Dark Web Users Abandon Bitcoin for Other Cryptocurrency
According to recent reports, dark web users are dropping Bitcoin for new and emerging cryptocurrencies that are more difficult for authorities to track.
Despite it being quite tricky to trace and pin down actual criminal activities associated with digital currencies, there has been a substantial decline in the number of illegal transactions that involve Bitcoin.
What’s more, dark web users are increasingly monitoring other digital currencies such as Ethereum and Monero. What many users are learning about the reliance of Bitcoin to carry out transactions is that it’s as safe as it is risky.
Bitcoin operates on an exclusive public record known as the blockchain, where all the transactions are available online.
To get payments, one needs an address (public) but unfortunately for the users, this is how intelligence agencies can monitor how the funds are moving to addresses provided by hackers.
This way, they can arrest criminals while they’re attempting to withdraw through several more regulated platforms like banks or exchanges.
Over the last few years, there has been a splurge of new cryptocurrencies in addition to Bitcoin. These digital currencies have cropped up from the necessity for added privacy.
As opposed to Bitcoin’s now-vulnerable open transaction public record, the underlying Monero technology conceals the identities of the senders and receivers, not to mention the amount.
Given the relative stability of Ethereum and Monero over the course of last year, perhaps 2018 will see even more dark web users flocking to these alternative cryptocurrencies in the place of Bitcoin.
Just recently, CoinMarketCap’s Monero charts recorded a massive high of $400 in value, which is already a spike for the first week of 2018.
Awesome 😎
BalasPadam