Bitcoin Remains Most Popular Digital Currency on Dark Web - page 2.

owm123

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Quote from: countryfree on March 22, 2016, 05:54:26 PM

Is anyone surprised? For fast, hidden payments, nothing beats BTC. Some altcoins could be better in the future, but not enough people trust them right now. It would be a dark day for BTC if it's ever beaten by an altcoin on the dark web.

This is acctually good for altcoins. Let Bitcoin remain darkweb currency for drags and child pornography forever. Press loves it already. Let altcoins go into legitimate use cases.

lumeire

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Quote from: countryfree on March 22, 2016, 05:54:26 PM

Is anyone surprised? For fast, hidden payments, nothing beats BTC. Some altcoins could be better in the future, but not enough people trust them right now. It would be a dark day for BTC if it's ever beaten by an altcoin on the dark web.

While it kinda helps the economy and adoption, the downside is lay-men associate BTC with dark web and drugs. Actually I've seen a facebook post by a nobody that tries to explain what dark net is, and he downright said that bitcoin is the money of criminals. It got shared like more than a few thousand times. It's bad reputation.

countryfree

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Is anyone surprised? For fast, hidden payments, nothing beats BTC. Some altcoins could be better in the future, but not enough people trust them right now. It would be a dark day for BTC if it's ever beaten by an altcoin on the dark web.

BTCBinary

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I guess that happens because people still put a lot more trust in bitcoin than in other cryptos. IMO, people prefer to use Bitcoin because bitcoin is still one of the most trusted cryptos. Besides, anyone accepts BItcoin, while many may not accept other cryptos.

Zeke2345

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Quote from: BitcoinSupremo on March 22, 2016, 03:14:19 PM

Bitcoin is heavy dependent on deepweb, if its not, anyone please explain to me, why price of BTC january 2015 fall down to 160-170 USD, exactly just after Evolution Marketplace on deepweb scammed everyone in a value of 12 mln USD ?

Because bitcoin is still young and fluctuates under bad news,perception seems to drive the train.
Look at Mt.Gox as another example,any bad news brings bitcoin down. What seems to drive it is speculation like
we had with the XT drama and now the halving. Maybe early on the darknet moved bitcoin but I think it has established itself more since then.

BitcoinSupremo

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Bitcoin is heavy dependent on deepweb, if its not, anyone please explain to me, why price of BTC january 2015 fall down to 160-170 USD, exactly just after Evolution Marketplace on deepweb scammed everyone in a value of 12 mln USD ?

krunox123

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Quote from: OmegaStarScream on March 22, 2016, 07:34:24 AM

It's a known fact and we also can't deny the fact that the Darkweb in general give a boost for Bitcoin price . (Silk road for example)

Definitely. It's not something new to me, TBH. I've stumbled across some store on the dark web and most of them accept Bitcoin as a payment method. These people play a significant role in Bitcoin price, IMO.

Lauda

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Terminated.

There's nothing wrong with that. What is important to point out that the amount of Bitcoins being used is very small in comparison to the amount of fiat that is used for illicit trades. It also shows us that the people trading there aren't really intelligent as there are other options to transact more anonymously (e.g. Monero), albeit a bit harder to cash out.

Quote from: LiteCoinGuy on March 22, 2016, 11:38:53 AM

Dollar Remains Most Popular Fiat Currency in the Real World.

The most popular form of money used by criminals, indeed.

Quote from: onlinedragon on March 22, 2016, 10:29:06 AM

It Bitcoin will be traceable they will choice another payment option.

Bitcoin is pseudo-anonymous and uses a transparent ledger.

sdp

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Inertia is tremendous. Bitcoin is just a baseline. Innovations must be conservative because of the enormous market cap. Dash devs could add so many features because the environment was right fir that. Yet here is bitcoin where the transaction amounts are public and the criminal purchases use bitcoin. I wouldn't use bitcoin to buy drugs even if I were an addict. I go to my pharmacy and use cash. Cash is off the grid. Bitcoin is not. The pharmacy down the street which is legal doesn't accept bitcoin or dash. There is little adoption of bitcoin here. But for services that don't involve me picking up the product, bitcoin provides fraud protection and inflation protection too.

In the end if I think I am going to use this money in the year I normally leave it as fiat. I should probably shorten that to two months.

sdp

alyssa85

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Speaking of criminals using BTC, there's also this bit of news:

http://www.pymnts.com/news/security-and-risk/2016/city-held-hostage-via-bitcoin-ransomware/

Quote

the case is a bit more serious as it has to do with hackers using bitcoin ransomware to lock out local government employees from their own computers.

As has been reported, city officials worked to get back up an running, but there were at least a few computers that had already been impacted by the ransomware. The result? Having those government computers hacked in return for roughly $730 in bitcoin. But unlike some cases (like the hospital that forked over the bitcoin before consulting law enforcement), in this instance, the city called upon law enforcement for help — scaring off the hackers.

