According to a recent report provided by Recorded Future, Litecoin (LTC) is gaining in popularity amongst dark web crawlers. In fact, the cryptocurrencies popularity has become so high in the shadows that it might soon overtake the market wide leader, bitcoin.
Why the sudden boost in popularity?
Due to the rise in bitcoins (BTC) popularity, the bitcoin Blockchain has become quite congested with transactions. Which directly affects the cost behind the execution of payments as well as transaction speeds. Additionally, it’s not uncommon for certain users to be in queue waiting for their transaction to register for several days.
The Recorded Future study, covering over 100 dark websites found a common voice of opinion among their users. Which is that the bitcoin simply does not provide good enough performance in terms of costs and speeds.
Speed, is a critical factor behind any financial transaction, especially for the dark web, due to the general distrust amongst dark web participants. They are involved in illicit activities after all. Which is exactly where LTC comes into play. Transaction speeds on average are 30 minutes, with a maximum capacity of 56 transactions per second. Additionally, verification speeds and costs are instant and low, respectively.
Compare this to BTC’s nearly 80-minute transaction times and low clearance of three transactions per second, and you can see why Litecoin is gaining popularity.
The future of dark web transactions.
Reaching back to the study, researchers do in fact believe that within the next year, bitcoin might entirely lose its dominance as a means of payment in the dark web. However, that is not to say that it will be entirely forgotten in that corner of the internet.
Though it’s quite likely that the bitcoin will not disappear from the inner workings of the dark web altogether, statistics and public opinions simply demonstrate that it will yield the spotlight to a speedier payment alternative (LTC or even DASH).
One of the biggest drawbacks currently holding Litecoin back in terms of dark web use is its fully transparent Blockchain.
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