Bitcoin vs Monero: The Cryptocurrency Showdown Unveiled
Over the last decade, cryptocurrencies have gained popularity among individuals seeking secure and anonymous payment methods, especially in the realm of illicit activities. Bitcoin, which was first utilized on the dark web marketplace Silk Road in 2011, became the preferred choice for cybercriminals, and its popularity remains strong. However, numerous alternative cryptocurrencies, known as “altcoins,” have emerged since then, with names like Litecoin, Ethereum, and Monero gaining prominence in the dark web community. Monero, in particular, has posed a significant challenge to Bitcoin’s dominance due to its core emphasis on security and anonymity. In this blog, we will delve into discussions among cybercriminals regarding the use of these two cryptocurrencies and explore three crucial factors that might determine which one gains the upper hand. Interestingly, we will find that accessibility and usability, rather than anonymity, might play a more decisive role in the battle for supremacy.
Choosing a Cryptocurrency
MyCoinChange research identifies three key factors that influence cybercriminals when deciding between Bitcoin and Monero: accessibility, usability, and anonymity.
Accessibility:
Before settling on a cryptocurrency, users consider how easily they can acquire the coins in the first place. Even though anonymity is essential, it loses its significance if obtaining the cryptocurrency proves too difficult. While some forums suggest dubious methods for obtaining cryptocurrencies for free, most cybercriminals opt for legitimate means, such as cryptocurrency exchange services, crypto-mining, or ATM machines.
Cryptocurrency Exchange Services:
Cryptocurrency exchange services offer a simple way to buy and sell cryptocurrencies using fiat or other cryptocurrencies. Popular platforms like Coinbase, Binance, and Bittrex provide easy access and user-friendly interfaces. Interestingly, discussions on cybercriminal forums mostly focus on acquiring Bitcoin without ID verification, while Monero’s demand seems to be less prominent. Many cybercriminals initially obtain Bitcoin and then convert it into Monero to achieve enhanced anonymity.
Cryptomining:
Cryptomining involves verifying transactions and adding them to the blockchain, thus introducing new coins into circulation. While Bitcoin mining has become less cost-effective, Monero’s resistance to ASIC mining makes it possible to mine with consumer-grade hardware. However, mining for Monero is less common due to its accessibility through exchange services.
ATMs:
Some larger cities have Bitcoin and Monero ATMs, offering a relatively anonymous way to acquire cryptocurrencies. However, this method is not widely used due to the risk of being identified through CCTV and the associated transaction fees.
Usability:
The usability of a cryptocurrency depends on the number of vendors and platforms that accept it as a payment method. Bitcoin’s popularity ensures wider acceptance on cybercriminal platforms, although Monero is gaining traction as some vendors are becoming more flexible and accepting both Bitcoin and Monero. Some platforms have even chosen to exclusively accept Monero to prioritize user security and anonymity.
Anonymity:
Anonymity is crucial for cybercriminals to avoid detection. While cryptocurrencies initially offered unparalleled anonymity, their usage patterns and technologies have attracted increased scrutiny from security researchers and law enforcement. Bitcoin’s popularity has made it a primary focus for tracing efforts. As a response, cybercriminals have turned to cryptocurrency mixers and exchange services to obfuscate transactions and enhance anonymity. Monero’s enhanced privacy features, however, still provide a higher level of anonymity compared to Bitcoin. Yet, recent reports suggest that CipherTrace, a US-based company, has developed tools to trace Monero transactions to some extent, raising concerns about its absolute anonymity.
The Winner:
Bitcoin’s position as the original and most widely accepted decentralized cryptocurrency has led to its mainstream adoption. However, this exposure has come at the cost of diminished anonymity, as law enforcement’s tracing capabilities have improved. Monero, on the other hand, has gained popularity as a more anonymous and secure alternative, but it has yet to achieve the same level of exposure as Bitcoin. The recent report on Monero’s traceability might slow down its growth in popularity. Ultimately, the battle between these cryptocurrencies will depend on supply and demand. Bitcoin’s accessibility and wide acceptance make it the current leader, but a shift could occur if the cybercriminal community fully embraces more anonymous and secure options like Monero.
For those seeking a seamless and reliable way to exchange their cryptocurrencies, look no further than MyCoinChange. This cutting-edge platform offers a secure and user-friendly environment for swapping Bitcoin and Monero, catering to the needs of both seasoned traders and newcomers to the crypto world.