Dark Web Users Drop Bitcoin

bitcoin Ethereum Monero Litecoin crime studies

According to the recent Recorded Future company report, dark web criminals began giving up on Bitcoin in 2017 due to slow processing and high commission fees.

Recorded Future has analyzed through 150 dark web forums and markets and found out, Litecoin and Dash to become the second and third to Bitcoin most popular coins respectively. As the analysis has shown, payments in Bitcoin have got unprofitable since 2017 for tenfold transaction costs increase which may make up to 30% of a small transaction. Slow rate has also been taken into account.

One of the dark web users has posted his statement saying they need to find an alternative to Bitcoin to keep their business afloat.

Average transactions in underworld economics run from $50 to $300. High payment rate is crucial for dark web as delays scale up risk of fraud. The challenge of waiting up to 24 hours for transactions to be verified has made Bitcoin insufficient for many dark web users.

A poll among hundreds of criminal community members has proven, agreement on some specific common coin hasn’t been reached. Among those mentioned there were Monero, 21,82%, Dash, 20,61%, Ethereum, 19,39%, Litecoin, 15,15%, Bitcoin, 13,33% and Bitcoin Cash, 9,7%.

Within 12 months Recorded Future has discovered, Bitcoin remained the most frequently used coin with Litecoin running second. 30% of vendors suggesting alternative means were ready for Litecoin while 20% prone to Dash. Bitcoin Cash came the next most acceptable coin with 13% of supporters. The research has shown, Russian users prefer Litecoin, while English ones opt for Monero.

As a result, the analysis says Bitcoin will remain the main dark web payment means yet with smaller market share. Litecoin and Dash are to join Bitcoin as a daily means for dark web.