Darknet markets are notorious for their acceptance of Bitcoin as a payment method. Even though BC lacks privacy and anonymity, it is a standard payment method on these illegal marketplaces. For White House Market, that is no longer the case, as it effectively removed Bitcoin.
White House Market Favors Monero
Despite the top darknet marketplace being shut down this week by Europol, the battle among other platforms is still ongoing. It often doesn’t take long for competitors to fill the void left behind. While not the top market yet, White House Market is by far one of the most active marketplaces on the darknet.
According to Dark Fail, it now appears that White House Market isn’t accepting Bitcoin as a payment method any longer. Instead, the team decides to go all-in on Monero, a currency better suited to darknet users’ needs. It provides anonymity and privacy by default, two traits Bitcoin lacks.
Removing the Bitcoin option makes a lot of sense. It has too much recognition to be useful for people looking to mask or hide their identity. Additionally, too many exchanges work with blockchain analytics firms such as Chainalysis, preventing users from maintaining any degree of privacy.
For now, it appears this option is permanent. Bitcoin users will have to look beyond White House Market for their darknet purchases. A fair few darknet marketplaces still accept Bitcoin alongside Monero, yet note a substantial increase in XMR-based transactions. It is a matter of time until Monero becomes the industry standard, either for better or worse.
White House Market Details
According to Darknetstats, White House Market has been active since February of 2019. Despite its 4% commission per transaction, it has over 22,000 active listings. No details regarding its weekly business volume exist, but it is evident this platform is prevalent.
Although sources rumored that White House Market would drop Bitcoin altogether several weeks ago, the switch has only now been finalized. At the time, the team claimed how its third-party exchange provider blocks access from Tor exit nodes. Whether that is the main reason for fully embracing Monero, remains unclear.
Bitcoin’s role of importance on the darknet may have come to an end for good. A positive sign, as this cryptocurrency is about much more than illegal activity. The same goes for Monero, yet that currency can thrive in a darknet environment. Even though various exchanges remove support for XMR, it won’t hinder its chances of succeeding in the slightest.
Source: White House Market Officially Ditches Bitcoin in Favor of Monero