchange offices and shops to accept Bitcoin.

It is practically impossible to estimate with accuracy the extent of the dark web. However, some experts say that it is 400-500 times larger than the Internet "surface." Technically, "selling the Internet" you can buy or sell bitcoin for anything from legal products to illegal drugs, firearms and so on.

Do you want to hire a hacker or maybe a killer? Or do you possibly want to make fake documents? In the "dark web" you can find people who will accept bitcoin as payment for services of this type. But despite this, it is very likely that you will just stumble on a rogue who wants to rob you.

The most famous markets of the Internet, such as eBay, Amazon, Alibaba, and others have created their security system against the fraud. But in the "dark web" you cannot be safe and act only at your own risk.

The DarkNet black markets and Bitcoin

At that time, as there was a deep network, which endorsed by almost all forms of e-Commerce (from small sites that sell a small number of products to mass markets that create a platform for peer-to-peer trade and are the main cluster of bitcoin transactions per month).

The Silk Road is the most organized commercial website ever created in the Darknet. Even after the FBI exposure, it is still the biggest market in history.

In 2013, the FBI developed a specialized search engine that helped them to access and hack the site that brought in Ross Ulbricht, who was accused of drug smuggling.

All transfers were performed using a system of cryptocurrency, namely Bitcoin.


Cryptocurrency is very convenient for the pyramids construction. One giant pyramid, the losses from which the scale is comparable to the MtGox disaster, appeared in late 2014 in Hong Kong. It was MyCoin, which collected the money, promising to return in a few months with fabulous profits. All pyramid signs were there – promises windfall gifts to those who give money "right now" and bonus for those who drive other customers. However, there were a lot of people who have invested hundreds of thousands of dollars in this company. The total sum amounted to almost 390 million HKD.

And in February 2015, when police has got interested in MyCoin, its owners took the money and disappeared, substituting the employees under the justice hammer who knew nothing about the fraud. Criminals are still not found.


  • According to the FBI, Silk Road earned about $1.2 million between 2011 and 2013;
  • 1.5% of bitcoins owned by the FBI;
  • this is one of the first "killer devices" of bitcoin, drugs still occupy a huge percentage in the use of virtual currencies;
  • no organization or government controls bitcoin currently;
  • South Korean cryptocurrency exchange Bithumb, which is the fourth largest in the world, was hacked on June 29 in 2017, from the accounts began to disappear large sums (mainly Bitcoin and Ethereum);
  • transactions in the Bitcoin network are irreversible;
  • information about the bitcoin transactions are freely available, and everyone can see it in the blockchain;
  • 5% of all existing bitcoins is drawn to the criminal marketplace on the DarkNet Silk Road, where trade in drugs and other illegal goods.

We can confidently say that this is an entirely new and very dynamic market with its unique features. Here is a full scope of various scams. Many of them end well because the criminals use the advantages of anonymity. You will not return the money if you make a mistake. You have full money control, but don’t forget about their safety, too.

You should bear in mind that even a fundamental disregard for common safety rules can lead to very unpredictable consequences, because if an attacker can gain access to your funds, then with significant probability you will lose them forever.

Bitcoin Era Success Story: Teen Hits Jackpot With Crypto Trading
17-Year Old Hits The Jackpot With Cryptocurrency Trading Venture The news media has been swept up in a tornado with the latest news of a...
What Everyone Should Know About Tokenization
Blockchain tokenization is a means of digital representation of a right and can be done with the help of a ledger. This can be a right to asset...
Bitcoin’s Volatility? In 2017 BTC Was More Stable Than In Its Early Days
Despite some 30% crashes in 2017, bitcoin managed to increase by total 1,400% last year, conquering the world’s financial stage. Banks are becoming...
Stablecoin - Everything You Need to Know
What Is A Stablecoin? You must have heard of cryptocurrency which has been the recent talk of the town. Well, stablecoins are a form of...
Gold Pulls Bitcoin Investors From BTC, Says Van Eck Associates CEO
In 2017-2018 bitcoin bit gold as bait for investors. However, the situation is expected to change in 2019 as investors already hope more for the gold...
Crypto-Supporter Milne Said Bitcoin’s Only Ledger to Last 100 Years
As bitcoin continues trading approximately Twitter thread entrepreneur Alistair Milne forecasted that the upcoming cyber money bull will decide which...
Increased Supply of Altcoins Will Depress Bitcoin, Says St. Louis Fed Report
As it is known, crypto-supporters (bitcoin bulls) widely believe that the increase in the capped supply of all cyber-coins will boost bitcoin’s value...
BTC Market Cap Will Surpass $7 Trillion Gold Cap, Say Winklevoss
Recently, Tyler and Cameron Winklevoss, world-known entrepreneurs and early supporters of cryptos, have taken part in Reddit’s traded at $4,061 and...
Crypto-Community Celebrates Bitcoin’s 10th Birthday
This year’s January 3 marks a decade since the first bitcoin block was generated by Satoshi Nakamoto. Back then, in 2009, this person (or group of...
Best Bitcoin Memes in 2018: ‘Hodling’ and Crying
2018 has not been an easy year for bitcoin, not at all. Whereas it left 2017 at the price of $10,000, it started the new year in a pretty bullish...