Why is Bitcoin still popular on the black market?

The black market has used Bitcoin practically since its inception. Blockhain brought unexpected possibilities of anonymity into the underworld that no one had ever dreamed of before. But why didn’t the black market switch to Monero and other extremely safe cryptocurrencies over time? Why does he still use the oldest ones?

Safe cryptocurrencies like Monero? No, thanks

According to a report by the analytical company Chainalysis, over 600 million USD flowed through black markets in the last quarter of 2019 alone. The vast majority of it was in the form of the king of digital money. The company itself began to wonder why, despite the more secure cryptocurrencies, traders still prefer Bitcoin.

Older cryptocurrencies Dash and ZCash are also popular choices. Even 30% of merchants accept Litecoin. However, despite this, the most popular currency is still the original – Bitcoin.

There are two reasons for this, explains Cedric Dahl, CEO of 1000x.

Mixing services play the biggest role. This adds another anonymizing layer to the blockchain itself. It is practically an obligation if you want to trade on the black market.

The second reason is a little less intuitive. Namely, although Monero has advantages in everything, you can not sell it without an exchange. Almost anyone can buy Bitcoin from you, even using P2P exchange offices that do not want KYC.

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