The darknet that comprises the dark web directories and the deep web directories, has a specialized economy backed by the cryptocurrencies. Of all the cryptocurrencies that are used in the darknet, Bitcoin has been the most common and widely used cryptocurrencies due to the fact that it is quite efficient in obfuscating identities and transaction details. But in recent times it has been seen that Bitcoin possesses glitches that hinders its efficiency.
That being said, the economic backbone of the best dark web websites have migrated from just Bitcoin to various other cryptocurrencies like Monero (XMR), Litecoin (LTC), ZCash, Dash etc., a few to name. Talking about which cryptocurrency the darknet markets will settle is pretty controversial as various features of different cryptocurrencies governs the ideologies of people. What has come up in most of the research is that maximum people are going for Monero and ZCash. You may ask why?
Monero, as it is known, is a private, secure and untraceable open source currency that has been launched for dark web transactions with a strong hold on decentralisation and scalability. It ensures complete privacy as it utilizes a special technique known as ring signatures.
Zcash is a decentralised peer-to-peer cryptocurrency that was created as a fork of Bitcoin and has a hard limit of 21 million coins similar to Bitcoin. Zcash supports low fee and fast transactions. It also provides encrypted memos, viewing keys, multisignature transactions and a couple more features.
Not to be overlooked when considering cryptocurrencies in darknet, there are a couple more new and old cryptocurrencies where users place their faith. To be named they include Dash (formerly known as Darkcoin), PIVX, Annons Coin, Verge. It has also been noticed that Zcash can harshly compete with Monero as a huge number of people actually support Zcash which they think is far better than Monero.