October 17, 2020

How Do You Pay On The Dark Web?

The dark web is the most anonymous segment of the internet and houses a lot of criminal activities. It has got specific dark web markets and darknet forums, including the hacker forums where you can trade illicit items. How do you think the transactions take place? Fiat currency? Definitely Not!

The fiat currency is traceable. As the dark web is known for its illegal sales and criminal activities, the traders would need something concrete that would mask the transactions. If not fiat currency, then what? Well, cryptocurrency is what facilitates the transactions absolutely anonymously.

The cryptocurrencies are the digital currencies that require a digital wallet to be stored and used while conducting a transaction. There are multiple cryptocurrencies, but the first-ever cryptocurrency and the most prominent one is Bitcoin (BTC). There are other cryptocurrencies as well like Bitcoin Cash (BCH), Monero (XMR), Ethereum (ETH), Litecoin (LTE), and many more. New currencies are also introduced. You can trade these cryptocurrencies via the cryptocurrency exchanges or sometimes in-person. Some cryptocurrency exchanges have also introduced their own cryptocurrency. Even Facebook has its own cryptocurrency named “Libra”.

While trading with cryptocurrencies, you would often come across a popular term “Escrow”. Escrow is a third-party system that acts as a bridge between the buyers and the sellers. It controls the disputes between them and resolves it. As the transaction goes, one person sends the decided amount to the escrow wallet, and after he confirms the wallet currency is released and gets deposited to the other person’s wallet.

Thus, these are the few procedures that you have to undergo if you are eager to transact on the dark web.