Bitcoin was seen as a good black market currency in the early days before it boomed. It was anonymous, it was secure, it was perfect for shady deals. But all that is changing now. Criminals can no longer use bitcoin and feel safe doing so. In the light of upcoming regulations, and the blockchain ledger logging information; albeit indirectly, police and government officials can catch criminals in an easy to prove manner.
Bitcoin progressed slowly as a cryptocurrency in the early stages, slowly gaining value and holding a potential that few people looked into. It was perfect for shady deals and black market trades. Unable to be tracked by authorities and unregulated by the government what better way to safely and securely purchase illegal items. Websites sprouted up offering illecite goods in exchange for bitcoins.
One of the predominantly used “dark web” sites was shut down in 2013. Amidsts constant investigations and authoritative inquiries the “Silk Road” was shut down. And in early 2017 a court order denied an appeal resulting in a life sentence for the operator.
Safe Investments for the future
Why does it matter what happens to the black market investments? After all they are doing illegal actions majority of people would never be involved in. At the moment bitcoin is viewed as a security by the UNited States. And one thing a security investment is required to have is a link to the owner. On one hand we have the a reason a hopeful investor likes Bitcoin; anonymity. But on the other we have progress. Progress that shows how bitcoin is willing to grow. Proof that bitcoin is more than just a fad, or a bubble waiting to burst. Bitcoin is showing that is can bend, and flex to succeed.
Authorities are able to work with trading markets and view the bitcoin ledger. It might be something that people will shy from, but it is showing the currencies propensity to grow to the needs of those in charge. Bitcoin is viewed as a libertarian alternative, against the will of governments. If that was the case then why would authorities work in tandem with these companies?
Bitcoin is making strides to prove the viability of itself, and other cryptocurrencies.