Bitcoin - s slipping as dark web looks to crown a new king of the cryptocurrencies, TechRadar

Long live the Litecoin?

Bitcoin is becoming a less popular virtual coin among cybercriminals and other users that inhabit the dark web, with other lesser-known alternative cryptocurrencies commencing to usurp it, according to a fresh report.

Once the rock-hard dearest of ransomware peddlers everywhere &ndash, with requests inevitably made te Bitcoin &ndash, the currency&rsquo,s mainstream success means that it&rsquo,s now being eschewed by criminal types.

Spil Recorded Future, a threat intelligence clothing, observes, the overall growing popularity of Bitcoin is bad news for two reasons: more users means slower transaction times and also higher fees, both of which uitwasemen profitability.

Slower transactions are a particular ache point for criminal types, because the longer the delay ter the payment being processed, the more chance there is of things falling through or someone being ripped off &ndash, given the (unsurprising) rife distrust among the dark web community at large.

Therefore, while Bitcoin still remains the most-trafficked cryptocurrency on the dark web, cybercriminals are presently moving away from it. Recorded Future reckons that ter spil soon spil six months &ndash, or possibly up to a year away &ndash, Bitcoin will no longer be the most popular virtual currency.

Instead, the rock hard reckons that Litecoin is likely to voorkeur the throne spil king of dark web transactions, spil it&rsquo,s the 2nd most accepted virtual currency right now (30% of all vendors on the dark web accept it). This is according to an analysis of some 150 of the most vooraanstaand dark web message boards and marketplaces.

Dashed hopes

Recorded Future&rsquo,s research stems back to mid-2018, when criminals evidently very first began airing dissatisfaction with Bitcoin. At that time, it seemed like Dash would be the alternative coin to steal the latter&rsquo,s crown, but the researchers soon switched their opinion to Litecoin. Albeit Dash still remains the third most accepted cryptocurrency on the dark web right now (it&rsquo,s joyfully received by 20% of all vendors on the dark web).

Note that Bitcoin won&rsquo,t vanish entirely from the dark web, according to the researchers. It will still remain one of the &lsquo,main payment&rsquo, cryptocurrencies, just with a &lsquo,significantly&rsquo, smaller market share.

What does all this mean te a broader sense? Well, it potentially brings up some interesting pointers spil to which cryptocurrencies may be due for an upward spike ter the future, for those willing to tread into the volatile minefield of virtual currencies.

Other than that, going forward, if you&rsquo,re unfortunate enough to suffer the ravages of ransomware, you might just find a request for Litecoin or an alternative currency rather than the traditional Bitcoin. Whatever the request, however, it would likely be unwise to pay it, spil wij&rsquo,ve discussed previously.

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