ZEE Business
ZEE BUSINESS
हिंदी में पढ़ें  हिंदी में पढ़ें
Live TV
Live TV
  • Home
  • Personal Finance
    • PPF
    • Mutual Funds
    • Income tax
    • EPFO
    • Income Tax Calculator
    • Personal Loan Calculator
    • Car Loan Calculator
    • Home Loan Calculator
    • SIP calculator
    • SWP Calculator
    • MF Returns Calculator
    • Lumpsum Calculator
  • India
    • Companies
    • Property
    • Startups
    • Uidai
  • Economy
    • Aviation
  • Tech
    • Mobiles
    • Apps
  • Auto
    • Cars
    • Bikes
  • Markets
    • Commodities
    • Currency
  • Railways
  • World
    • Economy
    • Politics
    • Markets
  • Survey
  • videos
  • photos
  • More ...
    • VIDEOS
    • PHOTOS
BREAKING NEWS
  • Dalal Street Corner: Market ends flat even as FII selling nears exhaustion; what should investors do on Friday?
  • Exclusive: June GST collections estimated at Rs 1.37-1.39 lakh cr, sources tell Zee Business ahead of announcement on 1 July
  • Eknath Shinde sworn in as 30th Chief Minister of Maharashtra, Fadnavis becomes Deputy CM
  • Gold Price Today: Weaker Rupee to hold yellow metal slide domestically, amid strengthening Dollar; analyst suggests strategy
  • Monsoon session of Parliament to begin on July 18; to end on August 12
Read in App
Business News » World News

Daily bitcoin transactions on darknet markets doubled throughout 2018: report

The dip was attributable to the closure of major markets AlphaBay and Hansa in mid-2017 which hampered flows until the start of last year when transaction volumes started to steadily grow again, Kim Grauer, senior economist at  Chainalysis , said in an interview. 

  • Twitter
  • Facebook
  • Linkedin
  • whatapp
  • View in App
Daily bitcoin transactions on darknet markets doubled throughout 2018: report
Bitcoin transaction volumes on darknet markets rose throughout 2018 to an average of $2 million daily, Image source: Reuters

Use of bitcoin as a form of payment doubled in 2018 on darknet market sites, where users can buy anything from illegal drugs to fake IDs, even though the price of the cryptocurrency crashed, according to a study by data firm Chainalysis. 

Bitcoin transaction volumes on darknet markets rose throughout 2018 to an average of $2 million daily, nearly double the activity measured at the start of the year, according to Chainalysis.

Overall bitcoin flowing into darknet markets fell to $600 million in 2018 from $700 million a year earlier, Chainalysis found. The dip was attributable to the closure of major markets AlphaBay and Hansa in mid-2017 which hampered flows until the start of last year when transaction volumes started to steadily grow again, Kim Grauer, senior economist at Chainalysis, said in an interview. 

"The reason for that drop is more law enforcement activity," Grauer said. "It would be misleading to think that this year it (the volume) will go down."

Bitcoin, the largest cryptocurrency, is a popular form of payment on darknet markets because users do not need to reveal their identities.

In 2017 bitcoin became wildly popular with speculators who trade it online against other virtual currencies as well as hard currencies such as the U.S. dollar. Bitcoin`s price peaked in December 2017 at just above $20,000 and is now down more than 80 percent from its high.

While bitcoin`s volatility has attracted speculators, it has prevented it from becoming a more widespread form of payment in mainstream commerce. The value of bitcoins handled by major payment processors shriveled nearly 80 percent in the year to September, earlier data from Chainalysis showed.

The wild price swings have not dissuaded darknet users, Grauer said.

"For someone who wants to buy something on a dark marketplace, the fact that bitcoin price is fluctuating doesn`t really matter," Grauer said.

However several factors could disrupt the rise of bitcoin flows into these markets this year. These include more closures of markets by law enforcement and the movement of activity from these venues to encrypted messaging apps to avoid detection, Grauer said.
 

Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.

TAGS:
BitcoinAsia Markets
Written By: Reuters
Updated: Sat, Jan 19, 2019
07:47 am
New York, Reuters
RELATED NEWS
Cryptocurrency sees rout; Bitcoin down in 72% in 1 year; Etehrium, Cardano, Terra Luna see massive depreciation; expert suggest strategy Cryptocurrency sees rout; Bitcoin down in 72% in 1 year; Etehrium, Cardano, Terra Luna see massive depreciation; expert suggest strategy
Euro jumps on unscheduled ECB meeting, dollar awaits Fed move Euro jumps on unscheduled ECB meeting, dollar awaits Fed move
No proposal to recognise Bitcoin as a currency: Finance Minister No proposal to recognise Bitcoin as a currency: Finance Minister
Cryptocurrency Latest News INR Price Today June 25: Bitcoin, Ethereum lead rally as market recover; Dogecoin gains nearly 17% —Check how Shiba Inu and other top coins fared Cryptocurrency Latest News INR Price Today June 25: Bitcoin, Ethereum lead rally as market recover; Dogecoin gains nearly 17% —Check how Shiba Inu and other top coins fared
Cryptocurrencies Latest INR Price News June 24 2021: Bitcoin still in RED, Ethereum co-founder Charles Hoskinson comment on Dogecoin and rates of top coins TODAY— check all DETAILS here Cryptocurrencies Latest INR Price News June 24 2021: Bitcoin still in RED, Ethereum co-founder Charles Hoskinson comment on Dogecoin and rates of top coins TODAY— check all DETAILS here

LATEST NEWS

Lay-offs rise as stagflation worries mount; Zee Business' research explains impact

Buy, Sell or Hold: What should investors do with AU Small Finance Bank, MMTC and Aavas Financiers?

Garmin Forerunner 955 Solar, Forerunner 255 series smartwatches launched in India - Check price & availability

Exclusive: June GST collections estimated at Rs 1.37-1.39 lakh cr, sources tell Zee Business ahead of announcement on 1 July

Residential demand upbeat despite rise in construction cost, interest rate, says brokerage; picks DLF, Oberoi Realty among top 4 bets

Retail inflation for industrial workers rises to 6.97% in May

Toyota India set to unveil Toyota Hyryder tomorrow, Check details here

Statiq raises USD 25.7 mn in funding round led by Shell Ventures

Monsoon session of Parliament to begin on July 18; to end on August 12

Indian and Offshore Gaming Sites Are in the Same Boat, Experts Remind

  • India News
  • World News
  • Companies News
  • Market News
  • Personal Finance News
  • Technology News
  • Automobile News
  • Small Business News
  • Income Tax Calculator
  • Live TV
  • Videos
  • Photos
  • Author
  • Rss Feed
  • Advertise with us
  • Privacy Policy
  • Legal Disclaimer

Latest Trending Updates

  • EPFO
  • Budget 2020
  • Income Tax Return
  • Auto Expo 2020
  • Home Loan
  • Business News

Trending Topics

  • Income Tax
  • income Tax Calculator
  • 7th Pay Commission
  • Reserve Bank of India
  • GST
  • Latest Business News

Follow us on

zeebiz
zeebiz

Partner Sites

  • Zee News
  • Hindi News
  • Marathi News
  • Bengali News
  • Tamil News
  • Malayalam News
  • Gujarati News
  • Telugu News
  • Kannada News
  • DNA
  • WION
© 2022. India Dot Com Private Limited. All Rights Reserved.
LIVE TV