Connect with us

Altcoins

Litecoin [LTC] prevalent in the Dark Web!

Vinod KA

Published

on

Litecoin [LTC] prevalent in the Dark Web!
Source: Pixabay

Dark Web, a term used to define those websites which are accessible only by means of a special software and the user details remain untraceable or anonymous. The use of cryptocurrencies in these websites has been going on for quite a long time now. These people exploit the decentralized nature of blockchain to perform illicit activities. According to a recent research, among the tokens, Litecoin has now become the most popular one after Bitcoin on the Dark Web.

This is the result of growing dissatisfaction among cybercriminals using Bitcoin as a means of payment. The huge popularity and usage achieved by Bitcoin among household users, speculators, and institutional investors around the world since mid-2017, increased the load on Bitcoin network thereby increasing its payment fees.

Bitcoin payments became almost unfeasible as the subsequent cost of transaction increased ten times and went up to 30% of the smaller payment amounts. The increased time period for transactions and high fees have made the criminals look for alternative methods of payment.

While Bitcoins stands number one in the Dark Web as well, Litecoin has emerged to be the second largest preference in the Dark Web. Transactions can be carried out in a faster way than Bitcoin due to its technology being more advanced than the latter. Hence the transaction fees are also lesser and a larger number of coins can be mined.

Other cryptocurrencies which find their use in the underground economy include Monero [XMR] and Dash [DASH]. The preference of tokens as payment options varies according to the geographical location of the criminals. Recent researches show that Eastern European criminals are more into the implementation of alternative payment methods when compared to the English-speaking communities. Russians are in favor of using the accessibility and convenience of Litecoin whereas the English speaking community chooses Monero for more secure transactions. 35% of Eastern Europeans prefer LTC and 15% of English speaking community prefers XMR.

loading…


A Twitteratti says:

“Unfortunatly LTC isn’t very fungible with a completely transparent blockchain. That will lead to a lot of “tainted coins” which shouldn’t exist in good money :/”

Another Twitterer says:

“a lot of people using the dark web actually aren’t very smart or rich. Litecoin had cheaper transactions than monero during the ‘fee crisis’ and is a bit easier to use”



Follow us on Telegram | Twitter | Facebook



Vinod KA is an intern at AMBCrypto who has been analyzing the cryptocurrency market trends for several months now. He joined the company out of sheer interest in the cryptocurrency world and is fascinated by its dominance in the financial world. He does not hold value in any cryptocurrencies as of now.

Altcoins

Bitfinex partners with EOSIO as a Blockchain Producer

Sthuthie Murthy

Published

on

Bitfinex partners with EOSIO as a Blockchain Producer
Source: Pixabay

Bitfinex, headquartered in Hong Kong is the largest Bitcoin trading platform with over 10% of the exchanges’ trading. They offer state-of-the-art services for digital assets and liquidity providers. While their search for advanced technologies with the capacity to meet high-demands of a high-volume blockchain both legally and technically was in process, they came across EOSIO community to which they believe they can contribute significantly.

Latest tweet by Bitfinex:

“Bitfinex is pleased to present itself as an EOS Block Producer candidate.”

Bitfinex will act as an incubator to fund, nurture and advise teams that are serious about the future of EOS. Their team is an assortment of more than 100 experts from the industry including a highly versatile development team, legal experts, technical support agents, and industry advocates.

They claimed:

“Our team has gained invaluable industry experience along the way, and we aim to make use of this to enrich the teams around us — sharing information and providing guidance whenever possible.”

Being a block producer candidate, they pledge to grow the open-source nature of the decentralized digital asset space. This is done through intense research, collaborations, and community development. They aim to combine the potential of EOSIO with their own terms of research, development, and adoption at a much higher level.

loading…


A high-performance decentralized exchange platform, EOSfinex also aims to combine the scalability and potential of EOSIO. It is built on EOSIO technology, along with the financial/development expertise of the Bitfinex development team. EOSfinex looks forward to delivering a highly-scalable, on-chain trading platform.

They added:

“EOSfinex has been developed by considering speed, transparency and scalability and will be the first trust less exchange to be implemented on EOSIO-based networks.”

Apart from the development of a trustless exchange, EOSfinex will be leading the development of a secure and intuitive EOS wallet as well. The partnership is meant to leverage EOSIO’s platform for horizontal scaling of DApps. As their continuous search led them to the EOSIO platform, they aim to process tens of thousands of transactions per second with the lowest fees.

Judy Steven, a Bitfinex user says:

“This is exciting. I’m interested in learning more about this “intuitive wallet” you are developing.”

Ariana Paul, a speculator says:

“Congrats Bitfinex! Looking forward to seeing what great accomplishments Bitfinex will bring to the EOS ecosystem. I can see a three-digit price for EOS soon.”

Lessie Grundon, a market observer said:

“Honestly, I don’t think this is good. To me decentralisation is all about random people having a right to produce blocks and vote the way ahead.”

EOS has been one of the top gainers in the market that has turned bearish recently displaying significant volume gains up to 52% and currently trading at $13.19. The market cap has also noticeably gained and is worth $10 billion roughly as seen at press time.

Continue Reading

Altcoins

Jed McCaleb talks about the foundation of Stellar Lumens [XLM]

Ketaki Dixit

Published

on

Jed McCaleb talks about the foundation of Stellar
Source: PxHere

The BayPay Thought Leadership event was held on 19th April, where Jed McCaleb, the Co-Founder, and CTO of Stellar Development Foundation spoke about the past, present, and future of Stellar.

He started by explaining how the transactions on Stellar work and about how they get banks on board. He says that banks are not the first ones to take up this system of transaction. However, smaller financial institutions like money transfer operators that focus on payments will be more open to adopting this method of sending money.

He said:

“We are working with a few banks and none of them are in production. I don’t think of the banks using cryptocurrency are in production… I don’t think they’re going to do anything until they see a lot of money flowing somewhere else in the ecosystem first because they are the most risk-averse, they have the most to lose essentially.. we spend most of our time outside the US – mainly focus in South Asia, Africa.”

He further explains that there is a lot of friction in places where people do not have bank accounts, wherein the adoption of the Stellar network makes it easier for them to adopt the system.

When asked about how much responsibility they have as a network to allow ICOs to function, Jed talks about the company being unable to stop anyone from issuing a token on the network but they wouldn’t be involved in the same. However, he says “Our responsibility falls on the ones that we do work with.. we want to make sure there is reputable and valuable projects”.

loading…


He also says that people need to be careful while investing in ICOs as these are the early days in the space, due to which there are a lot of scams and fraudulent activities.

A crypto enthusiast commented:

“This was a great discussion. I loved how Jed did a great job answering the questions even though they were irrelevant. I think it could have been more detailed about the backstory of Stellar and the challenges the faced instead of talking about Jed’s life history. Im sure the audience wanted to know more than just unnecessary things.”

Continue Reading

Trending