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Report Claims Litecoin is the Second Most Adopted Currency on Dark Marketplaces

A recent study has revealed Litecoin to be the second most adopted means of payment among dark marketplaces. The study also indicated a significant increase in adoption of Monero among English-speaking platforms. Also Read: South Korean Prosecutor Fights to Confiscate Bitcoins from Criminal Proceeds

Dark Marketplaces Increase Altcoin Adoption

LTC is Second Most Popular Currency Among Dark MarketplacesThe study, conducted by Recorded Future, involved the analysis of 150 leading dark web “message boards, marketplaces, and illicit services” in order to ascertain the scale of alternative cryptocurrency adoption on the part of criminal entities in response to rising bitcoin fees. Recorded Future states that “The meteoric rise in popularity of bitcoin among household users, speculators, and institutional investors […] since mid-2017” placed “an enormous load on the blockchain network, resulting in larger payment fees.”

Litecoin Is Second Most Dominant Dark Web Currency

LTC is Second Most Popular Currency Among Dark MarketplacesThe study revealed Litecoin to be the second most dominant currency among dark marketplaces – with LTC payment systems being implemented on 30% of the platforms analyzed in the study. Despite the Recorded Future claiming to have identified an increasing number of “members of the cybercriminal underground” expressing a “growing dissatisfaction with bitcoin as a payment vehicle” as early as “mid-2016”, 100% of the platforms had integrated BTC payment systems.

Popularity of XMR Grows Among English-Speaking Dark Marketplaces

LTC is Second Most Popular Currency Among Dark MarketplacesThe study revealed a significant growth in the popularity of XMR on English-speaking platforms not matched by their Eastern European counterparts. Among English-speaking platforms, Monero was found to be the second most popular means of payment – with XMR payments being integrated onto 15% of platforms. LTC was identified as the third most adopted payment channel among English-speaking marketplaces with 11%, followed by DASH and ETH with 9% each. On Eastern European platforms, Litecoin was the second most popular means of payment, with 35% of dark markets implementing LTC payment integration. DASH was the third most adopted, with 24% of platforms integrating DASH payments, followed by BCH with 15%, ETH with 9%, ZEC with 4%, and XMR with 3%. What is your reaction to Recorded Future’s finding? Share your thoughts in the comments section below!
Images courtesy of Shutterstock, Recorded Future
At news.Bitcoin.com all comments containing links are automatically held up for moderation in the Disqus system. That means an editor has to take a look at the comment to approve it. This is due to the many, repetitive, spam and scam links people post under our articles. We do not censor any comment content based on politics or personal opinions. So, please be patient. Your comment will be published.   The post Report Claims Litecoin is the Second Most Adopted Currency on Dark Marketplaces appeared first on Bitcoin News.

Coinbase Acquires Decentralized ERC-20 Trading Platform Paradex
Coinbase Acquires Decentralized ERC-20 Trading Platform Paradex

On Wednesday, May 23 the San Francisco based exchange Coinbase announced the acquisition of a decentralized digital token relay-trading platform called Paradex. Alongside adding the decentralized exchange (Dex), the firm has also revealed it is retiring the name GDAX and that platform will soon be k...

24.05.2018, 10:40Read more
PR: Energi Mine Adds to Ecosystem of Energy Saving Partners with Simply EV Partnership
PR: Energi Mine Adds to Ecosystem of Energy Saving Partners with Simply EV Partnership

Partnership announced in same week as Energi Mine launches promotion with OKEx, the world’s biggest exchange London – Energi Mine, the blockchain platform that financially rewards energy saving behaviour using EnergiTokens (ETK), and Simply EV, a leading provider of EV accessories today, announced a...

24.05.2018, 09:30Read more
Russian Duma Adopts Three Crypto Bills on First Reading
Russian Duma Adopts Three Crypto Bills on First Reading

Russian State Duma has approved its first reading of the long-awaited legislation package regulating crypto-related matters and activities. The legal texts, voted almost unanimously, will open the way for legalization of cryptocurrencies in the Russian Federation, including their exchange and circul...

24.05.2018, 08:40Read more
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