Even now that the Bitcoin bubble has long since popped, increasingly desperate cryptocurrency (crypto) fans are still exhorting the virtues of the technology’s supposedly rosy future.
Given crypto’s lack of intrinsic value beyond what it takes to mine it, however, such exhortations appear to be little more than desperate ‘hodlers’ (holders of crypto) seeking to pump up its speculative value.
However, our #1 crypto transaction type, speculation, is far from being the only reason to conduct transactions with crypto.
Crypto Transaction Type #2: Darknet Transactions
The Darknet consists of parts of the Internet that standard search engines cannot reach – those dark corners of the Web where purveyors of contraband from illegal drugs to child pornography do business.
In fact, if it weren’t for crypto, the Darknet would be a mere shadow of its current self – and Bitcoin remains the coin of the realm. “Bitcoin is the most common form of payment for drug sales on dark net marketplaces and is emerging as a desirable method to transfer illicit drug proceeds internationally,” according to the US Drug Enforcement Agency’s (DEA’s) 2017 National Drug Threat Assessment Report. “Bitcoin is the most widely used virtual currency due to its longevity and growing acceptance at legitimate businesses and institutions worldwide.”
Read the entire article at https://www.forbes.com/sites/jasonbloomberg/2019/01/19/the-eight-most-popular-cryptocurrency-transaction-types-are-not-what-you-expect/.
Intellyx publishes the biweekly Cortex newsletter, advises companies on their digital transformation initiatives, and helps vendors communicate their agility stories. As of the time of writing, none of the organizations mentioned in this article are Intellyx customers. The author does not own, nor does he intend to own, any cryptocurrency or other cryptotokens, neither long nor short. Image credit: Jason Bloomberg.
