Bharat SainiLast Updated on October 27, 2021 by Bharat Saini
Bitcoin has a reputation for being the “bad boy” of cryptocurrencies. Since the cryptocurrency was first developed, many contraband uses for Bitcoin have popped up online.
The number of illegal Bitcoin purchases decreased by 50% between 2019 and 2020. All signs point to Bitcoin becoming a commonplace and legitimate currency.
That said, these contraband stories can be pretty exciting. Keep reading, and we’ll tell you about the surprising history of Bitcoin and contraband.
Bitcoin Origins: Drug Dealing on the Silk Road
Bitcoin originally rose to popularity on a “dark web” site called the Silk Road. The Silk Road was an online trading post for a wide variety of criminals. The majority of the site’s users were buying or selling drugs.
Bitcoin was the perfect cryptocurrency for these online drug deals. It kept personal information much more secure than a bank account could.
Bitcoin transactions were not subject to as many regulations as bank account transactions. This made it ideal for these illegal sales. Any drug deal could be disguised as just someone getting online to sell Bitcoin.
The criminal behind the Silk Road eventually got caught. Bitcoin transactions on the dark web have drastically decreased since then.
The Favorite Currency for Online Extortion
Because Bitcoin is difficult to trace, it is very enticing to online extortionists. These cybercriminals make money by hacking computer systems that contain confidential information.
Common targets for online extortion include tech companies, hospitals, and pharmacies.
Once they’ve got this information in their hands, these hackers hold it for ransom. They often request payment in Bitcoin.
Bitcoin is harder to trace than cash, but it is not anonymous. The more popular Bitcoin becomes, the more difficult it will be for cybercriminals to get away with these attacks untraced.
The Next Step for Sex Workers
When you think of the kind of person who is most likely to buy Bitcoin, you might not picture an OnlyFans model. However, these money-savvy content creators may be at a currency crossroads.
OnlyFans recently made the impulsive decision to ban explicit content on their platform. OnlyFans had been a haven for people selling homemade pornography.
Faced with few options, OnlyFans models started looking toward Bitcoin for answers.
OnlyCoins has emerged as a solution. OnlyCoins is a platform for sex workers who can accept Bitcoin as payment. Pornography creators will no longer have to battle against unjust censorship.
Contraband Uses For Bitcoin: Soon to Be a Thing of the Past
These contraband uses for Bitcoin make for exciting stories. However, they do not reflect the future of this cryptocurrency. The role of Bitcoin in criminal activity will likely continue to decrease as Bitcoin trading becomes more common.
Bitcoin trading is one of the most promising currency solutions for the next generation of entrepreneurs.
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