Darknet Marketplace Bitcoin Transaction Volume Increases

2014 was quite an interesting year for Bitcoin, as the total number of transactions processed by BitPay were on the rise, compared to the year before.  It has come to our attention that that number of transactions processed by BitPay is just a fraction of the total network transactions, most of which took place through marketplaces on the darknet.

Shady Marketplaces Favour Bitcoin Payments

Even though this topic has been touched upon multiple times in the past, people still associate Bitcoin transactions with illegal activities.  To a certain extent, there is merit to that statement, as shady online marketplaces prefer Bitcoin payments for its alleged anonymity.  Bitcoin is not anonymous, it’s pseudonymous, and it is far from an ideal payment method when involved in illegal transactions of any kind.

That is not keeping uneducated people from using Bitcoin payments through darknet marketplaces though.  In fact, more Bitcoin payments were processed by darknet marketplaces compared to the total number processed by BitPay, the world’s leading Bitcoin payment processor.  An interesting trend to say the least.

Last week, a report was released by Carnegie Mellon University’s, Nicolas Christin and Kyle Soska.  The

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