The nuts and bolts of the the hospital story began last month in Los Angeles with $17,000 worth of bitcoin being paid out to hackers who took down a computer system — which, of course, included vital medical records. This is the type of malware that’s been most commonly showing up in headlines and has been on the rise across the U.S.

Really, the sooner they start using an anonymous alt for this kind of stuff, the better it will be for bitcoiners...

alyssa85

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Quote from: Hirose UK on March 22, 2016, 10:51:18 AM

Quote from: pereira4 on March 22, 2016, 08:37:41 AM

It's interesting to see how there are other alternatives right now that have better technology for anonymity, but still Bitcoin is the #1 used coin. This speaks of how important network effect is and how hard other coins will have it to even pretend to take Bitcoins #1 spot.
And we soon will have tech that makes Bitcoin as anonymous as the "anonymous coins."

because of bitcoin's anonymity, it's really good to use on dark web. I'm not surprised to know this, but I have some concerns about the legality and price of bitcoin. well, will this issue make bitcoin be banned or kind of thing?

It's all down to percentages.

Others have pointed out that off-line criminals like to use fiat cash. But fiat is not banned - because a good 90% or more of it's use is legit, so no sense banning it just to catch the minority that is using it for criminal purposes.

As long as the majority of bitcoin usage is for legal stuff, it won't get banned. It's only when it is used mainly for illegal stuff that it is in danger.

The long and short of it is, if you want to save BTC, use it for normal commerce as much as possible to get the legal use percentage up.

Herbert2020

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Quote from: Hirose UK on March 22, 2016, 10:51:18 AM

Quote from: pereira4 on March 22, 2016, 08:37:41 AM

It's interesting to see how there are other alternatives right now that have better technology for anonymity, but still Bitcoin is the #1 used coin. This speaks of how important network effect is and how hard other coins will have it to even pretend to take Bitcoins #1 spot.
And we soon will have tech that makes Bitcoin as anonymous as the "anonymous coins."

because of bitcoin's anonymity, it's really good to use on dark web. I'm not surprised to know this, but I have some concerns about the legality and price of bitcoin. well, will this issue make bitcoin be banned or kind of thing?

it may and may not lead to banning of bitcoin. it mostly will depend on the country that you are thinking about.
some of them might choose a hostile way and ban it like Russia (not sure if the news was 100% real though) but most countries are not so hostile and they are actually talking about regulating bitcoin.

LiteCoinGuy

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Dollar Remains Most Popular Fiat Currency in the Real World.

QuestionAuthority

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Bitcoin and dark web - peanut butter and jelly - corned beef and cabbage - hookers and johns, they simply belong together.

Hirose UK

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Quote from: pereira4 on March 22, 2016, 08:37:41 AM

It's interesting to see how there are other alternatives right now that have better technology for anonymity, but still Bitcoin is the #1 used coin. This speaks of how important network effect is and how hard other coins will have it to even pretend to take Bitcoins #1 spot.
And we soon will have tech that makes Bitcoin as anonymous as the "anonymous coins."

because of bitcoin's anonymity, it's really good to use on dark web. I'm not surprised to know this, but I have some concerns about the legality and price of bitcoin. well, will this issue make bitcoin be banned or kind of thing?

onlinedragon

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Criminals don't change each time the payment options if they work good the way they want it. They are most of time not busy with the crypto currencies they only want to earn fast money. It Bitcoin will be traceable they will choice another payment option.

Amph

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well the other altcoin have no usage besides being dumped for bitcoin, and fiat is too damn traceable not worth it, and cash well good luck using it online

but i was expecting that something bit like ethereum and company would have seen some usage

nagatraju

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The decentralized and quasi-anonymous nature of Bitcoin renders it vulnerable to self-interested parties that seek to exploit the system.

Bitcoin is totally off the grid, and that's the magic for its most ardent supporters. But who really needs total anonymity, unless you're into pretty dark stuff?

Kprawn

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Ok, How many studies has been done on drug trafficking and other contraband and also weapon smuggling and what percentage of that are done with Bitcoin? You will find that the biggest percentage

of these activities are still being done with fiat. The media and shills are sensationalizing this issue to give negative press for Bitcoin, and conveniently forget that fiat {cash} is still being used to buy

most of the illegal goods in most countries. Angry

SFR10

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As long as there's a market for it, it's going to remain as most popular and used currency on dark web (unfortunately). Even though this has a negative effect on BTCitcoin image, it somehow paves a way for a growth of some kind. There's a good chance that it's users, remain anonymous through out the deals (even though not entirely) and until there isn't another payment option that offers more benefit for users, it's going to be up there in the dark web and something huge could only change this, which I don't see it coming either.

Topic: Bitcoin Remains Most Popular Digital Currency on Dark Web - page 2. (Read 1645 times)