Bitcoin was once the underground criminal\'s currency of favour and was utilised for a number of criminal activities. However, bitcoin is now being traded in by the criminals it once served.

Chainalysis has released a new study showing that the number of bitcoin transactions taking place on the Dark Web, the underbelly of the internet where criminal activity is rife, has plummeted 30%. The number of underground, Dark Web transactions taking placing using bitcoin is now less than 1%.

Currently, bitcoin is in high demand, meaning it\'s a very scarce resource, but Chainalysis reports that bitcoin has now been traded in for several alternative cryptocurrencies, such as Zcash and Dash. Bitcoin has recently come under fire for its incredibly slow transaction times and excessive fees (so much for a fast and inexpensive alternative payment system, as the technology was originally presented as being). According to Chainalysis, these cryptocurrencies eradicate these issues, offering cheaper and faster processing of transactions. They also offer users greater anonymity, meaning that criminals are favouring them over bitcoin.

Cybercriminals turning their back on bitcoin signifies a wider move away from the popular cryptocurrency. No longer are people seeing bitcoin as the beginning and end of cryptocurrency and a bright future that it was once for faster, more cost-effective payments. It seems that some newer cryptocurrencies offer a potential improvement on their predecessor.