Friday, January 19, 2018

#Bitcoin too hot for criminals. They're using #monero instead.

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Bitcoin is becoming too hot for criminals so they're switching to more obscure cryptocurrencies such as monero, according to European law enforcement officials.

Just as bitcoin has skyrocketed in value and popularity, so has the attention given to the digital currency by law enforcement agencies, making it a less attractive method of payment in the criminal world.

Europe's top law enforcement official -- Europol executive director Rob Wainwright -- tweeted Tuesday that there will be a "progressive shift in 2018 towards criminal use of cryptocurrencies other than bitcoin."

That shift makes it "more challenging for law enforcement to counter," he added.

Experts say bitcoin is becoming too mainstream, and therefore too risky, for criminals.