Bloomberg reported that because of Bitcoin rises, so too are other cryptocurrencies such as monero, ethereum and Zcash are gaining popularity and maybe a replacement for Bitcoin.
“As a community, we certainly don’t advocate for monero’s use by criminals,” Spagni said. “At the same time, if you have a decentralized currency, it’s not like you can prevent someone from using it. I imagine that monero provides massive advantages for criminals over bitcoin, so they would use monero.”
Criminal underworld is dropping Bitcoin for another currency
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Photographer: Chris Ratcliffe/Bloomberg Bitcoin is losing its luster with some of its earliest and most avid fans — criminals — giving rise to a new breed of virtual currency. Privacy coins such as monero, designed to avoid tracking, have climbed faster over the past two months as law enforcers adopt software tools to monitor people using bitcoin. A slew of analytic firms such as Chainalysis are getting better at flagging digital hoards
linked to crime or money laundering, alerting exchanges and preventing conversion into traditional cash. The European Union’s law-enforcement agency, Europol, raised alarms three months ago, writing in a report that “other cryptocurrencies such as monero, ethereum and Zcash are gaining popularity within the digital underground.” Online extortionists, who use ransomware to lock victims’ computers until they fork over a payment, have begun demanding those currencies instead. On Dec. 18 hackers attacked up to 190,000 WordPress sites per hour to get them to produce monero, according to security company Wordfence. Engaging post, Read More…
thumbnail courtesy of bloomberg.com