The dark web has been pretty good for some cryptocurrencies. It’s basically how Bitcoin gained popularity all of a sudden a few years ago. But in the past year, other rival currencies have also started gaining traction on the dark web.
Monero’s Use On Dark Web Markets
The growing fees and lack of transparency of Bitcoin have steered various dark web markets away from the cryptocurrency. Because of this, vendors and buyers have been looking for new alternatives. It seems that a lot of these buyers have shifted towards Monero, which is gaining significant traction as of right now.
Nonetheless, there are some issues in Monero’s privacy and anonymity also. A recent paper shows how the mixing feature of Monero is faulty. Observes can spot the decoys and determine how many coins have been spent. The widespread consequences of this problem have yet to be determined.
The second issue is the timing of transaction being. Previous timing analysis effectively recognized the real coin transaction in 90% of the cases. There is also a 45% chance of identifying the real coins from the mixins. Transaction receivers are nearly impossible to identify, but it can point out the initial sender.
Litecoin’s New Found Popularity
But the dark web community is well aware of these problems and have changed their go-to cryptocurrency. Because of this, Litecoin (LTC) has now become the most popular altcoin on the dark web.
In a report made by Recorded Future, Litecoin surprisingly exceeded other cryptocurrencies in preference “and is currently the second most dominant coin on the dark web after Bitcoin.”
“Contrary to what we learned by observing the chatter between criminals during the past several weeks, Bitcoin remains the gold standard in the dark web, with all vendors accepting it as a payment, and Litecoin emerged as the second most popular currency, with 30 percent of all vendors who implemented alternative payment methods willing to accept it,” notes the company.
Litecoin became an attractive option, due to its core technology, which is similar to that of bitcon’s, its faster transaction rates and lower fees. But just like bitcoin, Litecoin basically lacks privacy and is completely transparent on the public ledger.
But in spite of this, a lot of dark web users strongly believe that Litecoin can have a significant impact. Although still behind Ethereum, Monero and Dash in the polls in this regard, Litecoin currently represents 30% of transactions. This percentage is quite high compared to other non-Bitcoin currency that is being transacted on the dark web right now.
Even though Litecoin is momentarily gaining traction, it remains to be seen how long this motion will last. Bitcoin is gradually leaving the dark web market, that much is obvious.