BTCWires– While cryptocurrencies have taken the monetary transactions by storm and have revolutionised the financial aspect of the world, there is an extremely dark, vicious side of it which may prove to be the reason of a corrupted, damaged humanity.
The Hidden Black Market
The dark web or deep web constitutes the greater part of the internet. Many illegal and immoral activities are conducted in the deep web and each of them carry out the payment transactions through Bitcoin and other new cryptocurrencies. Even when the surface web had not actively accepted the use of cryptocurrencies, the deep web had been operating with the help of this method for all kinds of corrupt work. Some of them are listed below :
- This area of the dark web is called the hidden market but this is not actually hidden for all. A little bit of knowledge about the dark web lands a person into these kind of sites where all kinds of weapons, drugs and other abusive material are available for a price and every transaction is carried out via Bitcoins transactions. Though there are surveillance systems and blocking operations that are conducted frequently, but these have been of little benefit. These websites are temporary. As soon as one site gets offline or gets deactivated, a second one pops up with immediate effect. This is alarming!
- Derogatory sites offering rape and blackmail videos : These sites are up and running in huge numbers in the deep web. The admins of the websites offer thousands of disturbing videos and images including the banned child porn videos and sick-minded people buy them using Bitcoins. Each day, several websites are taken down but just like the black markets, these sites re-appear with some new IP address and site links.
- Data selling sites : These websites are more dangerous than they appear. These websites are constructed by hackers, who, hack other websites and scam sites to collect personal information and data of random people and later sell them for Bitcoins to people who are willing to buy these kind of personal data. This is a huge blow in the privacy of an individual and action must be taken overnight to stop these websites from operating.
Cryptocurrencies and Blockchain technology might have proved to be a boon for many aspects in financial and other aspects, but these have also proved to be a bane when it comes to anonymous transactions in the deep web for illegal purchases. Everything has its own advantages and disadvantages. But the sort of disadvantages that cryptocurrencies carry with them should be minimised totally in order to make them a really effective method of transactions.