Darknet markets are e-commerce marketplaces only accessible via networks like I2P and TOR. Ever since Silk Road popularized the use of bitcoin for its online bazaar of illicit goods and services, cryptocurrencies have become the go-to asset for the darknet economy.

The irreversible and uncensorable features intrinsic to some cryptocurrencies make them the perfect fit for transactions deemed illegal by local regulators, such as those involving illegal weapons or narcotics. According to a study by Chainalysis, by the end of 2019, an estimated $1 billion in cryptocurrencies will be spent on the dark web.

Since the launch of Bitcoin in 2009, thousands of alternative cryptocurrencies have been introduced with market-flaunting features, such as built-in privacy, that are not currently available in Bitcoin’s base layer.

Join Genesis now and continue reading, An analysis of cryptocurrency support in darknet markets!

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