The specter of the deep web looms large over everything Bitcoin does. Venture capitalists funding blockchain startups rarely mention it, nor do options exchanges applying for Bitcoin ETFs, but the darknet is the reason we are all here. A periodic glance into the latest from the deep web provides insight into the underbelly where Bitcoin first bloomed, and where a significant proportion of cryptocurrency purchases still occur.
From Reddit to Dread: The Shift in Darknet Information Channels
Ever since Reddit's r/darkmarkets was shut down, Deepdotweb.com has been the main source of news for purveyors of the darknet. The site has been behaving erratically of late, with European visitors getting error messages when attempting to visit. Whether this is the result of a temporary glitch or a GDPR-instigated ban is unknown. For all the good work Deepdotweb does, it is unhealthy to rely on a single, centralized source of news—authorities could covertly infiltrate the website to control the news cycle and funnel users to honeypot darknet marketplaces.
Thankfully, an alternative source has emerged. Dread, residing at dreadditevildot.onion, is Reddit's r/darknetmarkets reborn, accessible only via Tor. As forum members agree, discussing business over the deep web where IPs cannot easily be traced is in everyone's best interest. Dread features several boards, with d/darknetmarkets being its most popular, boasting over 13,000 subscribers.
75% of Dream Vendors Accept Bitcoin Cash
Acceptance of Bitcoin Cash (BCH) has grown significantly among vendors on Dream, the deep web's largest and longest-running marketplace. BCH was added around six months ago when Bitcoin (BTC) fees were high, sparking protests from buyers and sellers priced out of sub-$100 purchases. While BTC fees have since abated, BCH adoption has continued to rise. Dream Market now records 102,000 listings from vendors who accept BCH, versus 126,000 for BTC—meaning BCH accounts for over 80% of BTC's volume.
The DDoS attacks that crippled many deep web markets last year have yet to resurface. Dream boasts the second-best uptime at 98.19%, with only Olympus Market (99.81%) exceeding it. Worst in the list are Rapture (92.22%) and Point (91.87%). While crypto users squabble and grandstand on the clearnet, on the darknet it's business as usual—a thriving ecosystem of underground markets where (almost) anything can be bought and sold anonymously.
The Darknet: Cryptocurrency's True Birthplace
The darknet serves as a constant reminder that Bitcoin's original value proposition included anonymous transactions. Despite institutional money, ETF approvals, and compliant exchanges, cryptocurrency flows on the darknet have never stopped. The fact that nearly 75% of Dream vendors now accept BCH demonstrates that low-fee, fast-confirmation cryptocurrencies hold an irreplaceable advantage in certain scenarios. With the rise of Dread forum, the darknet community now enjoys a more secure platform for information exchange, potentially further driving cryptocurrency adoption in privacy-focused applications.
Images courtesy of Shutterstock and Dread.