Bitcoin (BTC) use on the Dark web is on the rise


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According to Chainalysis, the use of Bitcoin (BTC) in illegal activities such as buying drugs on the dark web continues to increase. But according to blockchain analysis company Elliptic, the proportion of Bitcoin used on the dark web is at a level that corresponds to no more than 1 percent of the BTCS in circulation.

More than $ 600 million worth of Bitcoin (BTC) was spent on the Dark Web
In a new cryptocurrency crime report released Tuesday, Chainalysis notes that more than $ 600 million in Bitcoin (BTC) was spent on the dark web market in the fourth quarter of 2019. However, the use of Bitcoin in legal activities such as trading on cryptocurrency exchanges and trader services is hugely doubling the dark web market.


Chainalysis found that bitcoin's use in the dark web market was “less affected” by the price falls and rises of the largest cryptocurrencies, and released the following statement:

While all categories were boosted by the Bitcoin price rise in July, there was much less bounce in the usage rate in the dark web market than others. For years, the operational activity of the dark web market has been in a much narrower range, suggesting that customer behavior has been less affected by changes in Bitcoin's prices.

Last October, Stephen Zheng of the block examined cryptocurrency use in the dark web market and concluded that the most widely used cryptocurrency was Bitcoin. Although Bitcoin is followed by Monero and Litecoin, 93 per cent of payments on the dark web market are made through BTC.