Cyber 9/11 Will Not Take Place: A User Perspective of Bitcoin and Cryptocurrencies from Underground and Dark Net Forums

Background. There is a historical narrative of fear surrounding cybercrime. This has extended to cryptocurrencies (CCs), which are often viewed as a criminal tool. Aim. To carry out the first user study of CCs for illicit activity, from the perspective of underground and dark net forums. Method. We conducted a qualitative study, using a content analysis method, of 16,405 underground and dark net forum posts selected from CrimeBB, a dataset of 100 million posts curated by the Cambridge Cybercrime Centre. Results. Firstly, finality of payments emerged as a major motivator for the use of CCs. Second, we propose an Operational Security Taxonomy for Illicit Internet Activity to show that CCs are only one part of several considerations that combine to form security in illicit internet transactions. Third, the dark net is hard to use and requires significant study, specialist equipment and advanced knowledge to achieve relative security. Conclusion. We argue that finality is the main advantage of CCs for this user group, not anonymity as widely thought. The taxonomy shows that banning CCs is unlikely to be effective. Finally, we contend that the dark net is a niche for criminal activity and fears over cybercrime cause the threat to be exaggerated.