Report: Cybercriminals Choose Bitcoin Over Other Cryptocurrencies


Crypto asset Bitcoin: Many popular sites on the Darknet are known as Darknet marketplaces, and in every market where products and services are on sale, there should be a medium of payment. Fortunately, Cryptocurrency has provided the Darknet marketplaces a favorable mean of transaction. The Darknet isa hidden place, basically due to numerous illegal activities going on there, so therefore it needs an anonymous payment method which criminals find in cryptocurrency.

It is no surprise that Bitcoin, the top and first cryptocurrency, is preferred in Darknet more than any other cryptocurrency. There are many ways Bitcoin can be beneficial to its users, but the well-known and long term application of Crypto asset Bitcoin is its use as money for those who endeavor in hidden activities on the Darknet. Bitcoin and the Darknet have always enjoyed a stable relationship, and according to recent reports, crypto asset Bitcoin is still the number one choice for most Darknet marketplaces and cybercriminals on the Darknet.

Although, over the years, many of the top markets which allow Bitcoin users to trade with their assets on the Darknet have been shut down or closed by law enforcement, illegal e-commerce and all activities on the Darknet involving Crypto asset Bitcoin and other cryptocurrencies have been growing stronger and increasing like never before. As per reports, by the end of 2019, an estimation of 1 billion dollars in the form of Cryptocurrency is expected to be used to transact in the Darknet marketplaces.

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The best thing about Bitcoin for its users is that, though it is usually referred to as an anonymous or private currency by the online community, transactions on the Crypto asset Bitcoin network are displayed publicly. Anyone can easily download the data of any transaction on the cryptocurrency‘s Blockchain.

Furthermore, Bitcoin transactions are more private in default and grantsa high rate of privacy through innovations like the Lightning Network,which serves as similar benefits to all Cryptocurrency users.

The 2019 Annual Internet Organized Crime Threats Assessment (IOCTA) from Europol states that among all currencies on the Darknet, Crypto asset Bitcoin is most liked. The report says, some cryptocurrencies such as Monero have tried to gain attention with their focus on giving a high level of privacy, but none of these altcoins have been able to compete with  Bitcoin in all aspects of the Darknet.

Notably,in a similar study to what Europol undertook,it was brought out that there was about 91% acceptance rate for Crypto asset Bitcoin on all the marketplaces analyzed. The study, which waspublished some months ago by a firm called The Block analyzed the top 31 markets on the Darknet.

Crypto asset Bitcoin stays on top everywhere and still holds the top spot as the top Cryptocurrency by market capitalization. Bitcoin is also the most often used Cryptocurrency everywhere. The Europol report suggests that the extensive use of Bitcoin is due to the high level of familiarity and high interest from the customer’s base on the Darknet.

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Use cases of Crypto asset Bitcoin on the Darknet

The Europe report spells out some vital roles that Crypto asset Bitcoin and other cryptocurrencies play in the use of criminal-to-criminal (C2C) payments online and its impact on the underground economy. Specifically, criminals take advantage of some characteristics of cryptocurrencies in acts such as ransomware, DDoS extortion, and crypto-jacking.

Also, the Europe report says most fraudsters on the internet are gradually moving away from the traditional payments to Bitcoin. This will be beneficial to the fraudsters due to the little knowledge most people have about Bitcoin or even about how crypto assets work.

Apparently, the establishment of new multi-vendor top markets isinevitable; however, efforts from law enforcement and other concerned organizations on eradicating cybercrimes have had a significant impact on the community. In the first quarter of 2019, a report that portrayed the decline in Darknet market activity as a percentage of all crypto asset Bitcoin transactions was published by Chainalysis.

Nevertheless, looking at the dollar-denominated value of Darknet market trade, which is backed by Bitcoin, you can be sure it will continue increasing.

Other cryptocurrencies mostly used by criminals on the Darknet

It is the fact that many criminals prefer Bitcoin on the Darknet, but it is not the only used Cryptocurrency on the Darknet.

In the Europol report, only Monero was covered as the next preferred Cryptocurrency to Crypto asset Bitcoin by criminals on the Darknet with a discussion on how Monero aids these cybercriminals regarding crypto-jacking. Yet, cybercriminals use all kinds of cryptocurrencies on the Darknet.

Source: Bitcoin Magazine

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