Online Criminals Abandoning Bitcoin For Other Cryptocurrencies, Particularly Monero

Online Criminals Abandoning Bitcoin For Other Cryptocurrencies, Particularly Monero. Bitcoin has been working with efforts to make its transactions more transparent and visible. This is causing criminals who operate online to start working with other cryptocurrencies. The currencies being used have been varied but Monero has proven to be a popular choice for its extensive privacy features.

Criminal activities involving the bitcoin had been prominent at the start thanks to how the bitcoin allows people to be rather vague with their listings on transactions. This also came thanks to the general decentralization that comes with the bitcoin. This setup for the coin produces a layout that offers a better sense of protection.

But with newer cryptocurrencies coming about, many people are looking to use other options for handling transactions. These include illegal actions relating to drug and weapon trades and even for managing money laundering activities among other harmful actions.

Europol, a law enforcement entity operated within the European Union, has stated in a report that online criminals are using Ethereum and Zcash among other cryptocurrencies in lieu of the bitcoin. The move also comes as more countries around the world starting to look into the bitcoin and see how they can regulate the currency in their own ways.

Ethereum and Zcash are rising thanks to how they offer more anonymous features for improving upon how transactions can be made without having to give out too much data. But it is Monero that is becoming the top option for handling such transactions as it offers a more protective layout.

Monero has become popular for being an open source cryptocurrency. It focuses primarily on being a private option that does require any contact information in any transaction. This ensures that all money being sent through Monero is protected and will not be exposed. Monero is being promoted for how it offers more protection than any other cryptocurrency on the market.

Some of these groups are engaging in extensive projects to raise funds through these currencies. On December 18, a group of hackers broke into tens of thousands of WordPress sites and used ransomware to get those sites to produce Monero. This is according to a report from Wordfence, a security firm.

Monero appears to be very popular on the market as well as the currency has managed to have a strong rally amid some of the uncertainty coming within the cryptocurrency field. The currency has experienced a dramatic rise over time and has gotten beyond the $400 mark for a period of time. It had been trading at less than a penny per coin for much of the previous year, thus marking a dramatic rise in its overall value.

The ongoing rise of criminal activity with cryptocurrencies in mind is a concern that will be important to spot. The rise of Monero as an option for such actions is especially a point for investors to watch for in 2018 even as that currency continues to be a popular choice for use. Other currencies may develop as popular options for criminals to use although Monero is the top option at this point.

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