Darknet markets are one of the reasons why bitcoin has become such a popular cryptocurrency as of late. Although these marketplaces are associated with negativity and illegal goods, the majority of cash is used in illegal schemes as well. But it seems like darknet markets are switching the Monero due to its improved privacy and anonymity.
Monero Suits The Darknet Better Than Bitcoin
The primary reason why anyone on the darknet would use cryptocurrency is due to additional security, privacy, and anonymity. Many people assumed Bitcoin would fit that bill perfectly, but that is far from the case. Despite its strengths, Bitcoin is neither anonymous nor privacy-centric by any means.
There are other cryptocurrencies, the so-called altcoins, which focus on these particular traits. Monero, often overlooked by Bitcoin enthusiasts, is a compelling option for users who value privacy and anonymity. Moreover, the developers continue to work on new features to strengthen these traits in the future.
Darknet marketplaces have taken notice of the qualities lacking in Bitcoin and started looking for alternatives.Platforms such as Oasis and AlphaBay are working on integrating Monero support in the future. This is not entirely surprising, considering it is the better-suited currency for this underground ecosystem altogether.
People have to keep in mind that, just because Monero is used on the darknet now, that doesn’t make the currency suited for criminal activity. Technology has no bias towards legitimate or illegal causes. That decision is made by the end users, and it is also the reason why Bitcoin is not a currency only used by terrorists.
It is good to see Monero getting the recognition it deserves. Darknet marketplaces will bring a lot of new use cases to the ecosystem. In fact, Monero becomes more usable than other popular cryptocurrencies in existence, including Ethereum. Other darknet markets will add Monero support in the future; that much seems certain right now.
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