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Bitcoin is a popular form of payment on darknet markets because users do not need to reveal their identities.
In 2017 bitcoin became wildly popular with speculators who trade it online against other virtual currencies.
Bitcoin’s price peaked in December 2017 at just above $20,000 and is now down more than 80 per cent from its high.
Overall bitcoin flowing into darknet markets fell to $600 million in 2018 from $700 million a year earlier.
NEW YORK: Use of bitcoin as a form of payment doubled in 2018 on darknet market sites, where users can buy anything from illegal drugs to fake IDs, even though the price of the cryptocurrency crashed, according to a study by data firm Chainalysis.
Bitcoin transaction volumes on darknet markets rose throughout 2018 to an average of $2 million daily, nearly double the activity measured at the start of the year, according to Chainalysis.
Overall bitcoin flowing into darknet market .
“The reason for that drop is more law enforcement activity,” Grauer said. “It would be misleading to think that this year it (the volume) will go down.”
Bitcoin, the largest cryptocurrency, is a popular form of payment on darknet markets because users do not need to reveal their identities.
In 2017 bitcoin became wildly popular with speculators who trade it online against other virtual currencies as well as hard currencies such as the US dollarNSE 0.45 %. Bitcoin’s price peaked in December 2017 at just above $20,000 and is now down more than 80 per cent from its high.
Reuters|Jan 19, 2019, 10.56 AM IST
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