Why isn’t Bitcoin Cash popular on the dark web?

According to Roger Ver, cryptocurrency attorney, Bitcoin Cash (BCH) is the only “current” currency that is widely used on the dark web. “The only other currencies that are used in the dark web markets are those that have been around for a long time, like Bitcoinof course later Monero“said Ver.

However, a coinelegraph investigation found this Although BCH made it onto the dark web, it is by no means one of the top cryptocurrencies on the market.

The fact is surprising: while Cryptocurrencies with a focus on data protection like Monero generally protect identities of buyers and sellers on the Darknet, Bitcoin Cash has some technical resources that correspond to your level of data protection with these “private” currencies.

Why isn’t Bitcoin Cash popular on the dark web?
Why isn’t Bitcoin Cash popular on the dark web?

If these data protection functions are combined with BCH’s famous transaction speeds, The coin appears to be a natural option to strengthen yourself in a network like the Darknet.

Why hasn’t that happened yet?

Small introduction of BCH to the dark web this year

A report from Bitcoin.com claims that BCH accounted for more than 10% of the total transaction volume on the Dark Web. Miguel Gómez, head of research in PrivacyAffairs confirmed to Cointelegraph that BCH is one of the most commonly used currencies in the dark web: “As for the role of cryptocurrency, The main currencies (Bitcoin, BCH and Monero) are the most common“”

However, Cointelegraph was unable to identify a single Dark Web marketplace that accepted BCH as the standard payment method. The customer service from BetFixed was ready to accept BCH via email. Bitcoin.com recently launched this service, but this was an exception to the rule.

Cointelegraph discovered that too One of the many Dark Web rental services was ready to accept BCH payments, although they prefer BTC. A service employee answered a customer’s question about data protection and ascertained this They use mixers for the coins twice. They also pointed this out They had never used BCH before.

According to our research, Bitcoin remains the most widely used currency in this area, with Monero in second place. An operation called The White House market specifically does not accept Monero and Bitcoin.

Our observations were confirmed by chain analysiswhose spokesman Cointelegraph said:

“We do not see any significant BCH activities in the dark web markets. So far, the company has only received $ 260 in BCH in 2020. No major dark web market uses BCH, and one market plans to implement it in the future. “”

Schnorr subscriptions are not available for BTC

In a conversation with Cointelegraph, Roger Ver regretted that many BCH users were unfamiliar with Bitcoin Cash’s advanced data protection features. One example is Schnorr signatures, with which transactions can combine multiple signatures into a single signature. This can be useful for More privacy and greater scalability:

“Bitcoin Cash already has Schnorr subscriptions in the chain. Many wallets support this and Bitcoin Cash already has data protection tools. As I sit here and talk to you, my wallet is busy shuffling another 56 Bitcoin Cash. “”

Although Schnorr’s signature patent expired in 2008, For unknown reasons, Satoshi Nakamoto has decided not to use them in the Bitcoin code. However, these and other privacy enhancement features will soon be available on Bitcoin. Bitcoin core developer Vladimir van der Laan told Cointelegraph that more work is required before these functions can be safely implemented:

“It is progressing (for example, the necessary parts will be integrated into the following secp256k1 library), but overall I think it will take a lot more review and testing before it can be considered safe to include it in the consensus rules. There is no hurry and just an opportunity to get it right.

It appears that While BCH offers its users better privacy than its older brother, it is still not a popular choice among drug dealers in the criminal underworld.

Similar Posts