Delays on Blockchain Hampered the Dark Web Markets


Delays on Blockchain: Bitcoin runs against the technology known as Blockchain. Not only Bitcoin, but many other crypto currencies also depends on the Blockchain technology such as the Litecoin, Ethereum, Monero, Bitcoin Cash and ZCash. The transactions are anonymous and transparent but yet they are monitored on the public Blockchain record. The term transparency here refers to the ability of the users to check the latest transactions on the network.

It is believed that without the dark web markets, the digital currencies like the Bitcoin will have no existence where it is the first of its kind chosen as the primary payment mode that is used in almost all of the dark web markets.

Two of the Tor based websites, AlphaBay and Hansa, due to the collaborative efforts of the multiple government agencies in the Europe, Asia and the U.S, led to the confiscation of the digital funds that belonged to the thousand of the users. It is not at all clear as to how much of the Bitcoin was seized from both the marketplaces, but it can be stated that the seized funds amounted to hundreds of millions of dollars. With time and year, more and more people acquire Bitcoin from all around the world that has led to skyrocketed price of the commodity by over 800% in 2017.

The extensive demand for the Bitcoin has led to an increased rate of transactions on the Blockchain has caused delays in the Bitcoin network from time to time. This can be stated that if the funds are sent internally, the transactions are instant while if the funds are sent from one block to the other, then more time is required which can account to 30 minutes up to an hour. These delays lead to the waiting of miners for the transactions to be processed.


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