When it comes to the dark web, there are a lot of myths and misconceptions. One of the most common is that Bitcoin is the primary currency used on the dark web. This couldn’t be further from the truth.
In reality, only a small fraction of Bitcoin is used on the dark web. Here’s a closer look at how much Bitcoin is actually used on the dark web and what other currencies are more popular.
How Much Bitcoin Is Used on the Dark Web?
To get a better understanding of how much Bitcoin is used on the dark web, we need to first understand what the dark web is. The dark web is a part of the internet that can only be accessed using special software, such as The Onion Router (TOR).
It’s often associated with illegal activity, such as drug dealing and money laundering, because it offers a certain degree of anonymity.
However, it’s important to note that not all activity on the dark web is illegal. There are also many legitimate uses for it, such as political activism and journalism.
With that said, let’s take a look at some numbers. A recent study by Elliptic, a blockchain analysis firm, found that only 0.
61% of all Bitcoin transactions are associated with known dark web markets. That means that less than 1% of all Bitcoin is actually being used on the dark web.
So if Bitcoin isn’t the primary currency being used on the dark web, what is? The answer may surprise you. It turns out that most transactions on the dark web are actually conducted using fiat currencies, such as US dollars, Euros, and Chinese Yuan.
In fact, Elliptic’s study found that 96% of all transactions on known dark web markets are conducted using fiat currencies.
This makes sense when you think about it. After all, most people who are buying illegal goods or services on the dark web don’t want to leave a trail of Bitcoin transactions that can be traced back to them.
Using fiat currencies helps to keep their identity anonymous.
What about other cryptocurrencies? Are they being used more than Bitcoin on the dark web? Again, the answer is no. Elliptic’s study found that Ethereum (ETH) is only used in 0.15% of all transactions on known dark web markets and Monero (XMR) is only used in 0.
09% of all transactions. That means that both ETH and XMR are being used even less than Bitcoin on the dark web.
So there you have it: despite what you may have heard, less than 1% of all Bitcoin is actually being used on the dark web and other cryptocurrencies are even less popular than BTC on these types of markets.