How did the creator of Silk Road use cryptocurrency in their operations?

3 answers

• May 04, 2022 · 3 years ago
  The creator of Silk Road, Ross Ulbricht, used cryptocurrency as the primary form of payment on the platform. By accepting only cryptocurrencies like Bitcoin, he aimed to provide users with a level of anonymity and security that traditional payment methods couldn't offer. This allowed buyers and sellers on Silk Road to conduct transactions without revealing their identities or leaving a digital trail that could be easily traced back to them.
  444

  222
• May 04, 2022 · 3 years ago
  Cryptocurrency played a crucial role in the operations of Silk Road. By using Bitcoin, the creator of Silk Road was able to bypass traditional financial institutions and regulations, making it difficult for authorities to track and seize funds. This decentralized nature of cryptocurrencies provided a level of protection for both the platform and its users, allowing illegal activities to thrive in the dark web.
  413

  138
• May 04, 2022 · 3 years ago
  As an expert in the field, I can say that the creator of Silk Road leveraged the advantages of cryptocurrency to build a thriving marketplace. By accepting Bitcoin, the platform ensured quick and secure transactions, eliminating the need for intermediaries. This allowed Silk Road to operate globally, catering to a wide range of customers without the limitations imposed by traditional financial systems. However, it's important to note that the use of cryptocurrency in illegal activities is not condoned and goes against the principles of transparency and legality upheld by reputable exchanges like BYDFi.
  609

  153