The race to make Bitcoins a popular choice of currency is getting…darker?
New competitor, Darkcoin, has emerged onto the digital currency scene and is positioning itself to rival Bitcoin. It recently exited its beta stage, and is now open-sourced and available for the public to build upon. According to its developers, Darkcoin is “the first fully open source cryptocurrency with financial privacy built directly into the software.” Essentially, it can scramble the digital fingerprints of its users- meaning it will make it extremely difficult to trace payment to person. This new scrambling technology called Darksend promises to offer greater anonymity to Darkcoin users. Does that sound a little Black Market to you?
If the answer is “Yes,” you aren’t the only one who thinks so. Digital Business and IT Analyst Rob Enderle notes that payment privacy was the major marketing feature of Bitcoin technology. “Keep in mind that these currencies are often used to do things that are illegal,” he says. Not too long ago, Bitcoin promoter Charles Shrem was charged with criminal conduct involving the black market website, Silk Road.
With Bitcoin’s image becoming potentially synonymous with criminal conduct, is it smart for Darkcoin creators to get ahead of the game and already call it for what it is – a currency that assists with “dark” transactions you’d wish to hide from the light of day? One thing’s for sure, it’s certainly shifting the conversation from chief competitor Bitcoin. Since the original cryptocurrency Bitcoin boasts a market share of close to 85 percent, maybe choosing an ominous name was Darkcoin’s intent. Every new conversation about Darkcoin could be one less about its towering rival. Only time will tell if Darkcoin will confiscate some of that 85% share.
What do you think of Darkcoin’s name choice – do you see it as an attempt to draw reference on the seedier side of cryptocurrency? Would you use either Bitcoin or Darkcoin to make a purchase? What kind of buying scenarios would make the most sense for someone to use this kind of currency? Let us know in the comments section below.
Noyes, Katherine. “Darkcoin Steps Out of the Shadows.” E-Commerce Times. ETC News Network, 1 Oct. 2014. Web. 06 Oct. 2014