Industry Report: The Digital Drug World Just Got a Lot More Private

Drug dealers find solace in Monero, Shopawl accepts bitcoin, and the era of traditional banking may finally come to an end. Check out the stories below to catch up on your latest tech and digital currency news.

Also read: Industry Report: A Week of Shakeups in the Tech World

MONERO MAKES DRUG TRADING MORE PRIVATE

At just two years old, Monero is one of the world’s newest altcoins. Despite its lack of experience in the digital arena, however, the price of the coin quadrupled early last month, and the coin is earning newfound popularity among drug dealers thanks to its promise of more privacy. AlphaBay, one of the dark net’s leading drug sites, has announced it will begin accepting the currency on September first.

The company explained in a Reddit post:

“Following demand from the community, and considering the security features of Monero, we decided to add it to our marketplace. We expect this to cause a spike in the price, so if you are an investor, now is the time to purchase Monero.”

One of the factors believed to be contributing to Monero’s rise to fame is the ongoing attempt to decriminalize bitcoin.

SHOPAWL

Online shopping site Shopawl has announced it will begin accepting bitcoin on all future eBay orders. The platform now joins the ranks of companies like Overstock, who look at bitcoin as a form of money that can be used to pay for goods and services.

The company also revealed a surprise for digital currency advocates, saying that eBay orders paid with bitcoin will only have fees of about two percent. Typically, the company charges fees of up to four percent. Shopawl allows payments through several different altcoins and even started accepted Steem early last month.

BANKING

A new report released by the Massachusetts Institute of Technology suggests that the age of traditional banks may be coming to an end.

Titled “Digital Banking Manifesto: The End of Banks?”, the document discusses the recent prospects of online banking and virtual markets, and also explores the possibility of a world without physical bank houses. MIT also says that banks have not done enough to stay current, and lack the innovation necessary to stay relevant when compared to the world of virtual finance:

“Banks are trying to be cool and hip and build super cool digital front ends… But it’s like putting lipstick on a pig – ultimately it’s still a pig, and the new front end is still running into an awful digital back end.”

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Image courtesy of Shopawl.