Day: February 8, 2018

After correcting the final streak of losses earlier this week, Ethereum consolidates between key pivot levels for the third day in a row.

This comes as Ethereum’s rival, Dfinity, raises $61 million for its product. What could be next for Ethereum? Here’s a quick overview.

Ethereum Consolidates Below Daily Ichimoku Cloud

After reaching the all-time-high level at around $1,400 in mid-January, ETH/USD gradually made its way back down to the December support level of $678. This level also falls on the 61% Fibonacci retracement. It is currently consolidating between $678 and the 50% Fibonacci level of $823. The hard resistance is the daily Ichimoku cloud.

These are the exact same levels where Ethereum consolidated for two weeks back in December when it was making its way up to the all-time-highs.

How long will it take for Ethereum to fully recover?

After last week’s bloodbath, it could take Ethereum a while to regain its bullish momentum. These types of consolidating behavior aren’t that surprising. If the $678 support level holds, we could expect a gradual recovery towards the upper band of the Ichimoku cloud in the next few weeks.

However, there is still a risk of further drops towards the next support level of $478 at 78% Fibonacci.

Ethereum Rival Raises $61 Million

The consolidation comes as a new Ethereum rival, Dfinity, raised $61 million.

DFINITY is a non-profit foundation developing a blockchain-based “internet computer,” and are hoping to share it with the world. The product could have unlimited capacity and unmatched performance. Dfinity explained that the internet computer would allow decentralized versions of tech services such as eBay, Uber or Dropbox.

In other news…

Ethereum’s co-founder Vitalik Buterin donated $2.4 million in Ether to an Anti-aging research foundation.

Vitalik is the one who threatened to leave Ethereum right before the New Year, saying he’s fed up with the immaturity of the digital currency crowd. Now he’s staying true to his word by attempting to make a difference through his cryptocurrency fortune. It is now up to the market participants to take the news and decide on their next moves when it comes to Ethereum.

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The internet has become a cozy place to a third of the world’s 7 billion population and it is growing rapidly. The internet is the key to a new world, full of exciting opportunities, including the ability to be anywhere with anyone – as well as to be anyone. The internet’s anonymity feature is both its greatest strength and its weakness. On the one hand, it gives individuals the unique opportunity to start from scratch, regardless of their past or present, and express themselves without fear of persecution. On the other hand, individuals can exploit this ability to perpetuate their criminal or malicious activities. And when it comes to establishing a long-lasting relationship, anonymity is the last thing anybody wants.

The internet is full of cautionary tales about the dangers of meeting strangers; some disappointing and others shocking. Naturally, these stories and experiences have deterred people from forming deep and meaningful relationships, preferring superficial and perfunctory exchanges for the sake of their own safety.

But what if there was a way to remodel relationships on the web? What if there was a way to bring back honesty and transparency into the online dating domain? What if there was a place where you could confidently form long-lasting and intimate relationships without worrying about the motives of the person at the other end of the screen?

Blockchain technology is the answer.

Immutable. Secure. Tamper-proof.

Blockchain technology is a decentralized and distributed, public ledger system for the peer-to-peer exchange of values and information.

Distributed over hundreds of thousands of computers, blockchain technology is a tamper-proof, immutable, and self-sovereign technology that has been heralded as the most disruptive technology ever known to mankind. Information written into the blockchain cannot be changed or modified and since the record is distributed across geographically dispersed devices, no single entity can own or control it.

Blockchain technology enables users to directly share and exchange values without any third-party interference or invasion of privacy.

A Game Changer

Online dating is a double-edged sword for most. You’re either paying exorbitant subscription fees for premium features such as ad removal or profile promotion (getting a higher chance of matching with relevant users)-, or you’re getting bombarded with ads and with limited access to the network. While ads, for instance, seem to be a small price to pay, recent research has shown that these users often wind up paying a steeper price that includes privacy invasion and wholesale trafficking of users’ data in order to maximize profits.

It shouldn’t be that way. And it does not have to.

Information is power and personal information is leverage.

