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.
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