According to a new report published by Bitcoin technology company Bitfury, there has been a significant increase of 340% in Bitcoin transactions performed on dark web platforms compared to 2017. Looking at the first quarter of 2017, it is seen that dark web sellers have earned approximately 87 million dollars with Bitcoin.
Bitcoin Usage Increases in “Back Streets”
It is emphasized that this income increased to 240 million dollars in the first quarter of 2019. According to the information conveyed by Forbes, this amount increased up to 384 million dollars in the first quarter of 2020. In fact, although many leading dark web sellers have been caught with the operations carried out by law enforcement, the fact that the increasing amount has reached these levels shows that it is a very serious Bitcoin usage.
In fact, there is an increase not only in Bitcoin but also in Litecoin and Monero payments. The Bitfury report states that although the value of the transactions increased due to the increase in the price of Bitcoin, the total amount of Bitcoin decreased. Increasing the use of Litecoin and Monero cryptocurrencies seems to be a major factor in reducing the amount of Bitcoin.
Especially in recent years, the violation of Bitcoin’s privacy in some ways has increased the tendency towards completely privacy oriented cryptocurrency Monero. It seems that we may see an increase in the use of Bitcoin and Monero in Dark Web-based platforms in the coming years.