Litecoin Seems to Rise in Popularity on the Dark Web
Two days ago I came across an article that pointed out Litecoin (LTC) is increasingly becoming more popular as a dark web currency. Bitcoin (BTC) is still the most dominant, but Litecoin seems on the rise.
According to the article, there is a big difference between the preferred currencies in Eastern European Dark Web and the English Speaking Dark Web. In Eastern Europe Litecoin (LTC) is at 35% of Bitcoin’s popularity, while on the English Speaking Dark Web this is only 11%.
Image source
It seems logical that altcoins are gaining traction on the dark web, especially when Bitcoin fees were high at the end of 2017. I'm curious what happens when the Bitcoin Lightning Network (LN) gets more adoption.
In total it comes down to this (Eastern Europe weighs more heavily in this research):
Image source
Personally I would expect Monero (XMR) to be much higher, because it is a privacy-focused coin. What do you think are reasons for Monero not being the top dog after Bitcoin? And ZCash (ZEC) is also not that popular, why is that?
Let me know you thoughts in the comments!
---> 👍🏼 Follow me for regular updates on my cryptocurrency portfolio, crypto related articles and inspiring articles about personal time & life management.
---> 👍🏼 Resteems and upvotes are appreciated ;-)
Disclaimer: I am not a financial advisor, trader or developer. I am just a blockchain & cryptocurrencies enthusiast. Make sure you do your own research, draw your own conclusions and do not invest any money that you cannot afford to lose.
Strange, I wouldn't expect litecoin to be that popular. Perhaps it is due to the recent high Bitcoin fees, that people went to LTC instead?
As for why they don't use Monero, I'd say it is probably because Monero has an even steeper learning curve than something like Bitcoin. Personally, I am still holding my XMR on the exchange because I've read countless times that the desktop wallet is not very user friendly. I'm waiting for the ledger implementation. I think once user usability in Monero improves, adoption will increase too. It just doesn't make sense to do shady things with BTC/LTC
I bet the shady dealings being carried out on the darkweb......with crypto....are about as many layers of abstraction as needed in the minds of the people carrying out those transactions? Also probably has a lot to with the liquidity of the most popular coins and knowing there will be more places to spend your litecoin than lesser coins?
I always have a chunk of my portfolio in Monero for this reason and as insurance if regulations really start to attack non-private crypto.
You could be right. Liquidity is a good point as well :-)
Well to be honest: I have no clue at all.
Indeed one would expect that anonymous coins would be excellent for the dark web. Also a little surprised about Ethereum, cause it has no privacy at all. Maybe I would also have expected verge in the list.
I guess it has to do with the standard argument of 'adoption'.
Could be. The ones using the dark web and for sure the creators are smart enough to have a good understanding of the different coins and their technology. So, I would not put it on adoption!
I wish I know what is the Dark Web :)
https://en.m.wikipedia.org/wiki/Dark_web
woh nice post