Litecoin: The Next Dominant Currency of The Darknet
In 2016, criminals began to express their dissatisfaction with Bitcoin trading congestion and its high transaction fees. At first glance, Dash will become the second largest currency in the darknet. However, after further research, this is not the case.
The underground economy relies on small transactions in its day-to-day operations, with average product or service costs ranging from $50 to $300. As transaction fees increase, the price of a product or service will rise sharply.
The concept of bitcoin payments is based on the idea of decentralized ledgers, which maintain all records of all transactions independently, which makes it almost (but not completely) tamperable. This technology also makes the blockchain network resilient, relying on a distributed miner network to maintain transaction history, which gives dishonest users the opportunity to spend Bitcoin twice. To address this abuse, most vendors have adopted a rule that requires three confirmations before marking the transaction as complete.
As with all business activities, the speed of payment completion is critical- especially for the darknet. Due to its inherent risks and distrust between members, every minute of delay increases the likelihood that a transaction will be canceled. Transfers have to wait 24 hours to confirm, and they have to pay a high fee, which has prevented a large number of bad people from using Bitcoin for payment, and now they see Bitcoin as a barrier to the spread of criminal business.
Although Dash has been overwhelmingly supported as a successor to Bitcoin, a poll conducted by hundreds of members of a popular crime forum shows which currency should be used next, with no uniform answer.
In order to understand and predict the upcoming changes in the next 6 to 12 months, Recorded Future analyzed 150 of the most important message boards, markets and illegal services. Bitcoin is still the currency of the darknet, all suppliers still use it as a means of payment. Litecoin (ltc coin) is the second most popular currency Among them, 30% of suppliers use Litecoin as an alternative payment method. Dash is close behind, accounting for 20% of the market. Unexpectedly, Bitcoin cash (bch coin) is the third most common cryptocurrency, and 13% of suppliers recognize it as a form of payment.
Litecoin is the second oldest cryptocurrency after Bitcoin. It was launched in 2011 with the aim of becoming an optimized version of Bitcoin. The core technology of Litecoin is almost the same as Bitcoin, but with slight improvements, these improvements enable it to trade faster, significantly reducing commissions and increasing the number of mines. In the seven years since its launch, Litecoin has been able to carry a wide range of Bitcoin infrastructure. Of course, Litecoin also has all the features of Bitcoin, and it does not provide any additional security for its owners. Like Bitcoin, the Litecoin transaction is completely transparent. Once Litecoin becomes the next dominant currency of the darknet, the litecoin value will rise to a new level.