Online dating is solely based on the exchange of information. Credible and honest information generates trust and increases one’s chance of being successfully matched with the right person – one’s soulmate. However, sharing this information exposes the user to risk; the more detailed the profile, the greater the risk.

As we have seen at a large scale in the Ashley Madison Hack, providing secure and tamper-proof data storage facilities is of the utmost importance for any service provider to guard the user against such breaches and protect users’ privacy. The blockchain’s cryptographically secured storage and exchange protocols have the potential to solve the problems plaguing the dating industry.

But how?

Hicky.io is the answer the industry has been waiting for.

A Secure and Confidential Platform

Hicky.io is a blockchain powered dating platform that leverages crowd wisdom, decentralized and encrypted data storage as well as an underlying token economy to create the best and most secure dating platform.

Using smart contracts and a token-based incentivization system Hicky.io uses a combination of visual and auditory verification protocols to prove identity and establish secure and direct, peer-to-peer channels of exchange.

Hicky’s groundbreaking platform is a first for the multi-billion online dating industry. Its innovative features are set to change not only the dating scene but how long-lasting relationships are going to be established. Knowing that the person on the other end of the screen is as real as their profile claims to be breaths an air of confidence into every interaction. And knowing that your privacy can never be intruded is just what the dating scene needs!

Read more about Hicky on their website and join their Telegram channel to stay in touch.

The post Why Does a Dating App Need to Use Blockchain Technology? Hicky.io Answers Why appeared first on NewsBTC.

The Jedi mind tricks of Star Wars fame could come into reality. #SPONSORED

On December 11, 2017, SEC Chairman Jay Clayton issued a stern warning to mainstream investors about cryptocurrencies and initial coin offerings (ICOs). He comments,

A number of concerns have been raised regarding the cryptocurrency and ICO markets, including that, as they are currently operating, there is substantially less investor protection than in our traditional securities markets, with correspondingly greater opportunities for fraud and manipulation.

It’s no surprise that crypto enthusiasts don’t like the SEC or other financial regulators. If many authorities had their way, cryptocurrency exchanges would be done away with completely. Yet Clayton’s warning, though overboard at times, raises some very valid points. It is a well-known fact, as the memo states, that ICOs provide “greater opportunities for fraud and manipulation.”

According to an Ernst & Young study, about $400 million has been stolen from funds raised through initial coin offerings. This large pile of unrecoverable investor capital represents over 10 percent of the $3.7 billion raised in 2017. In addition, the report noted that most funds are stolen through phishing attacks, racking up losses of $1.5 million a month. Only a quarter of ICOs reached their funding goals in November 2017, down from 90 percent in June that same year. Throw in pump and dump schemes orchestrated by hedge funds, and ICO investors are less likely than ever to see their full investment again, let alone turn a profit.

These glaring security issues are one of the leading reasons why ICOs fail. Not only do fraudsters and hackers siphon a firm’s capital, they also disincentivize potential investors. In order to combat ICO security issues, several companies have offered suggestions, ranging from educating investors to altering the way capital is raised.

Knowing is Half the Battle

 G.I. Joe may not be popular like it once was, but the famous quote “knowing is half the battle” is just as true today as it was back then. Unfortunately, investors fall prey to ICO scams because they lack the education necessary to invest wisely. If investors don’t know what they’re doing, their investment risk shoots through the roof.

Some companies like Fund Platform are creating interfaces that educate potential investors about ICOs and cryptocurrency investing in general. They create trading and investment funds that allow users to invest in baskets of assets, rather than just one or two coins. Additionally, these platforms protect ICO investors through ratings and risk/return indicators, similar to what many Wall Street banks do with stock and fund evaluations. To be sure, the onus is still on investors to educate themselves, but these platform the tools to succeed.

Whether individuals educate themselves or not, ICO teams need to do their best to educate potential investors. In a recent Senate Banking Committee hearing, Jay Clayton applauded Facebook’s restriction of ICO promotions, calling it a “responsible step”. If the SEC begins cracking down on ICOs, companies must be sure that they do everything in their power to protect potential investors.

