You know how when Bitcoin started getting traction, the press responded with stories about how it was being used by criminals?
Well, litecoin is getting traction - and guess what? The press is responding with stories about how it is being used by criminals:
http://fortune.com/2018/02/08/litecoin-monero-cryptocurrency-bitcoin/Bitcoin, which has for years been the currency of choice on the so-called dark web, is falling out of favor among criminals. This is not surprising given bitcoin’s sluggish processing times, and law enforcement’s growing ability to track its transactions.
More surprising is what these criminals are turning to instead. Rather than using one of the newer digital currencies with extra privacy features, such as ZCash or Monero, the most popular alternative is the bitcoin clone, Litecoin.
Those are among the findings laid out in a new report by Recorded Future, a threat intelligence company that monitors criminal forums on the dark web where many illegal transactions are arranged. Here is a key paragraph from the report:
Litecoin emerged as the second most popular currency, with 30% of all vendors who implemented alternative payment methods willing to accept it. Dash is closely trailing Litecoin with 20% of the market. Unexpectedly, Bitcoin Cash was the third most common cryptocurrency with 13% of vendors trusting it as a payment method.
The report also notes that Litecoin is especially popular in Russia, while English speaking countries favor Monero, which many people consider all but untraceable.