3. Cryptocurrency On The Black Market
The Silk Road scandal provided a lot of exposure to the emerging world of cryptocurrency. At the same time, it also caused a lot of bad press. Silk Road was a website that exploited Bitcoin’s anonymity to sell illicit products, including illegal drugs. People who used the website could buy those products without divulging their true identities.
When the scandal came to light, those who had created the website faced prison terms. The government began to ask serious questions about how it should handle the emergence of the crypto-economy. People might have otherwise been interested in Bitcoin and other cryptocurrencies. But they decided that they did not want to be a part of it. You know, something that people might consider the black market. Still, in the years following the Silk Road scandal, studies have shown that most of the use of Bitcoin and other cryptocurrencies has been for basic goods and services, not illegal drugs.