What Is The Impact Of The Silk Road Trial On Bitcoin?

ANNOUNCEMENT: Well it has happened! Another Silkroad Darknet Market has spawned after the demise of Silk Road 2.0. The new site is called Silk Road Reloaded and is utilizing different technology than its predecessors therefore a new guide for Silkroad Reloaded will be coming soon. In the meantime Agora Marketplace is still alive and kicking bigger than ever with more listings than Silkroad 2.0.

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HackerPopular culture has considered the crack-down on illicit darknet sites by the US government an indication that Bitcoin, the choice currency for transactions on online black market sites such as Silk Road, is open to exploitation by criminals looming in the dark recesses of the web. The logic for this conclusion is quite damaging to the world’s most popular cryptocurrency, and quite misleading.

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It turns out that the Silkroad trial had a very small impact on bitcoin. If anything, it is the digital currency that had a significant impact on the Silk Road trial. After all, without this digital currency, the Silk Road would have essentially being a regular criminal trial about a marketplace that dealt in contraband and other illegal services. So, bitcoin made the trial more interesting.

BitcoinThe trial may have in fact helped bitcoin gain legitimacy. When Silkroad founder was nabbed and millions of bitcoins seized from him, it was demonstrated that bitcoin is not an easy way for online criminals to avoid the rule of law. Bitcoin can no longer be considered as a currency that favors criminals because of its alleged impenetrable anonymity. Bitcoin blockchains leave a trace, and this means that the identity of the users can ultimately be established.

Frankly, despite what most people think, the Silk Road has not ruined bitcoin’s public perception. The trial has proven that bitcoin is a legitimate currency that does not favor the sprouting of online criminal enterprises by offering perfect anonymity. Because of this trial, people now realize that bitcoin transactions can be traced, and this means that criminals can still face the law. Law enforcement authorities just have to learn the technicalities of this technology and eventually gain the skills required to enforce the rule of law where for crimes involving the use of bitcoins.

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