Bitcoin is still the crypto of choice for darknet marketplaces

A survey conducted by The Block Research has found that bitcoin remains the cryptocurrency of choice for payments and withdrawals for many darknet marketplaces.

The Block's Steven Zheng found that among the 49 darknet markets surveyed, about 98% of them support bitcoin.

Monero is the second-most popular cryptocurrency — it's used by 45% of markets — with litecoin and bitcoin cash drawing support from 29% and 12% of the survey markets, respectively. The results largely mirror those gleaned during a 2019 survey, though in that case, ETH was third-most popular at the time.

A report published earlier this year by Bitfury Crystal found that darknet entities are turning to transaction mixers — which help obscure the provenance of funds — in increasing numbers.

Read The Block Research's full report here.

© 2020 The Block Crypto, Inc. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.