Study On Dark Web Cryptocurrency Acceptance | Litecoin (LTC) Is More Accepted Than Monero (XMR) - For Now
I like to keep tabs on on what the Dark Web is accepting for payment to see if there are any cryptocurrencies that are up and coming, and it also shows what dark webt users consider is the best overall for privacy and anonymity.
Bitcoin (BTC) dominance has waned due to transaction costs, speed, and does not specialize in privacy and anonymity.
Recently (in crypto-time) Monero (XMR) has been a favorite for the Dark Web and continues to gain acceptance and popularity. However, a new study suggests that Litecoin (LTC) is more accepted with 30% of the sites accepting it.
You can also see that there is a difference in attitude in the type of cryptocurrency depending on geographic location.
Russian portals didn't care about anonymity as much as English speaking ones. The thought is that cyber-criminals are largely left alone in Russia as long as they don't target Russians.
In regard to popularity, the chart below illustrates what cryptos are popular (from dark web forum polls - not from study])
Here is the link to the entire study:
Litecoin Emerges as theNext Dominant Dark Web Currency
Let me know what you think in the comments below.
Traversing the cryptosphere,
Kryptonaut
I use litecoin to buy grey market drugs. If I were a drug dealer I would need to convert monero into litecoin in order to get cash at my local ATM. So that's an extra step. Privacy coins are just preying on people's fear.
It's good to watch just so you know what people use on those sites. The idea using litecoin is less safe than monero is crazy though
Do you mean people should realize that Monero and LTC relatively the same if you are looking for privacy and anonymity and that what is published blows Monero's capabilities way out of proportion?
I'm not sure about the comparison, but I thought Monero was not as safe as people expect it to be.
I think the danger is overstated. Cash out and delete the wallet. Most people who get caught selling drugs bought stamps with a credit card or put their real return address on a package or some other gross negligence. Even Dread Pirate Roberts put his real email in a post. No one seems to get busted because the police hacked tor or any weakness in bitcoin.
Ah...I get what you are saying now. Just like all these stolen funds on exchanges, its not any weakness in crypto, but the security of the exchanges.
Similarly, the people that use the Dark Web should be smart enough to take precautions as well. In other words, no crypto will truly save you from a mistake that you make yourself.
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Interesting. I would have thought Monero would be the most used on the dark web.
IKR. I also thought Monero was more widely accepted. I'm not sure how accurate the study is, but I think one thing is clear from all the stuff I've been reading is BTC is becoming less dominant on Dark Web and Monero is probably the crypto of choice when it's available for western cultures.
That's kind of weird how LTC is more widely accepted by the dark web, since LTC is just as transparant as BTC is!
I've finally started to accumulate some XMR a while ago. I felt like I was still missing some privacy coin, and XMR seems to be the one to have.
What I wish I could understand is, how to compare all the "privacy"-type crypto out there. Is Verge better than Monero? Is Monero "better" than DASH. Or we are deluding ourselves to think that we can have privacy and anonymity against a group that is actively targeting your transactions.
Lets start with the comparisons. I don't think anyone really knows, but I think the Dark Web will pave the way to tell us by what they offer to their customers. Its their job to know or they lose business. Thats why I follow Dark Web news.
I ran into this same problem and to be honest, it's so complex that it's hard to wrap your mind around all of it. I also don't know all the details on some of the smaller privacy coins.
But what I can tell you that it makes a huge difference if a privacy coin is always private or optionally private. Dash, for example, has privacy as an option. Currently nobody uses this feature really. So when you send your private Dash transaction, there are very few other transactions to scramble it with, making it a lot easier to decode.
I've found that Monero is the one that is truly the most private. They go all-out in this regard, they are even working on ways to shield IP addresses and make it impossible to detect you are even using the Monero software. They have some serious features, but their strongest point is that they are 100% privacy centered from the ground up and take zero compromises. Every transaction is scrambled all the time, and even when you are not using your funds, they are constantly used to scramble other people's transactions. It's such a giant, huge, frigging mess of a tangle that is truly impossible to figure out. Everything gets scrambled, all the time, even funds that aren't being transacted!
Lastly there is the network effect. I do think this has brought some of the best devs to Monero too. Perhaps there is a brilliant mind among the newer privacy coins too, but it is yet to be seen if they can reach the position Monero has. It's in a way akin to Litecoin trying to take on Bitcoin.
You should look at the Monero subreddits. It's super weird how civilized and serious it's there compared to other crypto subreddits.
Thanks for the great explanation! Great points.
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