The Ironic Relationship Between Blockchain Technology and Auditing

 All blockchain companies boast that their platforms, because they use blockchain technology, can be audited by any and all parties. Sadly, some companies don’t back up their big talk. This is especially true of ICOs, where infrastructure issues and security vulnerabilities can cripple a campaign before it has the chance to thrive.

In response, several companies, including Hosho, offer smart contract auditing and security services. They scour ICOs and blockchain platforms for smart contract errors and propose fixes to ensure that smart contracts do exactly what they are programmed to do. What’s more, they also run codes against a database of known attack vectors, alerting ICO and development teams of any existing issues. Some say the best offense is a good defense, and auditing security measures can help identify potential threats before hackers can actualize them. If an ICO team fails to fully vet their ICO and platform, fraudsters and hackers could take advantage and severely damage both the startup and its potential clients.

With the stunning number of hacks and frauds in the ICO world coming more and more into focus, the need for external auditing and control to protect customers and investors has never been greater. According to Hartej Sawhney, founder at Hosho, “The number of successful high-profile attacks and data breaches are indicative of the security weaknesses that many companies and organizations have. Companies preparing for a Token Generation Event should get at least one third party technical audit of their smart contracts.”

Further, Sawhney sees that the need for external security testing as critical for ICO success. Nevertheless, companies are wont to invest funds into non-sales activities, regardless of the important. He said, “Companies need to allocate time and capital towards security. Unfortunately, many companies put too much focus on compliance, thinking that as long as they meet all regulations, their sensitive data will be thoroughly protected.”

The post The Biggest Threat to an ICO and How to Avoid It appeared first on NewsBTC.

A commissioner of Taiwan’s capital city said it’s working with the IOTA Foundation to develop a Digital Citizen Card using the Tangle ID system.

This article originally appeared on Bitcoin Magazine.

Speaking at a Town Hall Forum today in South Dakota, the Minneapolis Fed President had some condescension for proponents of Bitcoin. Neel Kashkari told the assembly:

“If you live in any modern advanced economy I would stick with the dollar I would stick with the yen and leave bitcoin for the, you know, toy collectors.”

For the Ohio-born, former aerospace engineer, Bitcoin is an immature investment and should be avoided by those serious about what they do with their money. Despite recent negative price movements, the enormous growth in the price of this “toy” called Bitcoin has drawn plenty of attention from Wall Street. This has prompted the recent creation of futures markets surrounding the emerging asset class. There are now several of these products offered by a variety of traditional trading centres. These include the CME Group and the Chicago Board Options Exchange. There is also strong sentiment that a cryptocurrency ETF will follow at some point during 2018.

Despite the attention Bitcoin and other cryptocurrencies are receiving, Kashkari remains unconvinced:

“I don’t really think of bitcoin as a currency. I think of it as a novelty. The idea that these virtual currencies are ever going to compete with the dollar is hard to fathom.”

For the Federal banker, the major issue with Bitcoin is that anyone can create their own version. He acknowledged that there was a scarcity of Bitcoin itself and that this was similar to gold. However, “the problem is the barrier to entry for anybody creating another version of Bitcoin is zero.”

Kashkari ceded that in countries with less political stability than they enjoy in the US, a virtual currency that remains entirely independent of the government could be useful for the people. However, in the States, the public is supposed to trust the government, ergo there should be nothing at all to fear from them having complete control of the monetary supply. Well, what were you expecting from a central banker? A turkey voting for Christmas isn’t long for this world, after all.

The post President of Minneapolis Fed: It’s Best To “Leave Bitcoin For The Toy Collectors” appeared first on NewsBTC.

“Fintech” is the term which doesn’t leave indifferent the largest players of the international financial market. The financial technologies sphere dynamically develops and has managed to attract attention not only visionaries of banking but also slow state public institutes. However, “fintech” is just the top of an iceberg, covering numerous shortcomings of the current financial system, but not capable to change the rules of the game in general. What can replace such a fundamental, widespread system? Practice shows that the blockchain technology is perfect for these purposes.

