In 2016, darknet users began to express dissatisfaction with the efficiency and cost of transactions on the Bitcoin network. Participants in risky transactions prefer the fastest and most anonymous payment...
In 2016, darknet users began to express dissatisfaction with the efficiency and cost of transactions on the Bitcoin network. Participants in risky transactions prefer the fastest and most anonymous payment methods. Waiting for unconfirmed transactions on the network increases their risk of being deceived. In addition, the black market is increasingly abandoning Bitcoin due to the high cost of commissions for operations.
A cybersecurity company, Recorded Future, conducted a survey of 150 trading platforms and forums related to illegal services in order to understand which cryptocurrencies are most popular among criminals.
Many analysts believed that Monero or Ethereum would replace Bitcoin on the black market. However, after doing research on the forums and services of the darknet, the specialists of Recorded Future found that Litecoin and Dash are becoming more popular.
In their report, researchers wrote that Bitcoin is still the main cryptocurrency on most sites providing illicit goods and services, but in the coming year the share of transactions using other cryptocurrencies on the shadow market could increase significantly.
Altcoins are becoming more popular, and among them Litecoin dominates, accounting for approximately 30% of illegal payments. About 20% of the studied resources use Dash. Other popular payment methods are Bitcoin Cash (13%), Ethereum (9%), and Monero (6%).
As it turns out, the coin preferences of law breakers depends on geography and nationality. The English speaking part of the darknet is more inclined to use Monero, whereas Litecoin is the most popular in Russian speaking areas.
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