A report has surfaced recently which indicates that bitcoin transactions have reduced significantly for the purchase of illicit goods and services. The report was released by Griffex Opinions, a publisher that posts trends regarding the cryptocurrency market.
The chart above shows the number of bitcoin transactions that were allegedly made through the sale of illicit goods and services. The number of transactions peaked at 2017, while for this year it stands at $515 million. The report also uncovered that the total number of transactions made through bitcoin has decreased by six percent.
The reason for the decline in bitcoin transactions was attributed to high transaction costs and the fact that some of the transaction information can be found easily on the clear web.
Transaction data such as the receiver and sender address, as well as the amount of bitcoin transacted is displayed on most block explorer dashboards. To hide one’s transaction information, alternative privacy-centric cryptocurrencies such as ZCash and Monero have come out as viable choices.