Litecoin and Dash are seeing a boost in usage by dark web users due to Bitcoin’s slow transaction times and high fees, according to a report by Recorded Future. The threat intelligence company points out that while Bitcoin made it to the mainstream in 2017, the dark web started steering away from it.

Bitcoin transaction fees increased tenfold in 2017, which in smaller payments can make up for 30% of the payment itself. The average payments are around $50 and $300.

The report, which looked at 150 dark web message boards and other sites, also cites slow transaction times as a reason why some other cryptos are being chosen over Bitcoin. This prevents scams and other ruses, possible if the transactions take up to 24 hours to complete.

One Russian dark web user released a statement advising vendors to find an alternative to Bitcoin to keep his business.

Read more: Dark web phisher steals $1m in Bitcoin

The dark web community doesn’t seem to agree on which crypto coin to use, according to polls. These are the splits in terms of preference that resulted from the poll: 21.82%, Dash, 20.61%, Ether, 19.39%, Litecoin, 15.15%, Bitcoin, 13.33% and Bitcoin Cash, 9.7%.

Despite this, in 2017, Bitcoin was still the most used coin, followed by Litecoin. The latter is accepted by 30% of vendors accepting alternative payments, while 20% accept Dash. After that, Bitcoin Cash is accepted by 13%.

The analysis found Russians preferred Litecoin while English-speaking users steered towards Monero. The reports highlight the decline of Bitcoin in the dark web, but it states that it will prevail as a relevant method, alongside Litecoin and Dash.

Related: Spanish central bank warns about cryptocurrency as government seeks regulation

by Henry Vilar
Henry is Junior Reporter at IBS Intelligence, follow him on Twitter or contact him at: henryv@ibsintelligence.com
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