Bitcoin is based on a public record of transactions known as the blockchain.
Law enforcement has gotten better at analyzing the data and catching criminals.
As a result, criminals are starting to use other digital currencies such as monero, which is built specifically for increased user privacy.
Dark web finds bitcoin increasingly more of a problem than a help, tries other digital currencies Dark web finds bitcoin increasingly more of a problem than a help, tries other digital currencies
Criminals are dropping bitcoin in favor of other digital currencies that are harder for law enforcement to use in tracking activities in an anonymous corner of the internet known as the dark web, analysts said.
Although hard numbers on criminal activity in digital currencies are difficult to pin down, Shone Anstey, co-founder and president of Blockchain Intelligence Group, estimates that illegal transactions in bitcoin have fallen from about half of total volume to about 20 percent last year.
“Now it’s significantly less than that,” he told CNBC earlier this month, noting that overall transaction volume has grown globally.