Cryptocurrency was a favorable method of monetary transactions in the underground digital market, as bitcoin was the most dominate choice.But now, bitcoin is beginning to lose its popularity, according to Bloomberg.
Cryptocurrencies, such as bitcoin were highly popular in the underground market due to its privacy. Coins can be transferred between one user to another through an encrypted blockchain which can allow the two parties to remain hidden.
But within the past year, bitcoin has gained a lot of attention, which led government agencies to intervene. Cryptocurrencies have now begun to be monitored, while it has already been regulated in other countries. Agencies and firms are also becoming more skilled at flagging digital transactions linked to criminal activities.
Other cryptocurrencies such as a monero, ethereum, and Zcash are rising in popularity, according to Europol, the European Union’s law-enforcement agency.
For example, digital market criminals favor coins like Monero due to its stronger privacy to avoid tracking compared to bitcoin, which has led it to become a popular demand for ransom from online extortionists.
Monero was founded in 2014, unlike other coins, it encrypts the receiver’s address and generates a fake address to hide the sender, as well as obscuring the transaction value. Other coins, like Zcash also offer the same protection, if not even stronger.
In the last three months, Monero has more than tripled from its price in the beginning of October at $90 to Tuesday’s price of $366.18, representing a 306.8 percent increase, according to WorldCoinIndex. Towards the end of December, monero hit a high of $466.46, before a cryptocurrency all out dump began at the end of the year.