Why do certain cryptocurrencies thrive on the dark web? On the dark web, where anonymity is everything, here digital currencies dominate. But which ones, and why? Let us uncover the most favorite cryptocurrencies on the Dark Web.
Cryptocurrencies: The Lifeblood of the Dark Web
Cryptocurrency is the primary method of payment on the dark web, offering a unique blend of confidentiality and security for both buyers and sellers. Transactions are carried out using hidden digital wallets, which are not linked to the user’s data. This level of anonymity makes it challenging for law enforcement to track transactions or identify the individuals involved.
The dark web is home to countless digital assets moved through these unregulated transactions. Unlike traditional financial systems, these exchanges operate outside the control of any central bank or government. The pseudonymous nature of cryptocurrency enables users to send and receive money without revealing their identities.
Dark web users are increasingly focusing on spending their cryptocurrencies on the dark web marketplaces rather than withdrawing into traditional systems. These markets host a wide variety of goods and services, including counterfeit items, stolen goods, firearms, narcotics, and more.
Cryptocurrencies offer several advantages over traditional payment methods:
- Increased Anonymity: Users can make transactions without exposing their identities.
- Faster Transactions: Payments are processed more quickly compared to conventional banking systems.
- Irreversibility: Once a payment is made, it cannot be reversed, reducing the risk of fraud.
- Lower Costs: Transaction fees are typically lower than those of traditional payment methods.
These features make cryptocurrency an ideal fit for the dark web’s shadowy economy.
The Relation Between Cryptocurrency and the Dark Web
Cryptocurrency is used as a payment method in the dark web underground markets. This obscure area of the internet where illicit behavior is rampant hit a new income record with over $5 billion in Bitcoin in 2024. Cryptocurrency and the dark web, are linked by their mutual need for anonymity and secrecy.
Cryptocurrencies on the dark web provide a degree of pseudonymity that is suitable for users. Due to their decentralized structure and cryptographic characteristics, including anonymity, ease of cross-border transactions, and finality of settlement. As a result, criminals now use cryptocurrency as the ideal means of carrying out their illicit operations on black marketplaces.
Here we have shared some factors that enable the connection between Cryptocurrency and the Dark Web.
- Popularity: Cryptocurrencies are well-known in the dark web and the deep web. The majority of dark net websites accept cryptocurrency as their primary method of payment.
- Connects Crypto Wallet and Mixers Users: The existence of .onion URLs connected to cryptocurrency wallets and mixers is another way that the dark web and cryptocurrency are related.
- Connects to the Informational Crypto Pages: Many deep web and dark net sites offer educational blogs and tutorials. And you will also get blogs on cryptocurrencies about the dangers of using the dark web and how you can keep yourself safe from scammers.
- Illicit Services: It is well known that illicit services on the dark web use cryptocurrency to pay several platforms if the website links its consumers to their marketplace.
3 Most Popular Cryptocurrencies on the Dark Web
The anonymous dark web markets facilitate fraud, illegal commerce, and other severe crimes. These markets mostly rely on bitcoin to prevent leaving a money trail that may be utilized in investigations. We have analyzed almost all of the dark web markets and found the below-mentioned cryptocurrencies most used. However, half of all dark net markets support two or more cryptocurrencies.
1: Bitcoin
Bitcoin is one of the most popular cryptocurrencies on the dark web marketplaces for purchasing malware, drugs, illegal firearms, and unlawful content. It is also used in money laundering to cover criminals’ tracks. Ransomware attackers often request victims to pay their ransoms in Bitcoin, making payments less traceable. However, Bitcoin’s main flaw is its pseudonymity, which means users cannot be fully anonymous. A Bitcoin wallet address can be used to track down a user’s identity, which can be challenging but is possible. Most cryptocurrencies are pseudonymous.
2: Monero
Monero is a privacy coin designed to keep user information private, including wallet addresses, names, and contact details. It uses stealth addresses, and one-time wallet addresses, which are disposed of once a transaction is over, making it difficult for a user to be tracked down. Monero has also been requested for payments by ransomware attackers on the dark web, offering to lower the ransom amount if the victim pays in Monero over Bitcoin. All Monero users must use shielded addresses when trading XMR and use ring signatures to shield public keys and transaction amounts.
3: Litecoin
Litecoin, a cryptocurrency similar to Bitcoin, offers the same pseudonymity and faster transaction times as Bitcoin. With 21% of dark web platforms accepting Litecoin payments. While not as popular among cybercriminals as Bitcoin and Monero, Litecoin’s presence on illicit marketplaces is solid. According to research, 21% of dark web platforms accept Litecoin payments and Litecoin is the one of most popular cryptocurrencies on the dark web marketplaces. Monero has somewhat replaced Litecoin on the dark web in recent years due to its heightened privacy features.
Other Preferable Cryptocurrencies on the Dark Web
Ethereum, Dash, Ripple, Bitcoin Cash, and ZCash are popular cryptocurrencies on the dark web among cybercriminals. These assets work by scrambling transactions to make users hard to trace and identify. While not used as often as other examples, they have a small presence on illicit platforms. The growth of these cryptos on the dark web may be observed, but privacy coins like Monero and Litecoin may soon replace them completely.
