By Ankur Kayastha ’15

Bitcoins are a relatively new form of digital currency that emerged on the market in early 2009. The main attraction of Bitcoin is its anonymity and lack of government-tracking. With the claim that there are no ‘middle-men’ or banks involved in the regular currency transactions, Bitcoin is emerging as one discreet way teenagers, including at Sherwood, can gain access to drugs, weapons and other dangerous items on what is commonly known as the Dark Web.

The Bitcoin exchange is similar to that of stocks, in which the prices of each Bitcoin varies by the economic status of the market. However, it fluctuates much more often than the NASDAQ or the New York Stock Exchange. Not nearly on the same financial scale as these institutions, Bitcoin is still not as universal or utilized as other forms of payment. Rather, Bitcoins are obtained by ‘mining.’ Since Bitcoins are a form of cryptocurrency and have no material value, blocks of sustained Bitcoins are decrypted by special computer software. After mining, Bitcoins can be sold, exchanged and bought on the Bitcoin exchange. That being said, Bitcoin is usually attributed to tech-savvy computer users. One Bitcoin is currently worth about $305.42 according to Google’s currency exchange calculator.

The legality of Bitcoin has already been tested and it was deemed lawful. However, Bitcoin also encompasses a world of black market items. A major drug marketplace that exists on the Dark Web is called The Silk Road. This marketplace allows for the facilitation and exchange of illegal items, most notably marijuana and its various forms. The Silk Road was shut down around this time last year by the FBI, but like all grand illegal schemes and practices, the marketplace has returned with a 2.0 version.

Some students here at Sherwood have gained access to the Dark Web and have been involved in these illegal exchanges. Once again, only the ‘tech-savvy’ are able to utilize the benefits of Bitcoin, which means that perhaps only around 5-10 students from Sherwood are avid users.

“Bitcoin [can be] used to make a decent profit,” said a senior who uses Bitcoin regularly. He agreed to be interviewed only if he could remain anonymous “In Sherwood last year, a senior made a few thousand dollars by putting some money in while the value was down, then selling his Bitcoin when the market was up. In addition to the gain of profit for teens as Bitcoin’s primary users, it also allows for ‘illegal bartering.’”

This same anonymous source further states that he has made money through Bitcoin quite recently as well. “There have been a few people this year that have paid me for my Bitcoin so that they could buy edibles off of the Dark Web and sell them here.” Bitcoin is essentially being used as a profit-maker for students. Not only are illegal drugs exchanged for one student, but money is made in the process for the other. Most notably, Bitcoin is emerging as a way to get around the law, but it is mostly used by the people with the capability to access and manage wired money rather than the average teenager.