The cryptocurrencies are specially designed for a number of different purposes, in order to optimize, not only the financial economy but also the other fields which require the usage of a third party intermediary, in order to eliminate all the uncertainties related with it. This has been very much evident as we see the Blockchain technology as well as the cryptocurrencies being applied in Healthcare, supply chain management, election process, etc. However, Bitcoin was regarded as the no. 1 cryptocurrency that was consistently being used in the dark websites for all the kinds of illicit activities like money laundering, tax evasion, terrorism funding, etc. Let us now read about Monero Coin and its relationship with the dark web.
Monero is another cryptocurrency on the market which is very well known for its privacy. Its ability to provide privacy, leaving Bitcoin behind, has led it to become the top cryptocurrency being used in the dark web. However, according to the experts, the usage of Monero through other intermediary parties is also highly risky in nature, therefore one needs to understand the complete functionality and the architecture of the cryptocurrency coin in order to achieve complete privacy while using it for transactional purposes. In a nutshell, Bitcoin’s popularity as a dark web cryptocurrency has been falling down as the lawbreakers have changed the frame of reference and have shifted their focus towards privacy-focused coins like Monero, Dash, ZCash, etc.
According to the cybersecurity experts, the incorporation of Bitcoin in the usage of dark Web Services has drastically fallen from almost 30% to 1%. They have also experienced a sudden increase in the usage of Monero, marking them to extensively be used for illegal activities in the dark web. According to the professionals, this has been a great bane to the government as well as the law enforcement agencies to track the illegal use of cryptocurrencies. It has been estimated that the dark web markets have constantly been updating themselves in order to avoid the higher transaction fees and hours of transactional confirmation of Bitcoin. According to reports, currently, even Monero has not been utilized as much as Litecoin is been incorporated for all the dark web services in the market.
Litecoin, Dash, Bitcoin Cash, Ethereum as well as Monero constitutes to some of the most prominent cryptocurrencies that been utilized for most of the illegal activities in the dark web among both the European as well as English speaking domain. Specifically, it was observed that the English speaking websites related to the dark Web Services predominantly incorporated Monero and other privacy-focused coins but the Russian speaking uses didn’t seem to care much and incorporated Litecoin as their major cryptocurrency for dark web transactions. The main reason behind this attitude of the Russians is that the law enforcement bodies don’t seem to be very strict on the fellow Russians.
However, with increased regulations like the Anti Money Laundering as well as KYC regulations on many of the financial marketplaces the usage of Monero for the dark Web Services might decline. It must be understood that’s Monero is extensively been used in the dark Web Services and a sudden restriction can cause the prices of Monero to plummet to the floors, therefore no sudden reactionary decisions must be taken in order to control the illegal activities. Will Ripple be disregarded as a cryptocurrency or would monero become the top cryptocurrency for the dark Web Services it would be better for everyone you just wait and watch the future conditions of these cryptocurrencies.