Bitcoin Has Taken a New Leap: What Chainalysis Has To Say

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This week as predicted by the blockchain analysis, firm Chainalysis has published their latest upgrades on the “Crypto Crime Report,” whereas to note the complexities of that Bitcoin‘s utility in darknet marketplaces, or DNMs, grew in 2019 to well over half a billion of dollars in its pricing. But there’s a catch. Chainalysis found that the amount of Cryptocurrencies that have been on in influx into DNMs last year has been well acquainted for less than 1 percent of all crypto-economy deals and activity in the same span. That means that while Bitcoin is present stays entangled as the viral and fiat currency of choice on the dark web, the colossal accessible majority of overall Bitcoin activity as it has looked like to be very much legal acting as a dagger to the traitors of the market who say that BTC is a hustle mainly for criminals.

We have checked out factual precision; at its starting, the Bitcoin network is only pseudonymous, which means if a BTC address can be attached to an IP address or an exchange account, its user can be identified as the Chainalysis report says. That’s not a desirable result for people using darknet marketplaces to buy wrong things like stolen credit cards, drugs, narcotics, and other credentials that are associated with interpersonal and personal data of human beings and their society. Yet, BTC’s popularity on Chainalysis has had staying power to date in all areas of the crypto economy, factually where DNMs are no exception.

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Image Source: fortune.com

There is an extra layer of privacy tools and techniques that are like coin mixers that can be used to confuse the origin of Bitcoin, but they’ve not yet been taken mainly by either clear web or dark web account holders. There are also a lot of other ways to possess Bitcoin privately, without letting other people know about the coins and their nature. Still, many DNM purchasers want to skip those steps, sometimes either because they’re noobs in dealing and handling the tantrums of the darknet market or feel very liberated enough with Bitcoin‘s pseudonymity combined with privacy software like Tor and its added privacy layer.

As per that, many darknet account holders are leaving digital traces of their usage in the Bitcoin blockchain that police department officers will look for like Chainalysis can aid the law enforcement officials to make enough sense of typical activities. So this raises the question, that why should people go for Bitcoin?

Let’s look straight from its history. It has first been made almost ten years ago now, the Silk Road was the first of its kind of darknet marketplace and has become quite ill-famous because it has welcomed Bitcoin payments. Yet not much has changed in the years since then. Present-day markets are all made on the same 2011 technology as Silk Road, and share the same loopholes which the upcoming techniques and tools can exploit, as according to the one veteran DNM vendor who goes by the alias Vendor_BBMC very freshly had pinned it on Reddit.

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Image Source: coincodex.com

This is quite sure that these markets rise and fall on a constant basis and the demand and supply of a hell lot of factors decide that, some ending in even exit scams. The reliance on BTC in the dark web ecosystem is one of these pillars that simply haven’t changed since the start. But going off the track in the tides in the space seems to have already started.

Since the last two years, though, a new wave of similar darknet marketplaces has attempted to set themselves apart from the more significant markets in embracing support for the privacy coin Monero (XMR) through secure payments. The extra focus on privacy is much of a marketing strategy and tool for these because XMR support is enough to bring in new and better account holders.

Source: Blockonomi


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