New research indicates that the number of cryptocurrencies flowing through the markets in Darknet is increasing. There is even talk of doubling the scale of this phenomenon.
Darknet and cryptocurrencies
A report on this issue was published on January 28th by Chainalysis, a New York-based analysis company from the blockchain technology market. It found that the Darknet markets in 2019 were affected by almost twice as much cryptocurrencies as before.
Let’s take a look at the figures. As much as $790 million in cryptocurrencies flows through the market in 2019. For the first time this value also exceeded USD 600 million,” Chainalysis experts add. This includes in particular transactions based on: BAT, BH, BNB, BTC, CRO, CRPT, DAI, ETH, GNO, GUSD, HT, LEO, LINK, LTC, MCO, MKR, MLN, OMG, PAX, TUSD, USDC, USDT, WETH, ZIL, ZRZ
Chainalysis also indicates something else. Namely, the resilience of the markets in Darknet to seemingly increased legal control by global regulators. The company adds that the total number of active markets on the “dark side” remains stable, despite many efforts of the authorities. Some markets are closing, but new ones are emerging in their place (probably not infrequently operated by the same people). A comparison of this with the battle with the mythical Hydra is most appropriate here.
Popularity of the cryptocurrencies in Darknet is due to its decentralized character, which in turn is a perfect complement to the non-centralized market infrastructure in this part of the network.
The Chainalysis study added that it expects the number of darknet markets that are open to digital coins to increase in the future. In particular, projects like Monero (XMR), the so-called private coins, are of particular interest.
Fight against windmills
Global regulators and law enforcement authorities are making every effort to fight the markets in Darknet. The result? As you can see, it’s ineffective. It’s more like fighting windmills. In turn, the famous fall of Silk Road in 2013 remains only an empty symbol for the effectiveness of the authorities. These global authorities cannot win against this phenomenon. Darknet and cryptocurrencies will probably also remain