Darknet

Darknet can be defined as a hidden place in the internet where we can share files and communicate with other users securely and without revealing our identity. This makes it considerably different from other platforms. Darknet is generally used by either criminals or people related to defence. In simple words, people who need more privacy and security while communicating with others, use this platform.

 

Darknet and Cryptocurrency

 

A majority of darknet platforms use cryptocurrency as the medium of exchange because whenever we do transactions using cryptocurrency, they are generally passed through

a procedure of ‘mining’ to check every exchange on a blockchain. However, no information about the sender or receiver is recorded on the blockchain while exchanging data. This is the reason why darknet provides more security and anonymity.

 When on one hand, darknet users use cryptocurrency as the medium of exchange, companies related to cryptocurrency are also trying to make their wallets and transactions more secure and private to aim these darknet users. Cryptocurrency wallets are introducing new features to meet the needs of darknet users and to make their wallets preferable for them.

 

Wallets preferred by darknet users

 

In spite of being stable and despite its fame, bitcoin wallets are not used by darknet users. Cryptocurrency wallets like Zcash and Monero are preferred over it. The drop in values at regular intervals in bitcoin is often pointed as the reason behind it. Cryptocurrencies like gridcoin and dash are also trying to enter into this competition. Dash has made transactions through it faster to attract darknet users to their platform. With the addition of Dash InstantSend, exchanges will be growing and would tend to be more secure. In this way, Dash has become the first wallet to introduce such element in the crypto market which is a huge advance for the entire crypto community.

 

Threats related to Darknet and Cryptocurrency

 

Crypto market has become the ultimate choice for transactions for the illegal dealers and black markets. Therefore, many governments are trying to regulate darknet related transactions on such platforms and are considering them as a threat to their financial infrastructure.