AlphaBay Market is currently the most widely used dark web marketplace in existence at the moment.
And even though it is hard to gauge its usage statistics accurately – thanks to Tor’s anonymity notoriety – the site’s administrator confirmed previously that a majority of the vendors from the no-longer-functional Evolution platform had made their way to AlphaBay Market.
This makes AlphaBay one of the most promising successors of Silk Road which was shut down by law enforcers in October 2013.
And as expected, the popularity of AlphaBay Market has also ushered a myriad of problems, especially with the unprecedented membership boom. And here is a quick primer on that.
On Bitcoin Scaling
Just as many Bitcoin-related platforms have had to deal with an increase in support tickets as a result of increased congestion on the blockchain network, AlphaBay Market has also had its fair share of problems.
One of the AlpbaBay’s support representative confirmed that there has been a sharp rise in complaints from newbie users whenever there is a backlog in the blockchain which leads to deposits taking too long to be confirmed.
And although recently there has been a lot of chatter on scaling Bitcoin technology, AlphaBay Market has not formally announced any plans to integrate a Lightning Network node or a Tumblebit bub on its platform.
The support representative claimed that the dark web marketplace has its own unique proprietary coin tumbling mechanism.
On Monero Payments
Around late August, Oasis and AlphaBay Market introduced the use of Monero payments to their sites. This saw the market cap of Monero grow to an impressive $170 million up from just about $25 million in just a few weeks.
Currently, the market cap has stabilized to just above $110 million. Even though Oasis pulled an exit scam later, AlphaBay’s Monero network is still very functional and alive.
But even then, an AlphaBay support insider confirmed that Monero payments account for a mere 2% of AlphaBay transactions.
As far as the exact numbers go, this accounts for just less than 500 transactions on average per day. The numbers might look dismal, but in reality, it represents more than a 300% growth since last August.
Yet, it is not exactly clear how much of that recorded grown has been as a result of real usage and that from speculative buyers who are moving their cryptocurrencies through the exchanges.
Zcash was launched almost at the same time that the Monero network was introduced on AlphaBay Market. And given its promising growth so far, many have been left wondering whether it could be the next altcoin set to compete against Monero on darknet markets.
If anything, AlphaBay has already expressed interest in adopting Zcash as a future alternative cryptocurrency in addition to Bitcoin and Monero.
Nonetheless, it is worth noting that Zcash market capitalization is just less than 10% of that of Monero’s.