Why The Dark Net’s Most Active Market Ditched Bitcoin For Monero

Tony "The Bull" Severino

4 years ago

3 mins read

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Bitcoin initially became popular as a way to pay for illegal goods on the dark web marketplace the Silk Road. But just recently as cryptocurrencies enter the mainstream media once again, the current most active marketplace on the dark net has ditched Bitcoin in favor of Monero.

Here’s why Bitcoin’s use as a dark web currency is diminishing, and why Monero could see a surge in adoption as the one cryptocurrency the government can’t infiltrate.

Without The Dark Web, The Bitcoin We Know Today Might Not Be

Bitcoin price is now trading at nearly $40,000 per coin. The still young cryptocurrency network might not have made it this far, if not for the Silk Road dark web marketplace created by Ross Ulbritch.

Back when no one know what to pay for Bitcoin or had begun widely using it as a currency, it got an early jump start as a means to pay for illegal goods such as drugs, firearms, or explosives.

Bitcoin got a head start as a currency thanks to the Silk Road dark web marketplace | Source: BTCUSD on TradingView.com

Eventually, the Silk Road was taken down, and Bitcoin lived on. Its role as a currency for the dark web has remained, however, until now.

According to Twitter chatter, the dark web’s most active marketplace, dubbed the White House Market, has given up on Bitcoin for good, and now only accepts the privacy coin Monero. But why?

For the first time on the darknet, the most active market does not accept Bitcoin. White House Market uses Monero, a cryptocurrency designed to safeguard the privacy of its previous owners, like cash.

— dark.fail (@DarkDotFail) January 14, 2021

Why Dark Net Marketplaces Prefer Monero Over Other Cryptocurrencies

As Bitcoin takes center stage in the world of finance and its value increases, the value it offers the dark web in terms of privacy is shrinking by the day.

Bitcoin is now an asset that institutions control, and its market cap is approaching $1 trillion. It has the attention of government regulators, and due to its design and popularity, blockchain analytics firms now can trace BTC transactions back to the source with enough accuracy, government agencies have begun tapping them to fight back against crime hidden away behind crypto.

Criminals can no longer hide behind what little privacy the top cryptocurrency can provide, despite its usage on the dark web growing year over year in 2020. Instead, the only choice is to look toward privacy coins that obfuscate sender and recipient data.

Will Monero begin to grow now that it is the primary cryptocurrency accepted on the White House Market? | Source: XMRUSD on TradingView.com

Monero is the undisputed king of privacy coins, offering the very best layer of protection over transactional details, which is why the White House Market has selected it as its currency of choice.

Government agencies have become increasingly successful in taking down dark web markets, and it could be due to their increased understanding of the Bitcoin blockchain. Will Monero be enough to keep Bitcoin’s spotlight and the government’s search lights away from the dark web?

Featured image from Deposit Photos, Charts from TradingView.com

Tony "The Bull" Severino

Tony "The Bull" Severino, CMT, is a distinguished figure in the cryptocurrency analysis sector, renowned for his in-depth technical expertise and innovative approach to market trends. As the Head of Research at NewsBTC, Tony leads a team dedicated to providing cutting-edge insights and forecasts, helping both novice and experienced traders navigate the complexities of the crypto market.
A seasoned Chartered Market Technician, Tony's prowess in identifying and capitalizing on market patterns is unmatched. His academic and professional journey in market analysis has firmly established him as a leading authority in technical trading strategies. Tony’s approach is heavily influenced by the principles of Elliott Wave Theory, a method known for its rigorous assessment of investor psychology and price movements.

Beyond his role at NewsBTC, Tony is the visionary founder of CoinChartist.io, an educational platform aimed at demystifying the nuances of cryptocurrency trading. CoinChartist.io serves as a valuable resource for traders seeking to enhance their technical analysis skills. The platform offers a range of learning tools and resources designed to empower traders with the knowledge to make informed trading decisions.

In addition to his educational initiatives, Tony is a prolific author and a dominant voice in the crypto community. He writes the CoinChartist VIP newsletter, a weekly dispatch that has become a staple among crypto enthusiasts, revered for its insightful analysis and actionable trading advice. This newsletter has consistently ranked as a best-seller on SubStack, boasting thousands of subscribers who rely on Tony’s expertise to guide their trading strategies.

Tony is also celebrated for his literary contributions to the field. He is the author of the highest-rated Crypto Trading Journal on Amazon.com, a testament to his ability to communicate complex trading concepts in an accessible manner. This journal is widely regarded as an essential tool for traders aiming to track their progress and refine their strategies.

Before his ascent in the financial analysis world, Tony honed his skills in journalism. His background in this field has endowed him with a unique ability to present intricate market dynamics in a clear and compelling manner, making his insights highly sought after by a broad audience that ranges from casual readers to professional traders.
His professional affiliations underscore his commitment to excellence and continuous learning. As a partner of Elliott Wave International and TradingView, Tony collaborates with other leading experts to enhance his knowledge and skills. His active membership in the CMT Association further aligns him with the highest standards of industry practices and ethics.

Tony’s nickname, "The Bull," aptly reflects his aggressive and optimistic outlook on the cryptocurrency markets. His forecasts often anticipate significant upturns, earning him a reputation for bullish predictions that have frequently led to lucrative outcomes for those who follow his advice.

In summary, Tony "The Bull" Severino, CMT, is more than just a technical analyst; he is a mentor, educator, and innovator whose influence in the cryptocurrency space continues to grow. His dedication to advancing the understanding of market forces and his commitment to providing high-quality, reliable analysis make him a pivotal figure in the world of cryptocurrency trading.

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