A recent study has revealed Litecoin to be the second most adopted means of payment among dark marketplaces. The study also indicated a sig...
A recent study has revealed Litecoin to be the second most adopted means of payment among dark marketplaces. The study also indicated a significant increase in adoption of Monero among English-speaking platforms.
Also Read: South Korean Prosecutor Fights to Confiscate Bitcoins from Criminal Proceeds
Dark Marketplaces Increase Altcoin Adoption
The study, conducted by Recorded Future, involved the analysis of 150 leading dark web “message boards, marketplaces, and illicit services” in order to ascertain the scale of alternative cryptocurrency adoption on the part of criminal entities in response to rising bitcoin fees.
Recorded Future states that “The meteoric rise in popularity of bitcoin among household users, speculators, and institutional investors […] since mid-2017” placed “an enormous load on the blockchain network, resulting in larger payment fees.”
Litecoin Is Second Most Dominant Dark Web Currency
The study revealed Litecoin to be the second most dominant currency among dark marketplaces – with LTC payment systems being implemented on 30% of the platforms analyzed in the study.
Despite the Recorded Future claiming to have identified an increasing number of “members of the cybercriminal underground” expressing a “growing dissatisfaction with bitcoin as a payment vehicle” as early as “mid-2016”, 100% of the platforms had integrated BTC payment systems.
Popularity of XMR Grows Among English-Speaking Dark Marketplaces
The study revealed a significant growth in the popularity of XMR on English-speaking platforms not matched by their Eastern European counterparts.
Among English-speaking platforms, Monero was found to be the second most popular means of payment – with XMR payments being integrated onto 15% of platforms. LTC was identified as the third most adopted payment channel among English-speaking marketplaces with 11%, followed by DASH and ETH with 9% each.
On Eastern European platforms, Litecoin was the second most popular means of payment, with 35% of dark markets implementing LTC payment integration. DASH was the third most adopted, with 24% of platforms integrating DASH payments, followed by BCH with 15%, ETH with 9%, ZEC with 4%, and XMR with 3%.
What is your reaction to Recorded Future’s finding? Share your thoughts in the comments section below!
Images courtesy of Shutterstock, Recorded Future
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