Bloomzed – is not another payment service provider, it is something more than this. It is a platform, decision, call.

The technology is on the third round of development that already allows creating the whole platforms the startups surpassing in the functionality and efficiency of many fintech start-ups that are ready to be a serious competition to the banking sector, according to experts. Such platform is now created by specialists of the Bloomzed company.

The Bloomzed project is the modular decision allowing to cover all requirements connected with the financial activity of both physical, and legal entities in the international format. Creators have set the ambitious task with the use of modern technologies storage, data processing and analysis, understanding together what decisions have been used and already are successfully tested by the first clients of the company.

The loyalty of clients is a merit of functionality and systematization of Bloomzed platform services.

Initially the platform was under construction for the business interests, however, nobody will begin to argue that business without clients doesn’t exist. Therefore, I suggest, to begin with, the analysis of decisions for individuals. The section of services for individuals can be divided conditionally into six directions, in each of which the advanced technology solutions have been used, namely:

• Identification services (Biometrics, Tokenization, Multilevel Authentication, Digital confirmation of data authenticity)
• Financial services (Multiplatform and multiple currency application, Cryptocurrencies, support of NFC technologies, QR, USSD, Bluetooth Smart, and others. Payments, transfers, and storage for every type of money are available too)
• Investment services (Center of the currency exchange, Virtual depositary, Direct and institutional investments, Trust management)
• Systems of rendering of services (Debt, Insurance, Digital shop of goods and services, Tickets, and other)
• The loyalty systems (The uniform system of loyalty (discounts, bonuses, cashback), the Multilevel system of cashback and bonuses, Gift certificates, Subscriptions and Direct communications with service providers)
• Accounting systems (Personal accountant, Detailed statistics, Transparent accounting system)

The Bloomzed project undertakes a duty to provide the best customer experience for these services by forces their own experts. It attracts the decisions from pioneers of development of the above-stated technologies, but also guarantees smoothness of transition to the platform due to support of the current, widespread standards (support of the International payment service providers, the Systems of the translations and Internet wallets, Platforms of a currency exchange and Exchange hubs). All of this has allowed creating the most functional and convenient system for ordinary users for the satisfaction of daily requirements.

Creation, functioning and development of any business – the Bloomzed platform main focus.

The number of the supported standards and services hardly fits into one article therefore we will disassemble only the main modules as for services for legal entities and entrepreneurs:

• Identification services (the increased amount of information concerning individuals)
• Financial services (Independent multiplatform application, Acquiring, Physical decisions for carrying out, storage and financial transactions accounting)
• Investment services (full access to the financial and investment markets for ensuring a fully functioning company and increase in profitability)
• Services of Crowdfunding and capital turnover (the systems of fundraising, the publication of the company shares to attract the capital and search for the new partners)
• A platform for the shop creation (Creation, Conducting activity, Scaling of virtual and physical service station of clients)
• Channels of realization and sales markets (Digital shop of goods and services, search of clients, audience analysis, advertising and marketing tools)
• The loyalty programs (The uniform system of loyalty, Gift certificates, Direct communications with clients and suppliers)
• Accounting systems (Detailed statistics, Transparent accounting system, Accounting and Audit Services)

Moreover, creators of the Bloomed project understand that the realities allow to wash away somehow legal and temporary borders for individual clients of the advanced technology solutions and standards, then it is not enough for businessmen and impresarios. There are many actions for legalization of business and its legal transparency planned in the company for this reason. That gives the choice for clients: to conduct an open activity or to protect the activity from some fixed observation of supervisory authorities.

It is sure, the reader has seen a certain correlation of the provided services for natural and legal entities. I assure you, this is not an accident. As it is technologically large-scale project it is difficult to describe within one article all of its features, here and now we could catch a certain feeling of interrelation of all modules of the platform. However, if gets acquainted with the Whitepaper of the Bloomzed company it is possible to be convinced that the platform is worked out to trifles and creators have squeezed out maximum efficiency for the participant of each process, and for all connected directions, and their consumers.

