Litecoin Getting Popular Among Dark Web Traders
Feb 16, 2018 Posted / 2557 Views
As per a report published by Recorded Future, Litecoin is the second preference of Darknet traders. The report is based on longitudinal analysis of digital communications avenues where 30% of traders favored Litecoin for illegitimate activities.
To understand the structural setup of cryptocurrency acceptance in the dark web the Recorded future conducted a longitudinal analysis through message boards and marketplaces. Here they found that Bitcoin is considered as the supreme currency and is vividly accepted by a majority of vendors. But the unexpected result was the acceptance of Litecoin by 30% of dark web marketer. It was also found that one out of every five sellers accepts Dash as a mode of payment.
The report states that Bitcoin is maintaining its gold standards on Dark Web as all vendors are readily accepting it as a mode of payment. Surprisingly, second best cryptocurrency is Litecoin. Around 30%of traders named Litecoin as alternative cryptocurrency and are willing to take. The close competitor of Litecoin was Dash with 20% votes. Astonishingly, the third competitor on Darknet platform was Bitcoin Cash which successfully grabbed 13% of vendors trusting it as a mode of payment.
The key reason behind choosing an alternative crypto is the dissatisfaction and limitations observed by Dark web criminals while using Bitcoins. Reportedly, they complained about the transactional expenses related to Bitcoins that vanish the revenue margin of crooks and therefore they started utilizing an alternative virtual token.
Before inducing the longitudinal study, the expected results of criminal’s choice were Monero and Dash. But the results were completely opposite to expectations. Unexpectedly, the real choice of Darknet Felon was Litecoin.
Reportedly, with the gradually growing popularity of Litecoin, the malware to infect Litecoin will also come into existence. These incidents can harm the goodwill and reputation of Litecoin development team. Recently, a news came forward regarding Litecoin which stated that the virtual token is planning of ‘Forking’ in response to its popularity in the darknet world.
Another news came into existence that Litecoin is converting into Litecoin Cash which resulted in fall its price by 1.78%. The founder of the Digital token, Charlie Lee questioned the news and articulated that the news could be a scam.
Applancer is an open platform for discussion on all things like Blockchain , Cryptocurrency and Ico news updates. As such, the opinions expressed in this article are the author's own and do not necessarily reflect the view of Applancer .
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