Cryptocurrency, especially Bitcoins, has been reaching a zenith in name and fame in the financial system nowadays. There are so many reasons why people are showing more interest in Bitcoin. You can also trade in Bitcoin through trusted platforms like bitcoinsbuyer.net . As we all know, Bitcoin is known as a financial system, an investing platform, or even a commodity. But unfortunately, reports were stating that Bitcoin is a part of so many online drug transactions. Cryptocurrency as we are all familiar with gives access to anonymous vendors. For instance, the eBay market also allows anonymous vendors, putting everyone at risk. In this article, we will take a look at how Bitcoin is linked with the dark web and how it becomes untraceable:
A few years later, the issues with Bitcoin started. Since Bitcoin is linked with the dark web, a lot of reports and complaints started arising with the anonymous vendor’s reasons. So many purchasers and investors started losing their money and being scammed by fraud using cryptocurrency as their reason. Not only that, there are cases stating that cryptocurrency is a chain standing in between people and drug dealers. As we all know, dark webs are untraceable platforms. But, Bitcoins with the dark web are more difficult to trace.
Why is Bitcoin losing people’s trust?
One of the main reasons why Bitcoin and cryptocurrency have lost people’s trust is that it was initially unstable with all the financial systems. Each stock faced collapses and chaos. But, there are so many investors on the other side dumping their wealth in digital currency systems, with 100% reliability.
Is Bitcoin a platform for illegal activities to take place?
Even though the rate of highs and falls does not matter to anyone right now, the connection of Bitcoin with the dark web matters the most. Once inside the dark web, so many illegal and criminal activities can take place. Mostly, drug dealing has become a recent issue with Bitcoins on its side. It all starts with the purchaser purchasing Bitcoins, analyzing the vendor’s supplies, and paying for the goods.
Even before the vendor receives the money, escrow comes in between the process. As a result, many choke points and delays in the transaction will take place. The whole scenario will turn into something chaotic. Vendors may suffer in loss, once the transaction gets stuck in the escrow. Thus, the dark web not only takes responsibility for illegal activities but also the responsibility for vendors’ losses.
Many governments have started raising their suspicions against Bitcoins, like the United States, Europe, India, and many more Governments. Later on, it was realized and learned that many talented and experienced agencies will make traces untraceable, like Bitcoin. The best example for the down take of Bitcoin transactions is the Silk Road incident.
Even high-confidential and private Cryptocurrencies like DASH and Vera’s transactions details can be traced, but only to a certain level. The main reason behind this is the blockchain. The transaction details stay updated in the ledger. Unlike any other financial system, Bitcoins transactions are anonymously done. One of the main reasons is that some governments are against digital currencies and cryptocurrency systems.
Another reason why Bitcoin has a bad experience on the dark web is that the transaction cost or fee for Bitcoins face a sudden increase then and there. Also, since the Bitcoin transactions are decentralized, the transaction process will face certain issues. As a result, the traces for the transactions sometimes are hard to get.
Transactions are being tracked down!
Another unknown piece of information to most people is that transactions can be tracked down on blockchain financial systems, but not when certain protocols are put in place. After so much research and studies, it is now concluded that not all cryptocurrency is under the dark web. Yes! Only a part of the cryptocurrency system is completely into the dark web.
To conclude, in this Bitcoin Era, the cryptocurrency financial system is not only untraceable and involved in illegal activities, but also under the dark web.
