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Criminals Are Turning Away from Bitcoin to Altcoins Like Monero

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by Sofiko Abeslamidze · 2 min read
Criminals Are Turning Away from Bitcoin to Altcoins Like Monero

Times when Bitcoin appeared to be the king of dark net has slowly past away and now, it gives up stage to another altcoins favorable among criminals, such as Monero.

As far as Bitcoin’s highrocketed popularity gains market acceptance by solid  implementment  into financial sector, restrictions designed and imposed to its performance by regulatory authorities are also evolving. Nowadays it hardly can be named the most private crypto currency forcing criminals to look for another preferable asset.

People using Bitcoin are easy prey for government law that adopted advances in software tools to monitor criminal activities alike money laundering. The fact that Bitcoin is no longer safe, sent criminals to chase Monero and other newly issued crypto currencies to avoid tracking.

According to Bloomberg, The European Union’s law-enforcement agency, Europol, has conducted research of digital space and lately stepped up the warnings stated that other crypto currencies such as Monero, Ethereum and Zcash are gaining popularity within the digital underground.

At the end of 2017,  approximately 190,000 WordPress sites reported hacker’s attacks aimimg to produce Monero.

On Coinmarketcap the price of Monero hits the benchmark of $406.82 at press time. It has multiplied its value in 4 times from the beginning of 2017, confidently enters and competes in the world of biggest crypto players such as Bitcoin, Ethereum and Ripple.

The main feature of the new-born digital currency acquires lucrative distinction from Bitcoin by pledging full anonymity for both parties entwined in transaction. Unlike Bitcoin, the digital ledger backed Monero encrypts every IP address involved in process and moreover enables to generate fake address to obscure participants.

The developers of Monero claims the approach makes it impossible to track down nor real sender neither receiver. To contrast public opinion, they also stressed that they create Monero out of pure intention to provide customers with the securest services and protect their right for privacy, According to them, Monero has nothing to do with nourishing illegal activities.

Monero’s core developer Ricardo Spagni said in his interview to Bloomberg: “As a community, we certainly don’t advocate for Monero’s use by criminals. At the same time if you have a decentralised currency, it’s not like you can prevent someone from using it. I imagine that Monero provides massive advantages for criminals over Bitcoin, so they would use Monero.”

Altcoin News, Cryptocurrency news, News
Sofiko Abeslamidze

Sofiko is a freelance fintech copywriter at Coinspeaker. With a Bachelor degree in International Business and Economics, Sofiko has been deepening her knowledge of an agile innovative industry primary focusing on the robust blockchain technology and cryptocurrencies. As a bank employee, Sofiko particularly keens on crypto and blockchain integration into the established banking systems.

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