Cryptocurrency has been described as fuel for the dark web train that has gone a long way, in this article we look at the top 3 cryptocurrencies used on the dark web.
The dark web has seen a lot of advancements with more sophisticated methods of operations in recent times causing users to learn how to use cryptocurrencies for more private payments, how to access onion sites and darknet browsers.
Cryptocurrencies allow users on the dark web to transact more securely and quickly. Here are the top 3 cryptocurrencies used on the dark web:
1. Bitcoin
Bitcoin is still king, even on the dark web. Bitcoin is currently responsible for the majority of cryptocurrency transactions. According to an Australian study carried out in 2018, about 47% of transactions involving Bitcoin are done on the dark web.
In another report by the FBI, the turnover of the previously mentioned “Silk Road” amounted to 9.5 million bitcoins (about 1.2 billion dollars). And that’s just for the two years of the website’s existence.
The bitcoin price at that time was far from the present, but after all, “Silk Road” is not the only black market: one disappeared, but others showed up.
Bitcoin continues to be the most used cryptocurrency on the dark web with a couple of altcoins popping up recently.
Altcoins On The DarkWeb
Aside from bitcoin, monero, litecoin, and zcash have also gained momentum as cryptocurrencies used on the dark web. In a research performed by analytical company “Recorded Future”, Monero is widely used in the Western world, while Russian “colleagues” prefer Litecoin.
The rest of the list looks at the 2 top altcoins used on the dark web:
2. Monero
Monero is picking up a lot of users on the dark web, with many looking to buy monero because of its privacy features and cheaper price compared to bitcoin.
Unlike bitcoin, where transactions are not completely anonymous, completely private transactions can be done on the monero blockchain.
Monero has a combination of features that makes it one of the most private cryptocurrency in existence at this time. Monero’s privacy features include stealth addresses, ring signatures, and Kovri I2P implementation.
The biggest of these features is ring signatures that allow users to obfuscate a transaction’s origin. What’s more, RingCT adds more functionality to ring signatures by hiding the amount of XMR in each transaction by applying a range proof mathematical function to the transaction.
Moreover, Monero is also a cheaper alternative to bitcoin and has more affordable transaction fees compared to the biggest cryptocurrency. These privacy features and the cheaper price has led to a lot of dark web users pick monero as their cryptocurrency of choice.
3. ZCash
Another private alternative to bitcoin, Zcash has also seen an increase in usage on the dark web. Zcash achieves privacy via an implementation of zk-SNARKs, which stands for “Zero-Knowledge Succinct Non-Interactive Argument of Knowledge.”
With zk-SNARKs, Zcash can verify transactions on the blockchain without their revealing origins, destinations, and amounts transferred.
Zcash also has private addresses that promote fungibility.
Looking at the current trends, bitcoin will most likely maintain its sit at the top but will face a lot of competition from privacy-centric cryptocurrencies that provide more utility for users on the dark web.