The Dark Web has been around for some time now and it was beneficial to the pioneer cryptocurrency Bitcoin as well. The dark web was where Bitcoin initially found a foothold, allowing individuals to complete different transactions in an uncomplicated manner. The users of sites like Silk Road by Ross Ulbricht and others saw an adoption of the leading cryptocurrency by market capitalization because of the different properties and characteristics of the cryptocurrency.
Yet, as Bitcoin has gone more mainstream with more people jumping from government entities and others who are tracking transactions through the public ledger and that, tied with the KYC and AML laws, makes it to where, if one transacts or has a wallet with an exchange like Coinbase, aspects of privacy might not truly be present.
Due to these reasons and more, individuals have been turning their gaze to other cryptocurrencies that can fulfill these privacy oriented purposes, these coins, commonly known as privacy coins in the industry have seen a high amount of interest. Coins like Monero, Verge, PivX, DASH, Phore and others.
Though not intended as a privacy coin, Liteoin has been seeing more use and interest on the Dark Web, and the competition in the adoption is neck at neck as the market sorts out which coins will truly live up to to utmost privacy.
Litecoin privacy, Monero and Privacy
As noted above, as Bitcoin has gained popularity across the world wide web due to its skyrocketing in price, individuals have looked to other coins to fulfill their needs for privacy. Bitcoin has been causing issues in regards to transactions due to a variety of factors, two of the main ones has been the speed and costs of transactions. The slow speed and the costs in both dollars and lack of privacy has posed problems for a substantial portion of the crypto community.
This has caused both sellers and consumers to look to other options for dealing with these concerns. One currency that has been utilized has been Monero because of its privacy focus as well its lower cost of transactions. Monero has also been in demand for mining as different sites have been used to mine without their knowledge.
Yet, in regards to privacy, Monero has faced some issues, there has been some controversy as to how private the coin really is. The issues circle around being able to understand when the transaction took place and the lack of proper identity mixing in the coin. These issues can lead to willing third parties being able to identify the actual transaction and even the sender in a transaction.
These two issues do not bode well with users who are looking at using it primarily for its privacy characteristics, they believe that the coin is called a privacy coin for a reason, the possibility of privacy.
It seems that users have searched for other options to suit their needs and one of the coins that they have turned to is Litecoin for privacy.
Welcome to the dark side, Litecoin privacy or cost savings
As users are not too happy with the current state of matters with Monero, they have turned to coins like Litecoin for privacy or cost savings.
Which really doesn’t make any sense from a privacy standpoint, Litecoin was not made to be a privacy coin, in fact, it was simply a fork of Bitcoin which is regarded as digital silver to bitcoin’s gold, the real use case might be its cost savings.
Litecoin privacy or cost savings has contributed to the rise in its use on the dark web as over 20% of transactions on the dark web are conducted through the use of Litecoin.
The competition for use in privacy seems to be between Dash, Litecoin, and Monero. Is Litecoin privacy something that is truly present and will it continue to be used on the dark web? Maybe the reason why Litecoin is being used is not for Litecoin privacy but because of its cost savings and maybe privacy will be implemented in the near future? But privacy implementations to Litecoin would not make sense, because of its listing on exchanges like Coinbase who pride themselves on being compliant with regulators, regulators would not be too happy with a privacy-based coin being supported by a compliant exchange. This was witnessed by the Coincheck Exchange taking away privacy coins from their exchange due to pressure from regulators.