Dark web users started ditching Bitcoin in favor of Litecoin (as well as Dash). The reason behind that is simple – Bitcoin results with slow transactions which took a lot of dark web criminals away from it.
According to a report by Recorded Future, which is a threat intelligence company, over 150 dark web message boards claimed that Litecoin as well as Dash are better than Bitcoin because of the ‘slow processing and high fees’ of the leading cryptocurrency.
On top of that, the analysis found that Bitcoin payments have since 2017 become economically infeasible. This is all due to the increase in transaction cost that accounts for as much as 30% of smaller payment amounts. The slowness of transactions was also mentioned here by one Russian dark web user, who said that they must find an alternative to bitcoin to keep their business.
Basically, the average Bitcoin transaction in the underground network is somewhere between $50 and $300. The speed of payment is also important on the network and delays may increase the risk of being cheated. On top of that, having to wait 24 hours for a Bitcoin transaction to be completed additionally complicates things.
When it comes to vendors, around 30% of ones offering alternative payments were willing to accept Litecoin in the past months, while 20% have turned to Dash. Bitcoin Cash follows the list, accepted by 13% of vendors.
So, it is safe to say that while Bitcoin is still remaining a main dark web payment method – its slow transaction and high fees are not something that goes in favor for the leading cryptocurrency in terms of market cap.
Justin Sun Proves Crypto Is Not A Scam By Hiring A Former SEC Official
“We’re ready to fully embrace regulation here. We’ve just hired our first head of compliance, who previously worked for the SEC for almost eight years.”TRON’s founder wants to make sure that TRON is fully regulated in the United States but also Korea and Japan. He made a point that Blockchain is a like a new operating system and that the worlds need to embrace it and be more optimistic towards regulation. He continued saying:
‘’The SEC, I think also sees the blockchain as good opportunity for innovation in the United States. I’m hoping that this year the SEC will license and regulate coin-based exchanges. This year will be the year of full regulation.’’One of the ways that Sun can make blockchain mainstream is by launching the BitTorrent Token on the Binance Launchapd. BitTorrent is a file sharing protocol that serves 100 million users in more than 130 countries. Sun acquired BitTorrent for $126 million last year. However, former chief strategy officer Simon Morris of BitTorrent said that there is no possible way for the TRON blockchain to be able to handle the transactions conducted on BitTorrent’s network but at the end, he ended up being dismissed as an incompetent employee.
UN Thinks Bitcoin & Crypto Are “The New Frontiers” In Finance, Focusing On Ripple And IOTa
“Cryptocurrencies represent a new frontier in digital finance and their popularity is growing. The decentralized networks for cryptocurrencies, bitcoin being a well-known example, can keep track of digital transactions. They enable value to be exchanged and can give rise to new business models which would otherwise require significant regulatory and institutional commitments." the report states.According to the UN, blockchain and crypto have many use cases. As it is explained in the document:
"For example, a value token called ClimateCoin is being considered as a basis for creating a global market for carbon emissions, allowing peer-to-peer exchange of carbon credits and a direct connection with the Internet of Things. It would then be possible for devices to calculate their own carbon emissions and purchase carbon credits to offset those emissions."The document also focuses on innovation and how it comes from inherent trust, citing that "the innovativeness of this system lies in the way in which the various parts combine to create the trust and guarantees that the traditional financial system derives from institutions and regulation."
Do Crypto Executives Still Have Positive Thoughts After The 80% BTC Drop?
UAE And Saudi Arabia Are Working On A New Cryptocurrency
Join us on Facebook
- Bitcoin’s Problems Can Be Solved By Leaving The Proof-Of-Work System: BIS
- Bitcoin ATMs Number Keeps On Increasing, The Question Is Why?
- The Market Is Still Dominated By Centralized Exchanges Despite The Increase In DEX
- Saudi Arabia And UAE Officially Launched A Pilot Cryptocurrency
- Justin Sun Proves Crypto Is Not A Scam By Hiring A Former SEC Official
UPCOMING EVENTS RECOMMEND BY DC FORECASTS
Altcoin News5 days ago
Market Sees Red, Losing $1 Billion Overnight While Bitcoin Remains At $3,600
Altcoin News3 days ago
Stellar’s XLM Token Added To Greyscale’s Crypto Investment Trust Fund
Regulation4 days ago
South Africa Doesn’t Intend On Banning Crypto Trading
Blockchain News3 days ago
SEAT Car Manufacturer To Start Working On Blockchain-Based Products Development
Bitcoin News3 days ago
Bitcoin ATM Operator Coinme To Start Selling BTC At Coinstar Counting Machines
Blockchain News3 days ago
Deloitte Features Blockchain In Its Annual Tech Trends Report
Altcoin News3 days ago
Binance Plans To Expand To Eight New Countries But Declines To Confirm Six Of Them
Bitcoin Scams4 days ago
21-Year Old Accused Of Stealing More Than $24 Million Worth Of Crypto