Bitcoin was the preferred currency of darknet till a few years back. However, the usage of Bitcoin is decreasing in the darknet markets. The reason for this is that Bitcoin is no longer completely anonymous. In fact, it is now known as a pseudonymous cryptocurrency. This is one of the main reasons why the usage of Bitcoin in the darknet is decreasing.
Darknet economy has non-standard communication protocols and uses VPN servers as well as secured connections in order to communicate. This is the reason why the authorities are not able to easily track down the darknet activities. Moreover, the darknet activity revolves around the illicit use of money. The services as well as products which are sold on the darknet are not legal. This is the reason why darknet is increasingly moving towards cryptocurrencies which are actually fully anonymous.
Silk Road was one such marketplace on the darknet which was busted by their fear. The cryptocurrency Holdings especially the Bitcoin holdings were also confiscated by the FBI. This is the reason that many of the darknet message boards, as well as forums, are actually moving away from Bitcoin.
According to a report by Recorded future, among the 150 different message boards as well as websites which constitute the darknet, the usage of Bitcoin was found to be decline significantly. This can also be attributed to the fact that Bitcoin has fallen by more than 60% from its recent peak of $ 20,000. This is another reason why the usage of Bitcoin might be decreasing.
Even though, this is not the only study conducted on the darknet but is still pretty much sums up the mood of the darknet. Moreover, when you look at some of the other completely anonymous cryptocurrencies like Monero you might find that it is very difficult for the authorities to detect such transactions. This is the reason why the usage of Bitcoin is decreasing and the usage of other cryptocurrencies is increasing rapidly.
Authorities however are working hard to climb down on the darknet. This is to reduce the illegal activities which are happening on the darknet. It remains to be seen whether the switch of the cryptocurrency away from Bitcoin would actually help the darknet stay alive longer or whether it gets busted nonetheless.
One thing is for sure that the payment methods are surely evolving in order to provide the kind of security as well as anonymity which darknet actually needs. It remains to be seen whether users are able to switch to the new cryptocurrencies quickly enough for the darknet to grow or whether it will stagnate due to the lack of payment methods.