The Dark Web is the online equivalent of the underworld. Only accessible through the use of special software, the Dark Web creates an online environment where people can operate anonymously. Naturally, cryptocurrencies found a home in the Dark Web since the point of its inception. However, recent reports conclude that Litecoin is among the most prevalent cryptocurrency in the Dark Web, only second to Bitcoin.
Both Litecoin and Bitcoin offer a decentralized medium for transactions, excellent for carrying out illicit activities. However, with the increasing popularity of Bitcoins among household users, speculators, and institutional investors, there has been an increased load on the Bitcoin network which ultimately resulted in a rise in payment fees.
Compared to its earlier days, the cost of Bitcoin transactions has gone up by 30%. This has caused great dissatisfaction for the cybercriminals. With the increase in time-period for transactions, followed by higher transaction fees, the criminals went on a search to find an alternative method of payment – enter Litecoin.
Even though Bitcoin is still the number one preferred cryptocurrency in the Dark Web, Litecoin has managed to hold the second most preferred spot. Having more advanced technology than Bitcoin, Litecoin transactions are faster, which means the transaction fees are subsequently less, and there is also the potential for mining a larger number of Litecoins.
Besides Litecoin, Monero and Dash also find use in the underground economy. However, it should be noted that geographical factors also play a huge role in whether cryptocurrencies will be used as the desired payment option. For example, Eastern European criminals are more inclined to use alternative payment options when compared to their English speaking communities.
It has also been found that Russians have an affinity for the accessibility and convenience presented by Litecoins, whereas the English prefer Monero and the secure transactions it guarantees.
Here are some prevalent thoughts on Twitter, regarding this matter:
“Unfortunately LTC isn’t very fungible with a completely transparent blockchain. That will lead to a lot of “tainted coins” which shouldn’t exist in good money.”[…]“ a lot of people using the dark web actually aren’t very smart or rich. Litecoin had cheaper transactions than monero during the ‘fee crisis’ and is a bit easier to use.”