Main navigation

Bitcoin (BTC) Continues to Increase in Popularity on Dark Web

News
Wed, 12/11/2019 - 19:16
article image
Alex Dovbnya
Bitcoin is becoming more popular on the dark web while its mainstream adoption hits a snag
Bitcoin (BTC) Continues to Increase in Popularity on Dark Web
Cover image via U.Today
Read U.TODAY on
Google News
Contents

The cryptocurrency might be beyond the days of Silk Road but Bitcoin remains the darling of dark web criminals.

According to data provided by James Todaro of Blocktown Capital, the USD value of Bitcoin spent in the murkiest corners of the internet has skyrocketed in 2019, surpassing $1 bln.

Bitcoin
image by @JamesTodaroMD

card

Bitcoin is not for the masses  

Todaro agrees with Jill Carson, the co-founder of the Open Money Initiative, who recently opined that Bitcoin wasn't meant for mainstream adoption. 

"There exists a long history of censorship resistant and privacy preserving technologies: Signal for messaging, Bittorrent for file-sharing, Tor for web browsing. Like bitcoin, these tools are not built for the mainstream," Carson wrote.

The aforementioned platforms are used by both good and bad actors (just like Bitcoin). However, they are not designed for people to use them en masse. Carson believes that even the Lightning Network and other scalability solutions will fail to push Bitcoin into the mainstream and remain a niche currency.  

As reported by U.Today, Bitcoin is still responsible for about 95 percent of all crime-related crypto transactions despite the proliferation of privacy coins.   

Related
Richard Branson Says He Doesn't Endorse Bitcoin Scam

Tor or Amazon? 

Carson's opinion is rather unpopular since many believe that Bitcoin could eventually replicate the success of Amazon and Apple, the two trillion-dollar companies that had to rise from ashes. CNBC host Joe Kernen claimed that Bitcoin and Amazon were similar in the sense that people failed to understand them in their nascency

Venture capitalist Tim Draper is far more optimistic about Bitcoin's chances to reach mainstream adoption -- he recently predicted the top coin could take a five percent share of the currency market by 2023.     

article image
About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets, can be contacted at alex.dovbnya@u.today.