Current opportunities for Bloomzed and the Bloomzed Crypto Club Privileges.

So, we have just realized the platform’s potential capable to change the current foundations of financial and business sectors, but what is offered by the company? The most of technologies are developed and introduced. There are testing and final operational development of the mechanism for no-failure and high-speed operation of the platform. Now (from January 17, 2018, to February 17, 2018) there passes the Second round of primary release of the own crypto – tokens an event under the name Token Generation Event (TGE) within which is planned to sell 45 000 000 tokens of BZT.

So, the Bloomzed platform plans to release 100 000 000 BZT tokens, from which 50 000 000 BZT will be available to participants of Bloomzed Crypto Club. Other tokens are going to ensure forward development and promotion of the platform in the international market of financial services. These tokens are created with the purpose to support a community of visionaries of financial technologies, and to give them exclusive conditions of use and exclusive opportunities and platform’s bonuses, other than opportunities for ordinary users. The most attractive functions are:

• Special conditions on products and services of the company’s marketplace (bonuses and discounts, exclusive offers)
• The reduced service fees
• The increased profitability from financial instruments of the platform
• Access to the multilevel loyalty system of cashback and bonuses
• Direct participation in the company development by the vote and the offer of the new ideas
• Access to test functions and functions with limited access.

Moreover, there are additional bonuses for the participants till February 17, 2018 (the termination of the second round of tokens sale):

• 3 000–5 000 tokens of BZT – 3% of bonuses;
• 5 001–10 000 tokens of BZT – 5% of bonuses;
• 10 001–15 000 tokens of BZT – 7% of bonuses;
• from 15 001 tokens of BZT more – 10% of bonuses.

There is a referral bonus program which is also called the partner program. Cost during the second round 1 BZT = 0,002 Eth. The minimum number of tokens to purchase – 250 BZT that is equivalent of 0,5 ETH, maximum – it is limited only to existence of the released BZT.

Summing up the result, it is possible to say surely that, positive prospects in the development plan for the market of electronic commerce and rendering financial services, don’t give the chance to doubt successful development of the Bloomzed platform. A successful completion of the first broadcast warm welcome from investors guarantee interest from future clients. To learn the project more detailed, to get to know its concept and the Road map, to take part in the second round of BZT tokensale on profitable terms is possible on the official Bloomzed website. Also, you can follow it on Bloomzed pages in social networks.

The post The Second Round Of The Bloomzed Financial Platform’s Tokensale – A Profitable Opportunity To Become An Exclusive Participant Of The Future Of Financial Technologies appeared first on NewsBTC.

Binance refutes all hack rumors with Blockchain, posts BTC and ETH wallet addresses to show funds are still there. #NEWS

Coindesk

US Marshals Successfully Auction Off $30 Million in Bitcoin Coindesk The U.S. Marshals Service has successfully auctioned off approximately 3,613 bitcoins (worth nearly $30 million at press time) confiscated in various crimes. A spokesperson for the agency, which manages the sale of seized and forfeited assets ...

Venezuelan Minister of Foreign Trade reports foreign interest in investing in the “petro” during its pre-sale later this month. #NEWS

The luxury Italian sports car, Lamborghini, otherwise referred to as the “Lambo” has become a ‘holy grail’ for some cryptocurrency enthusiasts. As ridiculous as $200K+ automobile may sound to some individuals after bitcoin’s rise in 2017 that dream is now attainable for a lot of early adopters.

Also Read: Australian Freeze: Big Aussie Banks Denying Bitcoiners

When Lambo?

A Lamborghini is an Italian automobile that can cost anywhere between $200,000 to $2,200,000 depending on the model. Over the past few months when many cryptocurrency enthusiasts were celebrating bitcoin’s meteoric rise, the topic of “Lambos” had become a hot conversation. Across social media forums and trading chat rooms many individuals often ask “when Lambo?” referring to the time when crypto-hodlers can all be able to purchase the luxury vehicle. At The North American Bitcoin Conference in Miami, there were quite a few Lambos on site for everyone to drool over. Some even speculate that the rise of digital currencies had inadvertently pushed Audi/VW (the parent company of Lamborghini) public shares because of the crypto-madness last year.

