Dark Web, a term used to define those websites which are accessible only by means of a special software and the user details remain untraceable or anonymous. The use of cryptocurrencies in these websites has been going on for quite a long time now. These people exploit the decentralized nature of blockchain to perform illicit activities. According to a recent research, among the tokens, Litecoin has now become the most popular one after Bitcoin on the Dark Web.
This is the result of growing dissatisfaction among cybercriminals using Bitcoin as a means of payment. The huge popularity and usage achieved by Bitcoin among household users, speculators, and institutional investors around the world since mid-2017, increased the load on Bitcoin network thereby increasing its payment fees.
Bitcoin payments became almost unfeasible as the subsequent cost of transaction increased ten times and went up to 30% of the smaller payment amounts. The increased time period for transactions and high fees have made the criminals look for alternative methods of payment.
While Bitcoins stands number one in the Dark Web as well, Litecoin has emerged to be the second largest preference in the Dark Web. Transactions can be carried out in a faster way than Bitcoin due to its technology being more advanced than the latter. Hence the transaction fees are also lesser and a larger number of coins can be mined.
Other cryptocurrencies which find their use in the underground economy include Monero [XMR] and Dash [DASH]. The preference of tokens as payment options varies according to the geographical location of the criminals. Recent researches show that Eastern European criminals are more into the implementation of alternative payment methods when compared to the English-speaking communities. Russians are in favor of using the accessibility and convenience of Litecoin whereas the English speaking community chooses Monero for more secure transactions. 35% of Eastern Europeans prefer LTC and 15% of English speaking community prefers XMR.
A Twitteratti says:
“Unfortunatly LTC isn’t very fungible with a completely transparent blockchain. That will lead to a lot of “tainted coins” which shouldn’t exist in good money :/”
Another Twitterer says:
“a lot of people using the dark web actually aren’t very smart or rich. Litecoin had cheaper transactions than monero during the ‘fee crisis’ and is a bit easier to use”
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