Darknet vendors might be rich with Bitcoin [BTC], but have issues encashing them

A few people from the darknet markets [DNM] are of an opinion that vices are not crimes. There are a few popular Bitcoin holders who are millionaires because of investments in the initial days.

Most of Bitcoin’s earliest adopters are DNM operators and vendors. There were in the business from the inception of the first modern DNM, the Silk Road, launched in 2011. According to estimates, the Silk Road took $30-40 million yearly and had 146,946 buyers and 3,877 vendors earlier in 2013. This collapsed in the same year towards the end with many of them moving to newer darknet markets, of which few exist even today.

According to Bitcoin News:

“Since the fiat value has increased so much it has made some early investors very rich. Moreover, there’s one group of early adopters that no one likes to talk about — darknet market vendors.”

David Gilbert, an author from Vice author reports that a lot of DNM vendors have gained massively while investing in Bitcoins by selling their wares and deeds on the internet but the issue is cashing them out into fiat. This isn’t easy at all even for the wealthy DNM vendors. Many of these rich vendors have even tried contacting Swiss Bank to escape into fiat silently. Few such vendors from Wall Street Market, the Point market, and others explained and revealed a few details of how they cashed their assets into the fiat system.

  • Method 1: Mix and sell the assorted coins locally to people who are willing to pay cash for it.
  • Method 2: Buy prepaid cards with BTC which gives credits and vouchers to a wide range of gift stores.
  • Method 3: Western Union can be used as a payment service as one vendor transfers his coins to platforms that automatically send Bitcoins to Western Union accounts.
  • Method 4: Slow and steady wins the race.

They also included a fact at the end that, approximately only 20% of people or vendors are creative enough to get out of such situations and the rest have no clue about it.

DNM vendors might be the earliest adopters of Bitcoin, which is a safe play, but they have to use innovative methods and ideologies to actually use their funds. The evolution of blockchain surveillance companies has become a threat to DNM vendors and many of them are using different techniques to avoid the law.

The post Darknet vendors might be rich with Bitcoin [BTC], but have issues encashing them appeared first on AMBCrypto.

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