Bitcoin's share of the cryptocurrency market is sliding, with a host of alt...
LONDON - Bitcoin’s share of the cryptocurrency market is sliding, with a host of alternative digital coins gaining ground as developers race to create digital cash that can gain a footing in mainstream commerce and finance.
Since its launch in 2014, Monero has grown to be the 12th biggest cryptocurrency by market capitalization with around $1.4 billion-worth in circulation.Every transaction involving Monero obscures the digital addresses of the senders and receivers, as well as the value of the transaction. That offers users near-total anonymity, allowing them to instantaneously send digital cash without leaving any clues.
Three of the biggest five darknet markets now accept Monero, Robinson said, though he added the caveat that bitcoin is still the most widely used cryptocurrency for darknet payments. Nevertheless, over 4 percent of the 17 million Monero in circulation were mined using malware, said Guillermo Suarez de Tangil, a cybersecurity lecturer at King’s College London who has researched Monero.
Britain’s finance ministry, which leads a task force that is looking at if and how Britain will regulate cryptocurrencies, said it was aware of the potential for Monero to be used for criminal ends. Mitchell Krawiec-Thayer, a San Francisco-based blockchain developer who is part of Monero Research Labs, said Monero is designed so it can be easily mined by individuals rather than powerful groups that team up to mine coins in industrial quantities.
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