One Bitcoiner Purchased a 2015 Lamborghini Huracan for $115

One dealership that sells luxury cars, Motorcars of Georgia, met a man last fall who purchased a 2015 Lamborghini Huracan with money he earned from a bitcoin investment. In fact, the $200,000 sportscar (45 BTC at the time) only cost Peter Saddington $115 dollars back in the early days. Saddington purchased his first bitcoins after he read about the currency’s first ‘crash’ from $30 to $3 per coin. Saddington reveals that he purchased the coins in 2011 for roughly $2.52 and won’t reveal to the media how many he owns. In addition to being an early adopter, Saddington also has his own YouTube channel and the video of him buying a Lambo from Motorcars went viral with over 1.5 million views.

Lambo Sales On the Rise Since the 2013 Bull Run

Saddington isn’t the only bitcoiner purchasing Lambos as the trend is being seen in a lot of other areas. The general manager at Lamborghini Newport Beach in Costa Mesa, California, Pietro Frigerio, says ever since bitcoin’s price spiked Lambo sales have followed the rise. Frigerio says throughout 2013 until 2016 the luxury auto dealer did 1-2 cryptocurrency transactions per month, but in December of 2017, Bitcoin’s recent peak, he sold over ten vehicles.

The love for Lambos has been infecting the crypto-community for quite some time as the first Lamborghini purchase with bitcoins took place in 2013. The same Newport Beach dealership sold a Lamborghini Gallardo for $209,000, or 216.8 bitcoins that year. If a cryptocurrency millionaire is lazy they can also purchase a Lamborghini Huracan LP-610-4 online from their couch. The green Huracan can be delivered ‘anonymously’ and is being sold by the White Company for BTC, ETH, and LTC.

Save Those Satoshis

Cryptocurrency enthusiasts saving their precious satoshis for a Lambo can also look at a special Lambo-centric price ticker that pairs a Lamborghini Aventador with the price of BTC. At the time of publication one BTC equals about 0.0214768460576 of a slice of one Lamborghini Aventador, according to Lambo/BTC Ticker’s statistics.

What do you think about the relationship between Lambos and cryptocurrency enthusiasts? Let us know in the comments below.

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Images via Pixabay, Peter Saddington’s CNBC interview, Lamborghini, Lambo2BTC

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Bitcoinocracy is a free and decentralized way to measure the Bitcoin community’s stance on a given proposition. Check vote.Bitcoin.com.  

The post Besides the Meme Jokes Crypto-Enthusiasts Are Actually Buying Lamborghinis appeared first on Bitcoin News.

The U.S. agency that manages the sale of seized assets confirmed Thursday it had successfully auctioned off more than 3,600 bitcoin in January.

Blockchain technology is not flawless. While the idea is strong, the underlying tech behind it is falling behind. The blockchain relies on people and the power of their computers to verify blocks of transactions. Blocks can only hold so many transactions, and miners’ rigs can only handle so many blocks.

That, and mining blocks takes time. The companies behind cryptocurrencies must provide an incentive for miners to continue spending their time on the blockchain, and those rewards can vary based on the value of the cryptocurrency they are mining. The more transactions to process, the slower the network. In short: scalability is the blockchains downfall.

One company, Lydian, is attempting get rid of the reliance on miners.

Their attempt is via The Whisper Network. The Whisper Network is a platform looking to disrupt the world of digital advertising by utilizing a decentralized artificial intelligence technology. By taking advantage of A.I., The Whisper Network can identify and then target potential customers.

Because of this, the digital advertising ecosystem will become infinitely more user-driven. Lydian has two products: MonaChain and MonaBrowse. MonaChain intends to use the blockchain and its own DaVinci marketing cloud technology to avoid common cases of ad fraud and bring their clients the best possible experience.

