To understand cryptocurrency, we need to touch on the topic of its involvement in illegal activity. Used a tool to buy, sell, and trade, cyber criminals use crypto just like the rest of us do; the only difference is what comes out of those transactions. During its fledgling years, cryptocurrency was often blatantly used for criminal activity, but just as the industry changes to meet certain standards, so too do the criminals adapt.
Flashback nearly ten years ago; the year is 2011 and Silk Road is open for business. Colloquially known as the eBay for drugs, Silk Road became a pretty self explanatory and simple operation. In it’s prime, Silk Road supported 13,000 drug listings originating from 1,400 vendors. During its lifespan from 2011 to 2013, more than $1 billion was earned, most of that through Bitcoin transactions. After its FBI shut down in 2013, the story of Silk Road became public, exposing many other illegal online ventures, their methods, products, and practices. This is also around the time that mainstream media began hearing whispers of Bitcoin and public sentiment began to equate crime with Bitcoin.
Today there is still cryptocurrency involved in criminal and even terrorist activity. For perspective, the criminal side of crypto, though insidious and dangerous, is still only a small portion of its usage. For the vast majority of crypto users, waller holders, and enthusiasts crypto is used for nothing but legit activity. Don’t let the dark side of crypto keep your from pursuing an interest and investment in cryptocurrency.
Flashback nearly ten years ago; the year is 2011 and Silk Road is open for business. Colloquially known as the eBay for drugs, Silk Road became a pretty self explanatory and simple operation. In it’s prime, Silk Road supported 13,000 drug listings originating from 1,400 vendors. During its lifespan from 2011 to 2013, more than $1 billion was earned, most of that through Bitcoin transactions. After its FBI shut down in 2013, the story of Silk Road became public, exposing many other illegal online ventures, their methods, products, and practices. This is also around the time that mainstream media began hearing whispers of Bitcoin and public sentiment began to equate crime with Bitcoin.
Today there is still cryptocurrency involved in criminal and even terrorist activity. For perspective, the criminal side of crypto, though insidious and dangerous, is still only a small portion of its usage. For the vast majority of crypto users, waller holders, and enthusiasts crypto is used for nothing but legit activity. Don’t let the dark side of crypto keep your from pursuing an interest and investment in cryptocurrency.