Criminals Prefer Other Cryptocurrencies to Bitcoin

January 22, 2018

Criminals Prefer Other Cryptocurrencies to Bitcoin

While being the world’s most popular cryptocurrency Bitcoin gets on more criticism from the community: too long transactions, high commission fees and expensive tokens with volatile price.

The principal sign of Bitcoin becoming less favorable for daily use may well be the following fact – internet criminals, the long-time devoted Bitcoin users, start opting for other easy operating and more anonymous cryptocurrencies.

That is no news that fraudsters switch to Altcoins, but now there are figures that prove this. According to the Chainalysis research, Bitcoin share of darkweb transactions has fallen from 30 to 1 per cent.

It is clear the substantial part of it was caused by more and more Bitcoin holders preferring to keep their BTC rather than spend. However, another point is that Bitcoin has got alternatives more attractive for law breakers.

As the survey says, Monero, Dash and Zcash are gaining in popularity in the underworld. They are both quicker and cheaper than Bitcoin and provide for higher anonymity which complicates transactions tracking.

«We’ll see a progressive shift in 2018 towards criminal use of cryptocurrencies other than Bitcoin, making it generally more challenging for law enforcement to counter», Rob Wainwright, Europol's Executive Director, wrote in Twitter.

Though criminals refuse from using Bitcoin as means of payment and ransom demand currency, it remains an object of their interest as it is still good for embezzling.

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