Although not the reason it was created, Bitcoin gave criminals the ability to trade online with a great deal (not 100%) more anonymity than ever before.
Online drugs and illegal activities were among the first real world applications Bitcoin was used for, and because of this the digital currency has gained a bit of a bad reputation in the media and the public in general are often suspicious of anything Bitcoin related.
Of course we all know the truth is that Bitcoin is quite the opposite, and like all forms of currency can be used for ‘bad’, it was in fact created and can be used to make the world a much better place in general.
While many may be of the opinion that the online drugs market is a bad thing, these marketplaces were created on the same level of though as Bitcoin, in that people should be given the choice to act independently of centralised control. The premise of which both Bitcoin and dark net marketplaces are created, is that they allow for the exchange of value, without needing permission, they allow us as human beings the right to act and think for ourselves, a right we all deserve to have.
Whether you agree with the fact is negligent, because neither Bitcoin nor darknet marketplaces can be or will ever be taken down by force by any form of centralised control. Try as they might, they will always exist and are part of society. But without them, without the uprising of darknet marketplaces, Bitcoin may not have come as far as it is today.
Although the exact numbers are obviously only known by those running the marketplaces, daily trading volumes across darknet marketplaces are estimated to be anywhere in the region of £500,000 – £10 Million worth of illegal goods. That’s enormous, and if they were to suddenly be taken down, the Bitcoin price would plummet!
In fact some may argue that Bitcoin may have died if it were not for these marketplaces creating a demand for Bitcoin. Where else would demand have come from if not for those seeking anonymity? Without demand, the price would still be pennies!
Now the currency is as valuable as every, almost 3 times the price of an oz of Gold! And in part thanks to an underground black market which facilitated Bitcoin and gave it the kick start it needed to raise the price, thus bringing awareness from more people to it. Maybe these marketplaces have been getting more than just their users high!
This is a very controversial topic I am sure, so please leave us a comment and share your thoughts, good or bad. The topic is also open for discussion on The Bit Forum. Click Here to view!
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