AlphaBay Now Accepting Ethereum Transactions

While those trading Bitcoin rejoiced over its price peaks, the darknet market AlphaBay recently announced it would begin accepting Ether, the cryptocurrency more popularly known as Ethereum or ETH.

Insiders likely knew this would happen, and since the currency has gained value over the past few weeks, this adoption by AlphaBay could not have come at a better time.

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The addition of Ethereum on AlphaBay has generated much debate about darknet markets adopting their own strategies to suit convenience.

Following through with its announcement earlier this year, AlphaBay began accepting ETH for making deposits and withdrawals on May 1.

Mixed Reactions from the Community

The move by AlphaBay has evoked a range of reactions from those who frequently trade in these cryptocurrencies, as well as from some observers who follow the trends in the trade.

One point of concern for many users is the site’s reputation. AlphaBay is known as an online marketplace for selling and buying illicit drugs.

The second set of apprehensions come from people who say ETH itself is a currency traded without permissions, and the operators of the currency don’t offer privacy for transactions.

To be more specific, there have been instances in which companies prefer not to use the currency for trading, so they turn it down.

Though the currency made a recovery and returned to full operations, AlphaBay could have avoided taking this currency on board. Some see the decision as reflecting a lack of values and principles on the part of AlphaBay.

There are others who generally support the move, and their take is based on the premise that Bitcoin is also going through some turbulent times.

Ethereum offers an alternative currency for completing transactions on the site. For the record though, there is a third alternative in Moreno, available on AlphaBay.

The trouble with BTC right now is that transactions are taking too long to complete.

Additionally, the fee charged per transaction has risen, much to the disliking of users within this darknet market. The general refrain from this segment of people is that the use of the currency on AlphaBay cannot be stopped by the ETH’s community, even if they object to it.

Ether Could Gain through This Move by AlphaBay

Ethereum cripto currency chrystal art icon for apps and websites. Ethereum vector logo for print of web.
While those trading Bitcoin rejoiced over its price peaks, the darknet market AlphaBay recently announced it would begin accepting Ether, the cryptocurrency more popularly known as Ethereum or ETH.

AlphaBay’s decision can be examined from a different perspective, as well. ETH is the second largest traded cryptocurrency after Bitcoin or BTC.

The traction and acceptability it has received from mainstream and frontline companies like Microsoft, BP and JP Morgan has only strengthened its claims.

This is mainly because the currency has managed to offer smart contacting solutions that work for those carrying out transactions.

It is understood that financial powerhouses are already busy putting in place dedicated applications on their websites to handle ETH-based transactions.

The formation of the Enterprise Ethereum Alliance is also cited as a justification for the recognition AlphaBay has accorded to Ether.

Data indicates that some 90,000 transactions were done in one day recently, transferring almost a billion US Dollars in value terms.

Hacking, Theft and Forking That Occurred with ETH

AlphaBay users who don’t favor transactions using Ether have some concerns. Some refer to incidents where hackers could break in and take away someone’s currency.

But Ethereum started using the blockchain system to break transaction rules and records, ultimately restoring the money to its original owner.

This is termed “hard fork” within the cryptocurrency dealer community. Some agree with this solution but other Ethereum users reject it, electing to use the old rules instead.

Still, the possibility for hacking and theft is a threat to secure transactions using ETH on AlphaBay.

This drawback is often overlooked when considering benefits that the currency can bring on to AlphaBay users.

But it does appear that the dust will settle down soon within the AlphaBay user community and those trading in Ether will find its price increasing in the coming months.

AlphaBay Market Announced They Will Accept Ethereum

The announcement by the AlphaBay Market that they will be integrating Ethereum payments into their systems as of May 1st has elicited an array of mixed reactions from its users.

The highly popular darknet market has reached similar altitudes as Silk Road I did during its heyday.

Its adoption of a fairly controversial digital currency puts a cap on some of the problems the AlphaBay Market has recently been experiencing, particularly when it comes to payment methods.

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The AlphaBay Market has recently announced that it will be adopting Ethereum payments by May 1st, 2017.

On Ethereum’s part, this will be considered a monumental victory for a digital currency that has recently been struggling for a solid foothold in a niche dominated by the long-time cryptocurrency favorite Bitcoin and an upcoming rival currency Monero.

A lot of the reactions point to a general displeasure at the adoption of what many see as a dysfunctional digital currency on a platform as authoritative as the AlphaBay Market.

Concerns over whether the highly censored Ethereum chain is worthy of a darknet market that is fundamentally run by illicit drug and weapons trading are rife.

Many users see this move by the AlphaBay Market as the beginning of a horde of problems rather than the inception of a more efficient payment system.

Bitcoin is Still the Leader, But Not for Long

Ethereum is unlikely to usurp Bitcoin from its position as the leading digital currency anytime soon.

Undoubtedly, Ethereum has quite a distance to cover to reach the heights of Bitcoin.

However, for the alternative currency to even dream of competing on an equal footing with Bitcoin, moves such as this are necessary.

The recent hike in popularity and the price of the altcoin have a lot to do with the AlphaBay Market’s decision to start accepting it as a payment method on their marketplace.

Ethereum had previously been suffering from an acute lack of real-life application, but it seems like the AlphaBay Market is determined to make that a thing of the past.

Pundits, however, are not expecting it to get the same reception as privacy-centric blockchains such as Bitcoin and Monero.

And it is for that same reason that Ethereum is unlikely to usurp Bitcoin from its position as the leading digital currency anytime soon.

That said, the future looks promising for the alternative currency.

A Rocky Start Predicted for the AlphaBay Market’s New Payment System

It is fairly clear that a lot of AlphaBay Market vendors are not happy with the integration of Ethereum payments.

With a track record of at best unsavory hard forks—one particular fork was designed to return stolen money to their owners; not the best approach for a currency that is appealing to a largely criminal user base—not even the proposed Metropolis hard fork is enough to get people excited.

Nevertheless, the AlphaBay Market has made a sound decision to finally introduce Ethereum payments.

Going by its recent hike in value and popularity, the altcoin currency has finally gotten out of the rut it had previously been in and is looking healthier than ever.

Currently, the AlphaBay Market team is in the process of setting up the payment functionality, which has a projected launch date of May 1, 2017.

Vendors on the platform will be expected to manually enable the payments by going to the account settings.

The attitude surrounding Ethereum is unlikely to change soon, especially with its surprising lack of privacy in an industry dominated by privacy-centric competitors.

Nevertheless, the AlphaBay Market users may be more accepting of the currency once the Metropolis hard fork is finally implemented.

The hard fork currently has no official launch date as of yet, though.

AlphaBay Market will set a Precedent for other Darknet Markets

AlphaBay is currently being watched by other markets that are waiting to see how their move plays out in the long run.

If successful, the popular drug-fueled darknet market will be considered a trendsetter and will consolidate their position as the world’s most popular darknet market.

If not, it will be clear that the power to make or break any large darknet market lies squarely in the hands of the consumer.

A lot of their success is clearly dependent on Ethereum’s proposed privacy-enhanced hard fork.