A common argument put forward by Bitcoin critics is its potential use in the cybercriminal environment. The world’s largest cryptocurrency in this area has long ago expired another cyber-devise.
Bitcoin has gained in popularity in recent months. Meanwhile, the largest cryptocurrency has made its way out of the niche into the mass market, many investors who previously had little ambitions for Blockchain & Co. have invested in the Bitcoin. But the increasing popularity of Bitcoin brings the underlying blockchain technology to its limits regularly and has ensured that in the meantime, a change of the guard is taking place in the Dark Web.
Study sees other cryptocurrencies ahead
Recorded Future, a US company specializing in cyber threat analysis, has investigated the use of cryptocurrencies in the so-called dark web in a study. Since 2016, the dissatisfaction of cybercriminals with the bitcoin as a motto in the dark web has steadily increased, so the result of the study. The cybercriminal scene is in particular the functionality of the largest cryptocurrency a thorn in the eye. Both the transaction duration and the transaction costs are comparatively high at Bitcoin, which was particularly due to the increasing demand situation and the increase in the number of transactions since the hype surrounding the cryptocurrency.
Instead, cybercriminals increasingly switched to a different cryptocurrency for Dark Web transactions: Litecoin. Based on a survey of 150 marketplaces and forums in hidden parts of the World Wide Web, the analysis firm has determined that Bitcoin can barely defend its supremacy in the dark web, while Litecoin has seen strong growth in cybercrime usage. In the next six to twelve months, it could come to a change of guard at the top, so Recorded Future in the publication of the study results.