$1 Billion Bitcoin Shopping Spree to Hit Dark Web in 2019: Research

Blockchain analysis firm Chainalysis has predicted that the use of Bitcoin on the dark web will reach over $1 billion in 2019, hitting a new record.

Initially reported by Bloomberg, the blockchain surveillance startup has revealed that so far this year, around $515 million has been spent in illegal online marketplaces. This is in purchasing a variety of goods and services including child porn, banned substances and stole credit card information.

Per Chainalysis, this is already higher than the total amount that was spent on the dark net in 2014 and 2015. At the current pace, the amount of bitcoin spent on the dark web will eclipse 2018 and 2017. In 2017, Bitcoin worth $0.87 billion was spent on the dark web. This was the highest amount ever spent in one year.

Monero submits to Bitcoin, the king of the dark web

From Chainalysis’ findings, Hydra is currently the largest illegal online marketplace. Though Bitcoin does not offer complete anonymity, it is still the cryptocurrency of choice on the dark web. Privacy coin Monero is the second-most popularly accepted crypto on the illegal online marketplaces.

But perhaps due to the growing realization of the traceability of Bitcoin transactions, Chainalysis has found that the use of Bitcoin in illegal activity was under 1 percent of all transactions in the first six months of this year. In 2012 this figure was seven percent.

This difference could be explained by the fact that in 2012 the price of Bitcoin ranged between $4 and $14. In contrast, the price of Bitcoin has been roughly 1,000 times more meaning that even if the use by percentage has reduced, the amount in dollar terms has ballooned.

Bitcoin

Bitcoin price in 2012 | Source: HighCharts

Seduced by the Darknet

Less than two months ago, a survey conducted by the…

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