The dark web, just like in the real world, is a community of both good and bad people, making it challenging to identify the more trustworthy people to engage with. Amidst the clamor for Initial Coin Offerings (ICOs) and the rising number of coins and digital currency markets, there is a darker side of crypto that is rarely talked about but whose knowledge and awareness is important. This involves discovering ways to buy, sell and trade different coins without the need for exchange networks like GDAX, Gemini and Binance. Why would you need to know this? For starters, it may help you to minimize your exposure and ensure you and your money is safe. Keep in mind however, that you will need to research your local laws to make sure that you’re not doing anything out of bounds.
Cryptocurrency can be viewed as a form of electronic money or tokens that are have value based on how much demand they produce in the free market. Cryptocurrency has value, partly because complex mathematics and computer encryption ensure that each unit of currency is unique and valid. Unlike traditional monetary systems, there are no governments or central banks controlling decentralized cryptocurrencies, the exception perhaps being some of the hybrid coins like Ripple and some of the cryptocurrencies being developed in countries like Brazil, Russia and Estonia.
Most people believe the dark web involves stuff on illegal networks that are not indexed for regular search engines. This is partly true, but there is some good that can be found on the dark web as well, not to mention its features that protect our inalienable right to privacy.
In the same way that you can’t access the dark web using a regular browser, you cannot access the dark crypto world using conventional exchanges like Gemini and Coinbase. Because the regular Bitcoin exchanges facilitate trading cryptocurrency for fiat currencies and vice versa, they are often subject to regulations in countries like the US. The aim of fiat gateways is to reduce or eliminate regulatory burdens. However, fiat gateways are complicated and they require that you find an out-of-band solution to convert your fiat into tokens and vice versa.
The fiat gateways are run by organizations through which users can quickly convert their fiat currencies into tokens which can then be transferred on the blockchain faster than the regular transfer method and at lower fees. A user can thereafter withdraw the tokens for fiat as they may wish. The greatest challenge is that locating and joining these fiat gateways and exchanges isn’t as easy as it sounds and even when you join one there are challenges you must put up with.
If you are new in the world of Bitcoin and digital currency, it might be easiest to stick with the regular exchanges like GDAX or Gemini until you’ve got a handle on the basics of crypto-trading. You must know the risks associated with dealing with fiat exchanges before you trade. Most of them don’t have active customer service desks and you can’t get in touch with them in case there is a problem. Also, don’t think of an exchange like a wallet. It’s not. Some of them have been hacked in the past, where millions of dollars in Bitcoin were stolen. Others require extensive paperwork before you can gain access, due to regulatory requirements. To learn more, give the below podcast a listen.
Daniel is an experienced and dynamic entrepreneur with a demonstrated history of launching and operating successful businesses. Skilled in Business Strategy, Technical Consulting, Coaching, Sales, Entrepreneurship, Team Building, and Public Speaking.
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