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Bitcoin Won't Be the Dark Web's Top Cryptocurrency For Long (cnet.com)

Posted by msmash on from the other-side-of-the-coin dept.

Bitcoin has essentially become the poster child for cryptocurrencies, and that's a problem for cybercriminals dealing on the dark web. From a report: Researchers from Recorded Future, a threat intelligence company, looked through 150 of the dark web's top marketplaces and forums and found that bitcoin's boom is driving shady characters away from the cryptocurrency. The rise of bitcoin has brought cryptocurrency -- digital alternatives to government-issued money -- to the mainstream, enticing people who are looking to get rich quick. Last December, bitcoin hit its all-time high at nearly $20,000, but it has since slumped and as of Thursday is trading at a little over the $8,000 mark. But before it was a massive investment that millionaires bought, it was the dark web's currency of choice, thanks to its decentralized and anonymous structure.

6 of 79 comments (clear)

  1. Nothing to do with transaction fee.. by ZiakII · · Score: 5, Insightful

    I'm sure it has nothing to do with transaction fee costing anywhere from $5 to $50 in the past 3 months.

  2. Not Anonymous by XXongo · · Score: 5, Interesting

    "...the dark web's currency of choice, thanks to its decentralized and anonymous structure."

    Decentralized, yes, anonymous... not quite so much.

    Every single transaction of bitcoin is recorded, and the record stored in the blockchain. It's "anonymous" nature relies on you keeping your bitcoin wallet isolated from your identity. Which may be possible. Or, with enough sorting through transactions and linking transactions to actual individuals, may not be.

    1. Re:Not Anonymous by MikeDataLink · · Score: 4, Interesting

      Or, with enough sorting through transactions and linking transactions to actual individuals, may not be.

      THIS! People think cryptocurrency is a way to trade money secretly and anonymously. And it can be, but the fact remains that if you use the same wallet over and over and don't take precautions to remain secret you will be found.

      This is no different that the drug dealer who gets caught by the IRS for owning 20 Ferrari's and only reporting 10K of income. It takes work to remain anonymous and launder your money.

      --
      Mike @ The Geek Pub. Let's Make Stuff!
  3. Clearly a shill for Dogecoin by xxxJonBoyxxx · · Score: 4, Funny

    >> Bitcoin Won't Be the Dark Web's Top Cryptocurrency For Long

    Clearly, the author is a shill for Dogecoin.

  4. bitcoin always sucked by NynexNinja · · Score: 5, Insightful

    Anyone who has spent even a small amount of time looking into crypto-currencies would know that Bitcoin is the most traceable, least anonymous, highest priced, transaction fees are super high, half the time it takes multiple hours for the transaction to go through, if at all. Anyone who wants real anonymous transactions would think about using Monero, or something like it.

  5. Only one answer... by internet-redstar · · Score: 4, Funny

    https://www.youtube.com/watch?...