Bitcoin And The Online Drug Trade

Bitcoin And The Online Drug Trade

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Bitcoin is arguably the most successful cryptocurrency but it does have a checkered past. While the connection between Bitcoin and the online drug trade doesn’t mean the currency isn’t valid for other pursuits, some remain skeptical. Just like other tender, Bitcoin is only as legit as its users.

In addition to discussing Bitcoin as a currency, we’ll also cover the recent shakeups in the dark web marketplaces.

What Is Bitcoin?

Bitcoin is a currency that exists in the digital environment. It requires no bank oversight. The system that governs the trade of Bitcoin is embedded into its existence. There is a set amount of Bitcoin and until that cache is exhausted, it’s possible to access it through a process called mining. More about that later.

Bitcoin transactions are anonymous and do not require buyers and sellers to use their real name. Instead, transactions use something called a wallet ID to identify and track deposits, withdrawals and transfers. More about wallets later, too.

This currency is not insured by the FDIC. In spite of this, it’s impossible to acquire or spend it without a digital trail. In this way, Bitcoin is one part wild west and one part sci-fi.

Bitcoin Wallets

Bitcoin wallets are a bit like a digital bank account. They hold the currency and keep a log of the transactions in and out.

You access your wallet with a unique key and it’s essential to keep this key safe. Anyone with your key can do as they will with your Bitcoin.

Your wallet can exist in the cloud or on your computer at home. There are advantages and disadvantages to both, however. Cloud based wallets are vulnerable to hacking while local wallets can be damaged by viruses or lost altogether if your machine dies unexpectedly.

As you can see, there is some risk associated with Bitcoin but it hasn’t stopped its value from skyrocketing.

How To Get Bitcoin And Bitcoin Mining

Along with your wallet’s master key comes a way to send and receive the currency via email address or wallet address. This makes it possible to take payment for services in Bitcoin.

Additionally, you can buy Bitcoin with regular currency from anyone willing to sell it.  Coinbase makes it relatively easy to buy your first coin. Just start a purchase, connect your bank account, or PayPal account and start a purchase. If you’d rather do your deal on the down low, you can purchase coins with a debit card.

Finally, some people use their computers or special processing setups to mine the coins from the block chain.  This video will explain how to mine the coins if you choose to go that route. Just remember it takes time and costs energy to keep the processor running.

Enter The Deep Web

If you have a Tor browser, or another way to access the internet that’s encrypted for safety, you can get yourself to the dark or deep web. This is a different side of the internet most people don’t see because it isn’t indexed by search engines. In other words, below the surface results you see in Google exists a whole network of other websites and information that isn’t cataloged.

There are many message boards and marketplaces where goods are bought and sold using Bitcoin to keep transactions under the radar of law enforcement. These markets are often called Dark Markets.

We’re not here to tell you precisely how to access these dark markets, but you’ll figure it out easily by following the links we’ve provided in this article. Be advised that these markets are a bit unstable themselves and have been busted by the government in the past. Most infamously, the Silk Road was busted up and its alleged founder arrested several years ago. Earlier this year, AlphaBay met a similar fate.

Now many of these markets exist, including the Dream Market which appears to be benefiting the most from the traffic previously heading through the AlphaBay.

Transactions On The Dark Markets

While there are other crypto currencies, Bitcoin remains the most popular way to buy and sell goods on the Dark Markets. You’ll need to set up a few layers of encryption such as a VPN and have your Tor browser in place before heading to a Dark Market to set up an account. Once your account is established, you’re free to communicate with sellers (with a secure PGP key) and have a blast.

Proceed at your own risk here, people, and take great care in this underbelly of the internet.

Peace!

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