Darknet markets ditched Bitcoin for Monero despite the fact that BTC became popular as a way to pay for illegal goods on the marketplace Silk Road. Recently, however, cryptocurrencies entered the mainstream media once again and the most active ones chose Monero so let’s read more in today’s Monero news.
BTC became popular as a way to pay for illegal goods on the darknet Silk Road but now cryptocurrencies entered the mainstream and the most active platform as well as other darknet markets ditched Bitcoin in favor of Monero. BTC’s price is now trading about $40,000 per coin and the still young crypto network could have not made it this far if it wasn’t for Silk Road created by Ross Ulbricht.
For the first time on the darknet, the most active market does not accept Bitcoin. White House Market uses Monero, a cryptocurrency designed to safeguard the privacy of its previous owners, like cash.
— dark.fail (@DarkDotFail) January 14, 2021
Back when people didn’t know how to pay with BTC or started using it as a currency, it got an early start as a means to pay for illegal goods like explosives, drugs, or firearms. The Silk Road marketplace was taken down but Bitcoin lives on. Its role as a cryptocurrency for the darknet remained but according to Twitter, the dark web’s most active marketplace known as the White House Market gave up on BTC for good and chose Monero. BTC took the center stage in the finance world and its value keeps on increasing.
Bitcoin is now an asset which the institutions control as its market cap is approaching $1 trillion and has the attention of government regulators because of its design and popularity as blockchain companies can trace BTC transactions back to the source with accuracy. Government agencies also started tapping them in order to fight against the crime behind crypto.
Criminals can no longer hide behind the privacy of cryptocurrencies despite its usage on the dark web growing month after month. The only choice is to take a look at privacy coins that hide the sender and recipient data. Monero is the king of privacy coins as it offers the best layer of protection over transactional details which is why the White House Market selected it as a currency of choice. Monero is the undisputed king of privacy coins which offers the best layer of protection in transaction details which is why the darknet marketplace selected it as a currency of choice.
Government agencies became increasingly successful in taking down the dark web markets and this could be because of their increased understanding of the BTC blockchain so will Monero be enough to keep Bitcoin’s spotlight and the government’s scrutiny away from the dark web?
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