Litecoin seems like entering into the deep waters of Dark Web, the network of websites accessible only by special software while the user stays untraceable or anonymous. Litecoin has suddenly become a priority for cybercriminals who work with the digital currencies in the unexplored dark surface of the internet (the dark web).
Over a long time now, use of cryptocurrencies has been taking place in these websites whereby the cybercriminals take advantage of Blockchain’s decentralized nature and perform their illicit activities.
According to a research done recently, it is evident that Litecoin is has become popular dramatically, almost taking the place that has always been reserved for bitcoin (but not yet though it is just behind bitcoin) on this dark web.
What does that mean for this digital coin (Litecoin)? A lot, for sure!
How come Litecoin is winning over bitcoin?
Litecoin transactions are cheaper and faster and now coin holders initially using bitcoin have turned to making their purchases using Litecoin on the dark web. Basically, there is an increased dissatisfaction by the cybercriminals on using bitcoin for payment. Bitcoin increased its payment fees as a result of an increased load on bitcoin around the world from mid-2017.
The transaction cost using bitcoin increased almost ten times going up by 30% of the least payment amounts. Similarly, the time period as well increased for the transactions to take place which has together made the cybercriminals to shift to another method of payment.
This situation has led to Litecoin emerging not necessarily as the number one (to go ahead of bitcoin) but it is getting very close to be the second.
Subsequently, Litecoin has an advanced technology as compared to bitcoin hence the transactions are carried out in a faster way. Not to forget that with Litecoin the number of coins that can be mined is higher. That is how Litecoin is gaining prevalence in the dark web and bitcoin is losing its value as we speak.
— Tuur Demeester (@TuurDemeester) March 28, 2018
Other cryptocurrencies have as well found their use in this underground economy and they include Dash (DASH) and Monero (XMR). However, the choice of the type of token to use as a payment option differs greatly depending on the geographical location the criminals (or any other deep dark web user) are. For instance, as per the recent research, criminals on Eastern Europe have mostly adopted the alternative methods of payment, unlike English-speaking communities.
Russians prefer the use of Litecoin as the English get deep into the use of Moreno termed for secure transactions. Eastern Europeans (roughly 35%) prefer Litecoin and 15% of the English prefer XMR.
Everyone is now asking the question, how will Litecoin be doing in the next months? Will it get past bitcoin? Let us just wait and see.
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Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Global Coin Report and/or its affiliates, employees, writers, and subcontractors are cryptocurrency investors and from time to time may or may not have holdings in some of the coins or tokens they cover. Please conduct your own thorough research before investing in any cryptocurrency and read our full disclaimer.
Image courtesy of Anne Worner via Flickr
TRON Partnership Involves Cloud Computing
It has been almost an entire week since Justin Sun, the founder of TRON (TRX), announced a new big partnership for this cryptocurrency. His Twitter announcement did not provide a lot of information, except for the fact that the TRON partnership is with an industry giant worth tens of billions of dollars.
— Justin Sun (@justinsuntron) October 12, 2018
Even so, the entire crypto community started speculating about the new partner’s identity. Soon after the announcement, a new rumor emerged, claiming that the identity of an unnamed corporation was uncovered. According to the rumor, TRON’s new partner is none other than Baidu, one of the largest tech giants of China, which also represents this country’s largest internet search provider.
Baidu is often viewed as China’s version of Google, and if the rumors of a partnership with this company turn out to be true, this will be a big game-changer for TRON.
However, in days following the announcement, new reports started coming in with claims that the partnership will not revolve around blockchain technology. Instead, ODaily reported that the alleged partnership between TRON and Baidu will be focused on cloud computing. The report claims that TRON will be purchasing computing resources from Baidu.
Will Ripple (XRP) advocacy hike affect bitcoin dominance of China?
Currently, China is leading in Bitcoin mining industry by far, second to none for bitcoin mining power. Literally, it’s contributing over 70% of the network’s hash rate (a term that is used in describing the total processing power of a blockchain network). But how Ripple fits in here and what it has to do with that? We’ll talk about that a bit later below, let’s cover some in-depth facts about China’s dominance over Bitcoin first.
It’s a near-complete dominance by China on the BTC mining grid that has made it responsible for mining a majority of circulating bitcoins. A Beijing-based company, Bitmain Technologies, is highly responsible for extracting the significant part – more than half of the globe’s bitcoin, and alone, it has approached 50% of the total hash rate more than once.
The fact that China is controlling a majority of Bitcoin hash rate, clearly tells that it has the power of manipulating or merely destroy the bitcoin network if it gets enough support should it decide to take such a move. Therefore, this has led to serious concerns among countries including the US that China might get an edge in this cryptocurrency industry and possibly becoming a potential threat.
China is the biggest manufacturer of Bitcoin as well as cryptocurrency mining equipment. The reason behind the massive growth of mining farms in the country is because of cheap electricity bills.
Furthermore, the country has adopted several…
Ravencoin (RVN) Surges Following Binance Listing
While most cryptocurrencies today still remain unstable and at the edge of falling into the red, there are some coins that are doing significantly better. One such coin is Ravencoin (RVN), which has surged by over 26% in the last 24 hours.
Ravencoin came to be as a hard fork of Bitcoin and was inspired by a popular book series-turned-television programme, Game of Thrones. The coin’s developers decided to make Ravencoin an open-source project that provides users with the ability to declare assets on their platform. The platform itself is decentralized, transparent, and secure.
Just as Game of Thrones’ ravens are used for spreading the news and truth, Ravencoin hopes to become a carrier of truth regarding the ownership of assets on the blockchain.
Ravencoin’s main use case is for performing P2P transfers, while it prioritizes security, autonomy, user privacy, and control. Additionally, as a coin fighting for truth and transparency, it also stands against censorship.
Ravencoin got listed on Binance prior to MainNet launch
Following the last week’s announcement that Ravencoin is getting officially listed on Binance, the world’s largest cryptocurrency exchange ba trading volume, Ravencoin experienced a large price surge. At one point, the surge took the coin’s value up by over 31%. At the time of writing, however, the coin is still growing, with an increase of 26.15% in the last 24 hours.
Getting listed on Binance has brought Ravencoin to the top…
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