- A Darknet Market Platform, White House Market will not allow payments in Bitcoin (BTC)
- Cryptocurrencies are a prime pick of Darknet to make payments
- White House Markets to utilize Monero (XMR) to make payments
White House Market will no longer encourage Bitcoin (BTC) payments. The third-party payment processor utilized by the platform, Morphtoken, has all of a sudden picked to block access from Tor exit nodes. From now, the Darknet only accepts the privacy coin Monero (XMR).
The Growing Economy Darknet Markets
White House Market was the second-largest darknet market preceding Empire Markets. But it is claimed to have become the most extensive darknet market after the Empire Markets ran offline last August!
As days have passed, the demand for Bitcoin has significantly increased from both investors and retailers. Due to this reason, White House Market, a superior marketplace on the Darknet, has ended accepting payments in Bitcoin (BTC).
Bitcoin is the most preferred mode of payment in the Darknet markets because Bitcoin (BTC) offers the best security features and keeps users anonymous. Bitfury, a chief infrastructure provider for the Bitcoin Blockchain, reported sending $1.4 billion worth of Bitcoins (BTC) into mixing services in 2020.
Darknet Market to Utilize Monero (XMR) for payments
The most mass attractive websites on the dark web are known as Darknet Markets. These platforms often sell illegal goods and utilize Bitcoin (BTC) or other cryptocurrencies like Monero (XMR) to make safe payments and not get caught.
Although the government does not command Bitcoin, the transactions done via the crypto can be traced, making the payments prone to threat. Furthermore, it can reveal the identity of the owner. At the same time, Monero (XMR) does not expose the account of the past transactions. It is planned to be incognito.
Monero (XMR): the Privacy Coin
The popularity of Monero is on a constant rise because of the anonymity features it has to offer the users. The transactions are difficult to trace as they utilize ring signatures and stealth addresses. Through this way the identity of people remains hidden.
Currently trading at $160, Monero is the 15th largest cryptocurrency.
With a background in journalism, Ritika Sharma has worked with many reputed media firms focusing on general news such as politics and crime. She joined The Coin Republic as a reporter for crypto, and found a great passion for cryptocurrency, Web3, NFTs and other digital assets. She spends a lot of time researching and delving deeper into these concepts around the clock, and is a strong advocate for women in STEM.