Bitcoin Is Still the Dark Web's Preferred Currency, Says Reported Funded by Zcash’s Developers

A report released by the Rand Corporation, a think tank and government contractor, revealed bitcoin is still the dark web’s preferred cryptocurrency.

In a 65-page report the organization release, the Rand Corporation examined the use of Zcash in three areas: money laundering, trade in illicit goods and services, and terrorism financing. Its report, which was commissioned last year by the company behind Zcash (ZEC) – the Electric Coin Company – found “no evidence of widespread illicit use of Zcash.”

The report reads:

Zcash has only a minor presence on the dark web, indicating that Zcash is seen as a less attractive option to dark web users and is used less often compared to other cryptocurrencies, particularly Bitcoin and Monero.

The study clarified that while Zcash is indeed used for illicit purposes on the dark web, it’s widely seen as a less attractive option when compared to the flagship cryptocurrency bitcoin, or with Monero (XMR), another privacy-centric cryptocurrency.

Rand’s study concluded that only 1% of illicit offerings that mentioned cryptocurrency accepted Zcash payments, with only three sellers taking in ZEC payments: The Shop, Skyscraper, and Cyberzen. In contrast, 59% of listing accepted bitcoin, 27% accepted XMR, and 12% accepted ether.

The Rand Corporation’s researchers concluded:

Bitcoin is still perceived to be the dominant cryptocurrency for illicit or criminal activities on the dark web.

In a recently published blog post, the Electric Coin Corporation’s vice president of growth Josh Swihart touted Zcash was being used to buy ice cream and movie tickets by its users. It’s worth noting that in 2018 a report published by Europol revealed ISIS was using Zcash.

Featured image via Pixabay.