MonaBrowse will fight to remove AdBlockers by allowing users to control not only the amount but also the extent of advertising they experience while browsing the internet. As a result, digital advertising will become more user-centric as users receive ads targeted towards them. This will increase overall engagement and have a positive impact on the ad-ecosystem as a whole.

Now, how does this factor into the miner argument? The Whisper Network and its products, MonaChain and MonaBrowse, run on something called the Directed Acyclic Graph (DAG.) The DAG presents an alternative solution to mining by the way it handles transactions. Instead of grouping transactions into a block and requiring a miner to verify them, the DAG uses each transaction to solve the one that comes after it.

The same artificial intelligence behind the digital advertising technology is used here. Unlike a standard blockchain tech, where blocks are generated one after the other, WPN blocks are created simultaneously. Then, if the A.I. calculates all previous responses as valid, the next one will be too. As more transactions are added to the network, they are validated even more quickly.

This speeds up the process exponentially, alongside lowering transaction charges to almost nothing. If the Whisper Network Protocol wants MonaChain and MonaBrowse to work the way they should, this speed is necessary. Digital Advertising requires near-instantaneous bidding for ad-placements. Otherwise, clients miss out on valuable ad-space and revenue.

The potential of the DAG technology is vast. It eliminates the need for an entire aspect behind standard blockchain technology (the miners) by utilizing artificial intelligence. Also, the DAG solves the biggest problem facing conventional blockchain technology today: scalability.

To participate in Lydian’s ICO that ends in 6 days you may visit: https://lydian.io

The post What Will You Do With Your Mining Equipment When A.I. Takes Over? Sell It On Ebay? appeared first on NewsBTC.

Bitcoin is essentially the poster child for cryptocurrencies, and that’s becoming a problem for cybercriminals dealing on the dark web. Researchers from Recorded Future, a threat intelligence company that monitors forums on the dark web where many illegal transactions are arranged, looked through 150 of the dark web’s top marketplaces and found that the Bitcoin boom is driving shady characters away from the cryptocurrency.

The coin has always been the dark web’s currency of choice, thanks to its decentralized and anonymous structure. But Bitcoin’s more recent spike in value means slower transaction times and higher transaction fees, which are making it “economically infeasible,” Recorded Future said.

Perhaps more surprising is what coins these cybercriminals are turning to as alternatives. Rather than using one of the newer digital currencies with extra privacy features, such as ZCash or Monero, the most popular alternative, according to the report, is Litecoin.

“Litecoin emerged as the second most popular currency, with 30% of all vendors who implemented alternative payment methods willing to accept it. Dash is closely trailing Litecoin with 20% of the market. Unexpectedly, Bitcoin Cash was the third most common cryptocurrency with 13% of vendors trusting it as a payment method.”

The report also notes that Litecoin is especially popular in Russia, while English speaking countries favor Monero, which many people consider all but untraceable. Read the full report here.

In a phone conversation with Fortune, Andrei Barysevich, one of the report’s authors and director of advanced collection for Recorded Future, said he believes there are two main reasons for Litecoin’s popularity. The first is based on its convenience — Litecoin, which is one of the oldest digital currencies, is available at nearly every online exchange and also processes transactions much faster than Bitcoin.

The other reason for Litecoin’s appeal is that it is supported by makers of “cold storage” wallets — which are small devices that let owners store their cryptocurrency in an offline capacity. Barysevich explained this security feature is important to many criminals, especially in Russia, who are worried less about law enforcement than they are about hackers stealing from their wallets.

“On the surface, this discovery came as a surprise, but criminals are, after all, businessmen. They want to make it as easy as possible for customers to make purchases,” Barysevich says.

The report also predicts that Dash will emerge as the next dominant currency in criminal forums. It also adds that, despite the shift from Bitcoin, the original digital currency still remains the gold standard for most online criminal transactions.

The post Litecoin And Dash Are Taking Over The Dark Web appeared first on NewsBTC.