Bitcoin Is Losing Favor On Darknet Markets Today

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If you wanted to buy contraband online in the last five years or so, you may have noticed that the option to pay in bitcoin — once the most popular form of payment on darknet markets — is slowly disappearing.

You may ask why it matters to you or the average Bitcoin enthusiast. (You’re presumably an excellent, law abiding citizen — good for you, but that is irrelevant.) Allow me to explain.

The Silk Road

The first major milestone of bitcoin was to be accepted as a form of money. This happened with small obscure merchants at the early stages, but as the word spread, bitcoin found itself as the “official” currency of the darknet, and allowed the creation of a market called “Silk Road.”

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