Criminals Prefer Litecoin and Dash Over Bitcoin

Bitcoin will no longer be the dominant payment method on the dark web

Bitcoin skyrocketed to fame after reaching a record-high $20,000 at the end of 2017. People were then quick to react. Some said that it’s a mere fad, while there are those that believed in its potential.

As a result, pretty much all aspiring investors (and aspiring millionaires) tried out their luck in this extremely volatile cryptocurrency. Interestingly, it’s not just companies and ordinary people who are currently affected by this craze — but criminals too.

Advertisement

According to a recent study by Recorded Future, Bitcoin will not be the dominant payment method in the dark web’s near future. Instead, the cybersecurity firm says that it’s going to either be Litecoin and Dash.

The reason? Higher fees. Bitcoin isn’t as affordable and efficient as it was before, due to the ever-increasing number of users. The study states that this puts a strain on the blockchain network, which eventually leads to higher fees.

Though Bitcoin is the still the most prominent cryptocurrency in the dark web, it’s expected that other cryptocurrencies will overtake it in the next six to 12 months. Litecoin seems to be the best bid to replace Bitcoin, despite it being the sixth-most valuable cryptocurrency. It’s currently used by 30% of the market.

Meanwhile, Dash is accepted by 20 percent of dark web users, even though it ranks 12th in crypto value. But Dash CEO Ryan Taylor denies such claims, stating that they are unaware that their cryptocurrency is widely used on the dark web.

The company reasons out that there’s no reliable proof of their cryptocurrency’s involvement with dark web elements. It makes sense for its creators to distance any connection with criminalities.

The study also states that the Russians are the number one users of Litecoin in the dark web due to its convenience. It is also reported that most English speakers favor Monero due to its security features.

The study concludes that the same people who established Bitcoin on the dark web, are also the ones who currently see the cryptocurrency as a roadblock to their criminal activities.

Despite the good-natured use cases for blockchain and cryptocurrencies, there will always be use cases for criminal minds. Let’s hope that crypto-regulations can keep the darker side of crypto usage at bay and let this revolutionary technology change the world for the better.

RELATED ARTICLES

MORE FROM OUR PARTNERS

Follow us on Twitter | Telegram | Facebook

Advertisement
Featured Image from Shutterstock.

[blokt] is a leading independent blockchain news outlet that maintains the highest possible professional and ethical journalistic standards. Journalists are required to meet our editorial policies and guidelines.