Due to the transition of people around the world into a stay-at-home mode, where the only viable way of communication is through the global network, some new information regarding darknet activity has begun to surface. In the time of coronavirus pandemic, there has been an increase in both the activity of cyber crooks using the cryptocurrencies and general illegal activity on the internet.
What is Cryptocurrency?
Cryptocurrency is a digital asset designed to work as a medium of exchange wherein individual coin ownership records are stored in a digital ledger or computerised database using strong cryptography to secure transaction record entries, to control the creation of additional digital coin records and to verify the transfer of coin ownership. It typically does not exist in physical form (like paper money) and is typically not issued by a Central authority.
Crypto and darknet
Digital assets are used in many areas, including acting as a means of payment on the darknet by those seeking anonymity while performing operations deemed questionable by regulators. Cryptocurrencies are popular with sellers of items like illegal drugs, weapons and other restricted goods or illegal activity.
Darknet users provide impetus to markets in the network by using special software such as the TOR browser to circumvent inaccessibility to such goods through the use of crypto with its pseudo anonymity for money transactions. These kinds of transactions of decentralisation itself have put limits on the control of global intelligence agencies.
Cryptocurrency made the leap from being an academic concept to (virtual) reality with the creation of Bitcoin in 2009.
Future of Cryptocurrency
Some economic analysts predict a sea change in crypto is forthcoming as institutional money enters the market. Moreover, there is the possibility that crypto will be floated on the Nasdaq, which would further add credibility to blockchain and its uses as an alternative to conventional currencies. Some predict that all that crypto needs is a verified Exchange Traded Fund (ETF). An ETF would definitely make it easier for people to invest in Bitcoin, but there still needs to be the demand to want to invest in crypto, which might not automatically be generated with a fund.
There is still an opinion that Bitcoin and other cryptocurrencies are used only for criminal purposes. However, offshore banking systems are more suitable for financing terrorist activities and money laundering than an anonymous decentralised network through which payment pass.