A recent study has revealed Litecoin to be the second most adopted means of payment among dark marketplaces. The study also indicated a significant increase in adoption of Monero among English-speaking platforms.
Dark Marketplaces Increase Altcoin Adoption
The study, conducted by Recorded Future, involved the analysis of 150 leading dark web "message boards, marketplaces, and illicit services" in order to ascertain the scale of alternative cryptocurrency adoption on the part of criminal entities in response to rising bitcoin fees.
Recorded Future states that "The meteoric rise in popularity of bitcoin among household users, speculators, and institutional investors […] since mid-2017" placed "an enormous load on the blockchain network, resulting in larger payment fees."
Litecoin Is Second Most Dominant Dark Web Currency
The study revealed Litecoin to be the second most dominant currency among dark marketplaces – with LTC payment systems being implemented on 30% of the platforms analyzed in the study.
Despite the Recorded Future claiming to have identified an increasing number of "members of the cybercriminal underground" expressing a "growing dissatisfaction with bitcoin as a payment vehicle" as early as "mid-2016", 100% of the platforms had integrated BTC payment systems.
Popularity of XMR Grows Among English-Speaking Dark Marketplaces
The study revealed a significant growth in the popularity of XMR on English-speaking platforms not matched by their Eastern European counterparts.