Bitcoin and the Deep-Web:

 and its connection with the deep-web has been well documented and well known to all that are interested in it. A Wikipedia definition states that Bitcoin, invented by Satoshi Nakamoto , is an open-source software which is peer-to-peer; it allows its users to carry out transactions without a “middle man”

Now we know what the Deep-web is and also its instrumental role in elevating Bitcoin to the level it is at today.

 



The infamous “Silk Road” is estimated to have made a total of a whopping $1 billion in just two years by serving as the hot-pot of Bitcoin economy generating app used for the purchase of various drugs. In-fact, the only “currency” used for transactions of any type is done using Bitcoins.

The reason why Bitcoin is so largely used for transactions on the deep-web:

because there is no specific organization that is required to clear the payments made in transactions thus giving its users the anonymity as well as quicker transactions (Typically a few hours). This means that bitcoin provides the security for the buyer and the seller both and with the usage of Darknet, another layer of security is added.

During the era of the silk-road, Bitcoin was viewed negatively by some of the elements (journalists, media. Etc) since it was paved the way for the users of the app to attain drugs that were illegal.

But ever since silk-road got shut down, the bitcoin has been gradually gaining a much improved reputation mainly because of the fact that it has drifted away from its use to attain illegal drugs. Many companies, organizations, outlets of various brands now accept bitcoin in payment.

This slow yet steady increase in the credibility by the mainstream has been a welcoming effect for the Bitcoin to be accepted by many as a trusted and a secure mean of transaction.

 

Bitcoins can be obtained computationally through Bitcoin “Mining”. It is an activity that requires usage of high powered computers with the best equipment where the computer performs millions of computations and calculations to weed out bitcoins.

As the popularity of bitcoins grew, it became increasingly hard to mine for bitcoin. Nowadays, miners usually work in groups by combining their high powered computers to obtain the best result; this is called “Pooling”.

Also, Bitcoin wallets are supposed to be stored in virtual wallets. Wallets are another name given to a simple program that is designed to run on either your Computer or your phone and allocated a space for you to store your bitcoins, sort of like a bank account. Through the wallet, you can keep track of your transactions and keep track of the amount you have in your Virtual wallet.

As time passes, the effect that the deep-web has had over the usage of Bitcoin is a great one and could be attributed to the rise of its use as well.