Black market are everywhere in society and it has gotten rid of illegal services. It is a way goods and services take place in order to enhance the transaction of illegal goods. Black market is also a way people can avoid government oversight and taxes. There are different types of illegal markets and all of them work in different ways.
The black market can be also be called an underground market, and can also be a physical market where two individuals meet to exchange illegal goods. Sometimes most of the goods they sell on the black market include children, weapons, slave labor, drugs, fake eBay account, sex workers, Ticket scalping, and lots more.
For instance, a drug transaction can also be called a black market because it is done away from the eyes of the government. However, an underground market can also exist online not just physically. For instance, people can communicate to exchange goods and payments on dark web but payments are made in digital currencies.
Is the Black Market illegal?
Of course, all black markets are illegal because they are not authorized by the government. Also, note that most times prices of the black market are always higher than the actual price. Although, it depends on the commodity in question. Also, note that if you are caught selling on the black market you will be punished.
How Much is in the Black Market
The black market is an underground economy so millions of dollars are being made on daily operations. Since it is government-regulated sellers do not need to pay taxes or any form of fees by the government. However, it is estimated to be worth around 2.55 trillion dollars. There is so much money in black market iPhones but the fact still remains that it is illegal and whoever is caught will be punished.
Example of Underground Market
There are several examples to give when talking about black market. For this article, we will be looking at human trafficking. Basically, human trafficking engages in the capture of people throughout the world and their sales into various areas. Human traffickers are in every part of the world and they make their money by selling humans as slaves or sex workers.
Disadvantages of Black Market
Black market shop does not have an advantage because it is illegal and not authorized by the government. If you have any intention of going into black market you need to know the disadvantages.
- The disadvantage of black market is that participants have no legally rights against each other.
- Also a buyer can be given substandard goods or services.
- Another disadvantage is that organized crime may be involved.
The issue of substandard goods or services are given to buyers is one of the disadvantages of patronizing black market shops because you won’t get the value for your money.
What is Sold on Black Market?
There are so many things being sold on black market for instance black market activity in foreign exchange in countries is now in a high rate. The black market sometimes sets a price for foreign exchange that is several times the official one. Example of goods traded in the black market includes illegal drugs, weapons, human organs, and exotic species of animal. The black market actually deals with laws against certain goods and they affect the official rates of exchange among currencies.
How do I Sell Items on Black Market?
Selling items on black market is really easy and it is just like normal markets. All you have to do is follow these steps below and you can sell items on black market.
- First you have to have your item in your inventory.
- Secondly click on the sell tab and set up a sell order or sell it to a buyer order.
- If you press sell, it will sell it to the highest buy order
- But if you press sell order it will give you the option like the normal market to set the price and amount.
That’s how to sell items on black market. So now that you know what the black market is, where it is and what it does you can sell, and buy if you want. If you are interested in selling black market to people then you need to follow the steps above.