Monero: For Black Markets Where Bitcoin Isn't Anonymous Enough

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Monero: For Black Markets Where Bitcoin Isn't Anonymous Enough


On the so-called "dark web" black markets exist outside the purview of the law.  These online marketplaces have relied on digital currencies to avoid detection and allow for the monetary exchange for illicit goods and services. Most commonly, Bitcoin has been used for transaction purposes, but there is increasing concern that Bitcoin's protocol is not wholly anonymous.

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Notably, Silk Road, the largest such black market at the time, was brought down by the FBI, purportedly by following the Bitcoin transactions of its founder. According to a recent report by Wired, a new digital currency has begun to stand out for black market purposes, known as Monero. (See also: E&Y Auctioning Last of Seized Bitcoin from Silk Road)