Dark Web & Bitcoin: Myths and Facts you need to know
Bitcoin has been the de facto currency of the Dark Web – the 'hidden' Internet accessible only by Tor – since the pioneering marketplace Silk Road, the 'eBay of drugs', arrived in 2011.
But just how much do we know about these new underground economies? Who is buying and selling – and what? This article will tell you more about Bitcoin and the Dark Web.
What is bitcoin?
"Many people have heard of bitcoin now, but I agree that the vast majority--99%--don't know what it really is. Of course, bitcoin can be dangerous. It is certainly very volatile. Most people who own bitcoin do so as an investment rather than as money--a medium of exchange.
However, I would not recommend investing in it unless you understand it and know the risks,"
There’s never too many kinds of investments that you can have, especially when you want to be a rising master of the game. If you’re unfamiliar with it, Bitcoin is a digital currency which only started within the last decade, so it’s not too late to be an early adopter.
Unique to other forms of currency which require banks and physical kinds of cash, it offers a unique investment opportunity for the digital age.
Though, many people have this stereotypical myth about Bitcoin being related to dark web and it’s authenticity when it comes to the legal status. Before we even talk about investing in cryptocurrency, let’s first get this correct!
What is the dark web?
The “dark web” is a part of the world wide web that requires special software to access. Once inside, web sites and other services can be accessed through a browser in much the same way as the normal web.
However, some sites are effectively “hidden”, in that they have not been indexed by a search engine and can only be accessed if you know the address of the site.
Special markets also operate within the dark web called, “darknet markets”, which mainly sell illegal products like drugs and firearms, paid for in the cryptocurrency Bitcoin.
There is even a crowdfunded “Assassination Market”, where users can pay towards having someone assassinated.
Because of the the dark web’s almost total anonymity, it has been the place of choice for groups wanting to stay hidden online from governments and law enforcement agencies.
On the one hand there have been whistle blowers using the dark web to communicate with journalists, but more frequently it has been used by paedophile groups, terrorists and criminals to keep their dealings secret.
Can you buy things from the Dark Web that are legal?
The dark web was made for selling illegal goods on the internet.
But just because it was made for illegal purposes does not mean that it can be used to buy things legally.
When you hear the word “dark web,” you often associate it with crime and drugs.
But some places on the dark web can become an Amazon for the network.
You may possibly be confused on why you would want to buy something from the dark web, even if it is legal.
Why do that when it sounds sketchy and you could use a site like Amazonto buy goods from?
The answer to that is really for personal preference. Some people just like being on the dark web and would rather buy from there.
Other people might not be in a position to use conventional e-commerce sites in their country.
In many cases, countries do not allow citizens to go on certain websites. But with Tor, you won’t be blocked and this leads many to buy on there.
A piece of free advise :
Don’t even think of googling ‘Dark Web’ or even try downloading or accessing the ‘Tor’ browser, coz the moment you do that, you’re being tracked, hooked and watched upon.
So am I safe by investing in Bitcoins?
Bitcoin is a cryptocurrency. Don’t worry, you don’t need to feel like you’re back to your college days; the likelihood is that it wasn’t even invented then. Arriving onto the scene in 2008 in mysterious circumstances,
Bitcoin relies on encryption and runs on blockchain technology, giving you a viable, safe alternative to the sort of money you’re used to dealing with through the banks. It is both a new currency and uses different methods than traditional ones to complete and confirm transactions.
It’s all online, meaning that you can’t access your money through your usual means. However, as a digital asset, it’s incredibly trustworthy. All transactions are on a public ledger, meaning that everything is accountable.
Far from encroaching on your privacy (highly important), you will find that Bitcoin is not affected by the things that affect your other investments, when times get tough. Stocks and currency are affected by political upheaval or corporate change;
Bitcoin does not fluctuate in such a manner. To be precise, it does, but it seems to be influenced by economic and political instability positively, which has in fact brought it to equal a record breaking $4,247 at present, up from $640 in July 2016.
Where can I spend my bitcoin?
There is no point to any currency, unless you can spend it. You can use your Bitcoins across the board for everything from hotels to spas.
Global computing giant Microsoft added bitcoin as a payment option for a variety of digital content across its online platforms in December 2014.
According to the company’s payments information page, US-based customers can now use bitcoin to add money to their accounts, which can then be used to purchase content like apps, games and videos from its Windows, Windows Phone and Xbox platforms.
Other players include:
Dell, the multinational computer technology specialist
Overstock became the first major retailer to accept bitcoin
Newegg, a Los Angeles-based retail giant
Showroomprive.com took the crown of largest European company to start accepting payment in bitcoin in September 2014
TigerDirect, the online retailer of computers and consumer electronics
Monoprix is a major French retail chain
Bitcoinshop.us offers products from air-conditioners to watches
Memory Dealers carries a range of networking hardware equipment and computer memory
AirBaltic, the Latvian airline
Air Lituanica, another Eastern European airline
CheapAir.com, the California-based online travel booking website
BTCTrip, an online flight and hotel booking service
The UK’s Theatre Tickets Direct has recently started accepting bitcoin
Honest Brew, a UK-based online beer platform
The University of Nicosia became the first university in the world to accept Bitcoins as payment.
PizzaForCoins allows you to order from any nearby Domino’s, Pizza Hut or Papa Johns. Pay in Bitcoins to PizzaForCoins, and they’ll order your pizza(s) for you.
The Swiss Pharmacy provides high-quality medicine, both branded and generic. The Swiss Pharmacy accepts Bitcoins alongside traditional money, and will ship worldwide, with some exceptions that are listed on the website.
CoinMap is a map of more than 900 (at the time of writing) Bitcoin-friendly businesses all across the world, including restaurants, pubs, cafes and bakeries. Some examples include Pembury Tavern in London, Tabita Bakery in Mexico City, and a Subway franchise in Allentown, Pennsylvania.
Is It A Luxury?
The currency is popular, but some old-school investors have not gotten on board yet. The knowledge in understanding its value is one aspect of Bitcoin, but the ability to invest is what ultimately brings power. You’re in total control, too. You don’t need middlemen to make exchanges, and it offers you more and more options.
Plus, when if you live a life of travel, Bitcoin can also be used without the inconvenience of transaction costs and currency exchange, making it an ideal international solution. It isn’t associated with one particular nation, making it truly global.
Isn’t it a luxury just to have the opportunity, whether you take it or not?
In upcoming blogs, we talk more about how to mine a cryptocurrency, trading and it’s impact on the global economy. Keep following us and StandOut!