During the last six months, the Covid-19 outbreak has caused a lot of disarray in the world and one thing is for sure, the use of darknet markets has surged. While the citizens of the globe have been locked down, cannabis sales have skyrocketed and the dollar value of bitcoin transactions done privately has remained over $100 million per month.
Darknet market (DNM) use has exploded during the last six months, especially after the coronavirus outbreak started to rise. Data from The Block Research and 1000x Group shows that bitcoin (BTC) is still the top choice for DNM vendor acceptance.
Block Research analyst Steven Zheng explains in a report published on August 8, 2020, that bitcoin (BTC) captures 98% of the 49 DNMs the researcher surveyed. The surveyed DNMs show that monero (XMR) is the second-most leveraged (45%) crypto accepted on DNMs. Litecoin (LTC) and bitcoin cash (BCH) capture 29% and 12% respectively.
Litecoin (LTC) commands 26.8% of vendor acceptance on DNMs according to 1000x Group’s tracker, which measures the cryptos that are accepted as a payment method on the darknet.