Cyber criminals and hackers will soon ditch Bitcoin for Monero. Cyber security experts have anticipated the shift to happen in the near future. They believe that the ransomware creators and distributors will start demanding ransom in Monero instead of Bitcoin in the coming days.
The shift will be influenced by the additional privacy and security offered by Monero. Bitcoin transactions are known to be pseudonymous at best. In spite of taking extra precautions, like using coin tumbling services to anonymize transactions, it is relatively easier for the law enforcement authorities to track questionable transactions over the blockchain. But with Monero, it is almost impossible.
The use of ring signatures by Monero network clubs multiple transaction inputs and outputs into single entries on the blockchain, making it hard to zero-in on a particular transaction. Whereas, each transaction is recorded as an individual entry on the Bitcoin blockchain. One of the security experts from Webroot was recently interviewed by a prominent business news service, where he explained the factors influencing ransomware merchants’ probable shift from Bitcoin to Monero as the preferred cryptocurrency for ransom demands.
Speaking to the publication, Tyler Moffit, a cyber security expert working with Webroot as a