After both Oasis and Alphabay announced the support of the lesser-known cryptocurrency Monero, marketplace forums and the /r/DarkNetMarkets subreddit have been filled with posts riddled with misinformation on the topic. Being less popular than Bitcoin and Ethereum, the usage and security of Monero raises many questions that need answers.
One of the moderators of /r/DarkNetMarkets, “sapiophile,”submitted a post titled “IMPORTANT WARNING to those who want to use Monero/ShapeShift and NOT end up in jail”. This post unsurprisingly clears up many of the concerns brought up by the community.
The majority of the community’s concerns stem from not knowing how the currency works. Bitcoin’s decentralization is part of its major appeal. Monero working in a completely different fashion seems to go against the reasoning behind the creation of cryptocurrency like Bitcoin. True or not, in terms of anonymity for transactions on darknetmarkets and the deepweb, the argument is completely different.
Important parts of Sapiophile’s post:
“So here’s the TL;DR: Monero’s privacy comes from the sending side of the transaction. There is absolutely zero privacy gained simply by using a vendor’s Monero receiving address, if you are not sending the Monero yourself, on your own computer, running your own Monero software.