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Bitcoin is being dethroned as the cryptocurrency of choice for criminals

Bitcoin is being dethroned as the cryptocurrency of choice for criminals
[Photo: Flickr user Tony Webster]

It was only a few years ago that the blockchain was some newfangled tech-y concept, and bitcoin became synonymous with criminal transactions. People flocked to Tor sites like Silk Road to buy things like drugs and weapons, and they paid with bitcoin.

Now, things have changed. A new report from the cybersecurity firm Recorded Future, cited by Bloomberg, shows that online criminals are turning away from bitcoin and flocking to other cryptocurrencies like Litecoin and Dash. While bitcoin is still the most-used coin on dark web marketplaces, these other two choices are becoming more commonplace as well. According to Recorded Future’s survey, 30% of dark web vendors accept Litecoin, and 20% accept Dash.

This dynamic shift is likely due to bitcoin’s insane price rise over the last year (of course, it’s seen a huge drop over the last month), as well as the problems it’s had with slow transactions due to the cryptocurrency’s popularity.

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