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How to Use Monero for Darknet Markets

how to use monero for the darknet market

In the world of the darknet, security and privacy are two things that matter the most, especially when it comes to financial transactions of cryptocurrencies. Leading the anonymity of the darknet, Monero blockchain and cryptocurrency are the best options for the ones seeking privacy. After all, it is focused on private and censorship-resistant transactions.

Monero XMR is the cryptocurrency of the Monero blockchain. It is a complete fungible cryptocurrency which means it can not be traceable in the blockchain. 

In this article, you will learn how to buy, mine, and store it safely. 

Why Monero for Darknet Markets? 

Untraceable Payments

Launched in 2014, the project is a fork of Bytecoin (BCN). It was developed by 7 developers, Riccardo Spagni, and David Latpie. The other 5 remain non-disclosure. 

The Monero money supply is divided into outputs (divisors of cryptocurrency).

Those outputs store a certain value of Monero each, and the value they hold can change over time. 

According to Investopedia Monero blockchain transparency is opaque, 

which makes each transaction details totally anonymous by mixing and disguising the addresses used by all participants of the blockchain.

The sender, the receiver and the amount of every single transaction made on Monero are hidden through the use of three impressive technologies: Stealth Addresses, Ring Signatures, and RingCT.

When a user creates a Monero transaction they will use a Ring Signature of a few accounts to hide which account keys are actually being used. 

This is done to make it seem as if any of the few randomly chosen accounts are the possible real sender. 

These accounts are controlled by anyone in the group of members and you don’t need their permission to add their accounts to the Ring Signature during the transaction.

The user will sign all of these accounts keys such that an outsider observer can not determine which is the real account being spent. 

This makes every and each transaction unique, private as well double-spending proof. 

Private Data 

Monero transactions are designed to hide any information. As explained above, there is no way to find out who made the transaction, nor the amount spent is public.

The Ring Confidential Transaction (RingCT) hides the number of transactions the user makes. 

The Stealth Address hides the recipient of each transaction. 

Monero uses Pedersen Commitment which basically is a formula that prevents other people from knowing how much the user has spent. Only the user knows the exact amount. 

The actual value spent will be hidden behind the Pedersen Commitment. Instead of the amount spent in the transaction, only the formula will be shown publicly.

According to Monero official website, Pedersen commitments also make it possible for people to verify whether transactions on the blockchain are valid and not just Monero out of thin air.

To prevent the disclosure of the location (IP) where the transaction was made, Monero uses CryptoNote

CryptoNote hides the internet traffic so that passive internet monitoring can’t reveal that the user is using Monero. 

This is achieved by encrypting the Monero traffic and routing it through the I2P – Invisible Internet Project. 

In total, privacy and confidentiality are guaranteed in every step of the transaction.

Powerful Mining 

According to Monero’s official website, their philosophy is to provide and maintain egalitarian mining. 

This aims for everyone to have the possibility to mine XMR. The blockchain uses an algorithm developed by members of the Monero community called RandomX

The power of Work (PoW) algorithm is ASIC resistant, which means it is impossible to build specialized hardware to mine Monero. Therefore, it can not be centralized. 

According to Investopedia, Monero mining can be performed on a standard computer. Miners must use consumer-grade hardware and compete fairly.

Monero XMR can be mined by CPUs and GPUs, but the first one is much more efficient according to the Monero website.

Double-Spending Proof

Monero XMR is available on many cryptocurrency exchanges and can be acquired through them. 

Bittrex, Kraken, Binance, Bitfinex, Kucoin, and Huobi are examples of exchanges where the user can purchase this cryptocurrency. 

As Monero stands for privacy, be aware when purchasing the cryptocurrency through centralized exchanges. 

If the goal is to remain anonymous, consider decentralized exchanges such as LocalMonero, OpenLedger, and Bisq. 

How to Purchase Monero Easily

Before you purchase Monero, you need a wallet to store it. In that case, download it from the official website and install it on your device. 

Download: get.monero.org

How to Use Monero for Darknet Markets

In case you’re that dark web user who uses Whonix, Tails, and Tor browser, you may switch to the advanced mode and head over to this website – MoneroWorld.com

How to Use Monero for Darknet Markets

But as far as we know, it’s better to stick to the basic mode. Because when you make a wallet for the darkweb, you use it and then change to another one. After all, it’s temporary. 

Now that we’ve talked about the official wallet, let us tell you that there are other wallets as well. 

Other Monero Wallets You Can Leverage 

Although all Monero transactions are untraceable by default, the user must choose carefully the wallet where they store and manage their coins. 

Otherwise, they risk compromising their privacy by exposing the IP address. Or make it feasible to link the Monero wallet to an account on an exchange.

Based on safety, here are a few wallets where you can hire XMR coins: 

Monerujo 

Monerujo is an Open-Source certified security android wallet for Monero. It is not required to download the entire blockchain and it allows users to access it through their own node. 

How to Use Monero for Darknet Markets

To make an account and start using the wallet, download the app, and write the Mnemonic Seed (seed phrase). Monerujo is available on Google Play, GitHub, and F-Droid. 

Monerujo comes with a built-in QR scanner. Just scan the QR code or paste the BTC address into the send field to transact Monero to Bitcoin. 

Monerujo software is free and only charges fees per transaction and the price will depend on the size of the transaction data.

According to Cryptogeek Monerujo wallet is rated as: 

Security: 4/5

Support: 4/5

Ease of Use: 5/5

Reputation: 4/5

Fees: 4/5

Cryptogeek Score: 4.2/5

Cake Wallet 

Cake Wallet is also an Open-Source wallet for Monero available for Android and iOS devices. 

How to Use Monero for Darknet Markets

It allows you to safely exchange, receive, send, and store your Monero XMR. It directly accesses the blockchain transactions without running a full node.

To create a wallet, download the application and write a Mnemonic Seed (seed phrase). It can also be configured by fingerprint recognition and FaceID for safer login.

The application is free and only charges fees per transaction. The fee price will depend on the size of the transaction data.

According to Cryptogeek, Cake Wallet is rated as: 

Security: 4/5

Support: 4/5

Ease of Use: 4/5

Reputation: 4/5

Fees: 4/5

Score: 4.0/5

My Monero 

My Monero is an Open-Source wallet created by the developers of the Monero team, therefore it is considered the safest wallet by the community. It can be used on your mobile, Tor Browser, and Desktop PC. 

How to Use Monero for Darknet Markets

To start using the wallet, download the application from the Apple Store or GooglePlay Market for your iOS/Android device, set up an account, and write the Mnemonic Seed (seed phrase).

If you are using a desktop download and run the file available for your Operating System. 

To sign in to the account, the user can use different options such as public key, view keys, a login key, a Monero address, or a spend key.

The software is free, users only pay for each transaction commission. The fee will depend on the size of the transaction data.

According to Cryptogeek, My Monero wallet is rated as: 

Security: 5/5

Support: 5/5

Ease of Use: 3/5

Reputation: 5/5

Fees: 5/5 

Score: 4.6/5