AlphaBay to Accept Zcash Payment Soon

AlphaBay is set to integrate with yet another type of cryptocurrency come July 1, 2017.

The leading darknet marketplace announced the move to accept Zcash payments starting next month in a Reddit post, citing the growing nature of Bitcoin as a major reason why the darknet market has seen it fit to implement other cryptocurrencies.

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AlphaBay’s recent integration with Ethereum earlier this year was a move that met strong opposition by significant portions of the community who felt that Ethereum was a poor choice of cryptocurrency to use in an environment dominated by its privacy-centric counterparts.

While Bitcoin has already established itself as the most reliable cryptocurrency on AlphaBay and on other darknet markets, Zcash brings to the table a significantly more privacy-oriented approach to making transactions on various dark web platforms.

Zcash has Grown Exponentially this Year

Zcash Cryptocurrency secured chain. Digital money
AlphaBay announced that it will accept Zcash payments from as early as July 1, as the darknet market looks to expand its payment options.

The adoption of the cryptocurrency by AlphaBay is a move that has been anticipated by many after the cryptocurrency’s soaring performances since the beginning of this year.

Much of the intrigue surrounding this new partnership is focused on the immensely privacy-centric nature of Zcash, which promises to drastically improve the anonymity of transactions carried out by AlphaBay users.

The cryptocurrency’s admins have justifiably compared the form of payment to HTTPS.

Among its key features is the ability to shield transaction details including the sender, the recipient and the value transacted on the blockchain completely.

Unlike the appraised Monero, which received high acceptance ratings from the AlphaBay community, the move to implement Zcash cannot be interpreted as another cash grab.

Many believed that the AlphaBay admin only implemented Monero as a way of increasing its usage and thereby boosting the value of the cryptocurrency, which many suspect they had bought significant amounts of.

Admittedly, Monero went on to be wildly successful on darknet markets such as AlphaBay, with some experts calling it “the drug-dealer’s currency of choice.”

The secure cryptocurrency experienced a massive 2,760% growth spurt, making it by far the best performing currency in 2016.

Support Readied on AlphaBay in Record Time

AlphaBay has reportedly prepared Zcash support in a remarkably swift manner.

In their announcement, they stated that support for the newly integrated cryptocurrency would be available as soon as the following day.

As is custom, making Zcash payments an option is a voluntary decision that the AlphaBay marketplace delegates entirely to its vendors.

Their unusually quick efforts this time around was notably absent during previous implementations, which took roughly a month each to be fully integrated into AlphaBay after they were announced.

This shows that the AlphaBay admin has had this particular move in the works long before the official announcement was made.

All Systems Go on AlphaBay

All over the internet, the reaction towards the AlphaBay announcement is largely positive, especially since Zcash bears some significant differences to its counterparts.

The cryptocurrency’s ability to provide maximum transactional privacy while simultaneously being capable of enough transparency to trace back to cyber criminals—such as those behind the WannaCry ransomware attacks—puts it on a slightly higher pedestal than the leading cryptocurrency Bitcoin, which has been linked with several crime sprees over the past few years.

Cryptocurrency provides maximum transactional privacyHowever, questions have been posed on several occasions regarding the decentralization of AlphaBay’s latest offering in the cryptocurrency department.

Among the major appeals of digital currencies is undoubtedly their decentralized nature.

Unlike its completely decentralized rivals, Zcash is the proprietary digital currency of the Zerocoin Electric Coin Company, according to its website.

The cryptocurrency is clearly owned by a single company, making it less immune to the forces that impact fiat currencies, such as inflation.

As essential as the cryptocurrency may become to users of platforms such as AlphaBay in the near future, its centralized nature might eventually become its downfall—especially when it begins to fold to the pressures that affect normal currencies.

AlphaBay Now Implements Monero For Payment

monero

Cryptocurrencies are used for most of the transactions that take place on the dark web.

The cryptocurrencies Bitcoin and Ethereum are the most commonly used currencies and they have been dominating the market for quite some time now.

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monero
Alphabay is the largest darkmarket on the internet and plans to intergrate monero payments by September 1st.

However, the realization that the digital currencies do not provide total anonymity has encouraged users to seek alternatives to the use of digital currencies.

Monero, an open source cryptocurrency, is becoming increasingly popular as an alternative among the users of the dark web.

Recently, AlphaBay Market and Oasis announced that this currency can be used for purchases on their websites.

Monero works on CryptoNote protocol, unlike Bitcoin forks, and is significantly different in terms of algorithm employed for maintaining the blockchain.

This is to say that the CryptoNote protocol prevents tracking of the transactions – understanding as to who received or sent coins – through the blockchain because of its very nature.

Bitcoin and other related cryptocurrencies inherently lack this feature.

It is important, at this point, to note that traceability of Bitcoin transactions is not a design problem, but a feature of the blockchain technology.

Though Monero’s market value has grown to $20 million since its launch in 2014, the cryptocurrency has not received the kind of response expected. The user-base continues to remain small.

Currently, Monero does not have any GUI wallet. Monero can be accessed only through command line or web-based wallets.

Work on a native GUI wallet has been going on for two years, and users believe that it is in the final stages and will be released at the earliest.

Oasis Marketplace Supports Monero

monerodnm
AlphaBay and Oasis Markets to Begin Accepting Monero for Payments

The darknet marketplace Oasis announced on August 19, 2016, on their forums that payments in Monero would be accepted. In the announcement post,

Oasis said that users who place orders on their marketplace can now make payments in Monero (XMR) provided the vendors accepted it by suitably editing their listings.

Answers to the questions posed to Oasis moderators revealed additional details as regards the cryptocurrency.

Monero IDs have already been integrated, and it would function as an integrated payment method. However, deposits into an account cannot be made using Monero. According to the post, this feature would be introduced soon.

Additionally, Oasis has requested vendors to modify their listings so as to allow payments in Monero.

However, Oasis has not given a firm date by which full support would be provided and whether vendors would have to definitely accept Monero.

AlphaBay Market Supports Monero

Three days after the Oasis announcement, AlphaBay also announced that the marketplace would also accept payments in Monero.

The update provided by AlphaBay includes more details as regards Monero support. It provides a date by which deposits would be openly available.

In their post, the AlphaBay Market said that it is implementing Monero with immediate effect given the demand made by the community and taking into account the security features offered by Monero.

AlphaBay Market also said that deposits and withdrawals in Monero could be made from September 1, 2016 onwards.

In addition, AlphaBay noted that the platform has been upgraded to enable Monero Escrow/FE transactions and allow vendors to modify their listings suitably.

If a vendor does not modify his/her listings, then only Bitcoins will be accepted.

AlphaBay also said in the post that users would see their Monero balance on logging into the site, and they could search listings supported by the cryptocurrency.

Further, AlphaBay would add other currencies in the future depending on their demand.

AlphaBay would implement Monero support in two phases because of the marketplace’s size and side effects that the change could cause.

AlphaBay expects that the price of Monero would spike because of these changes and recommends that this is the best time for investors to purchase Monero.

AlphaBay and Oasis site upgrades would not affect users who are not interested in changing the cryptocurrency they use. However, AlphaBay and Oasis have urged vendors to be prepared for the changes that are likely to come along.

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