Litecoin has out of the blue expanded in preference among web users hoping to transact cryptocurrencies for illegal services. It is currently the second most popular cryptocurrency on the Dark Web just behind Bitcoin.
As indicated by a report from Recorded Future (US and Swedish-based internet technology company founded in 2009 that in real-time specializes threat intelligence), Litecoin has unexpectedly outperformed different cryptocurrencies in preference "and is also presently the second most prevailing coin on the dark web after Bitcoin."
The company notes: “In spite of what we realized by watching the chatter between criminals during the previous several weeks, Bitcoin remains the gold standard in the dark web, with all dealers allowing it as a payment, nevertheless, Litecoin rose as the second most prevalent currency, with 30 percent of all dealers (who actualized alternative payment methods) willing to accept it.
Recorded Future initially started conducting "an extensive analysis on 150 of the most conspicuous message boards, marketplaces, and illicit services” in mid-2016. The company then "noticed members of the cybercriminal underground, discussing their developing dissatisfaction with Bitcoin as a payment vehicle, paying little respect to their geographical distribution, spoken language, or niche business."
The disappointment with Bitcoin originated from an amplified enthusiasm from institutional investors, speculators, and average investors, which had beforehand clogged up the prevailing cryptocurrency's blockchain network and thusly, incited large fees.
As proven by Recorded Future: The underground economy is reliant on smaller transactions in its day-to-day operations, with the cost of the average product or service starting between $50– $300. With the increase of transaction fees, the price of such product and service all of a sudden increases immensely.
Litecoin has hence turned into an appealing choice, given that its core technology is almost equal to Bitcoin yet takes into consideration significantly faster transactions with lower commission fees. Be that as it may, similar to its elder fellow, Litecoin does not offer any propelled security or privacy, as Litecoin transactions are likewise totally transparent on the public ledger.
Be that as it may, Bitcoin's popularity on the Dark Web isn't set to reduce entirely. Nonetheless, regardless of the continued diversification of cryptocurrencies utilized for illegal payments, the analysts expect Bitcoin to "stay as one of the primary payment tool, but with a significantly smaller market share."
