RAMP Accepts Litecoin

litecoinHow many different cryptocurrencies do you have in your e-wallets? Let’s see, there’s Bitcoin, you may have holdings in Bitcoin 2.0 technologies Ethereum or Ripple… and how about Bitcoin alternative Litecoin? Cryptocurrencies have steadily been gaining influence on world markets, but just where can you spend your hard-earned coins?

Well, in the case of Litecoin, if you’re a fan of deep web marketplaces, and you’re traveling to Russia or Eastern Europe, you might like to use them on RAMP – the Russian Anonymous Marketplace.

About RAMP

RAMP is the longest running deep web marketplace online and is a Russian language forum site that operates across Russia, with a presence in other Eastern European countries including Ukraine and Kazakhstan.

Accessed via Tor, the site is a haven for drug vendors and buyers and is the biggest marketplace of its kind in the region. RAMP has evaded the grasp of organizations such as the FBI and CIA because it is run entirely by Russians, in Russia, where the US has no authority. In fact, Russia deliberately is non-cooperative with US operations in the space, which explains the market’s longevity.

The vast majority of deals done on the site are a one to one interaction between buyer and seller where the buyer places an order directly with the seller and then places the Bitcoin funds required directly into a seller’s wallet. After this, a “dead drop” occurs.

A dead drop is where the drug stash is hidden in a public location across the city somewhere, where the buyer has to travel to and pick it up. Some sellers will put the stash after that the order has been placed and then message the buyer to pick it up when they’re finished. And some sellers will have multiple stashes around the city already, so they can send a customer to a pickup spot as soon as the funds have gone through.

For a long time, Bitcoin was the only accepted cryptocurrency.

RAMP and Litecoin

litecoin-coinsAccording to the admin of the marketplace, Darkside, RAMP offers Litecoin alongside Bitcoin because of the fluctuations in the value of Bitcoin at various points in time. “Due to the extreme unpredictability of bitcoin on our site is now possible payment with LTC (with the administration, as well as with the dealers if they want to).”

Bitcoin is known to suffer from extreme fluctuations in its value, whereas Litecoin does not follow the same fate. This means, that if people are using Litecoin on the site, they won’t have to pay astronomical fees one month and then half that the next as they might with Bitcoin. With Litecoin, they’re offered a stable alternative.

How does it work?

The functionality exists within RAMP to pay for your vendor account with Litecoin. Vendor accounts cost a certain amount of cryptocurrency on each marketplace, which is how they make their money. In the overwhelming majority of markets, the accepted cryptocurrency to purchase vendor accounts is Bitcoin.

This is not the case on RAMP – not only do they accept Bitcoin, but Litecoin as well.

There is also the option to conduct transactions in Litecoin between buyer and seller. Although the marketplace is not setup to accept funds as an intermediary between buyer and seller, if both buyer and seller have Litecoin wallets, they can easily make a transaction between themselves in Litecoin.

The Future

The more each marketplace diversifies the methods of payment they allow, the better off they will be. By limiting themselves to just Bitcoin, a marketplace isn’t doing themselves any favors. People like options. Whether it’s Visa, MasterCard, or PayPal on the Clearnet, or Bitcoin, Litecoin, or Ethereum on the deep web, having choices allows people to conduct transactions in any way that they please.

RAMP is a hugely successful marketplace because they understand their market. Dead drops are easy, and you can get your drugs in just a couple of hours, multiple currencies are handy for those who don’t like Bitcoin, a forum-based marketplace without the Escrow system means that there is no point in “exit scamming” as no user funds are held in Escrow for the admins to pilfer, and running a purely Russian deep web marketplace will avoid the risk of coming into contact with the FBI or CIA.

Although RAMP may look simple to outsiders, this is where its beauty lies. The foundations of the platform are solid. So if you’ve got any Russian or Eastern European friends, or planning on taking a trip over there yourself, why not check out RAMP and see what it’s all about – especially if you’ve got a computer full of Litecoin!

Cryptocurrency: Bitcoin And Litecoin

Bitcoin and Litecoin are the two biggest cryptocurrencies around. Today we give a bit of a primer on cryptocurrencies, Bitcoin, Litecoin, and doing business on the deep web.

What are cryptocurrencies?

dollar-exchange-rate-544949_1920Cryptocurrencies are a form of online currency that has no physical representation. So while you can see dollars in your bank account online, you can also withdraw them to get yourself some cold, hard cash – the stuff you can keep in your wallet. This is not the case with cryptocurrencies.

Cryptocurrencies also use a different system of control – no one overarching body (such as a bank or government) is in control of the issuing system. They were designed to work independently of any country’s financial system, to be a truly fair global denomination.

They are called “cryptocurrencies” due to the cryptography involved in conducting these transactions online. Each transaction is done between exactly two people – the giver and the receiver – which means no financial institutions need to be involved in the process to skim fees. Each transaction is also anonymous – cryptocurrencies are not linked to a person, only a computer.

Each cryptocurrency uses a “blockchain ledger”, where every transaction is public and verified by multiple other sources. In fact, with each block (containing multiple transactions) that is “mined,” the source that manages to complete the block first is rewarded with an amount of the currency – which means that it is in the public’s (or the miners’, rather), best interests to complete the block as soon as possible.

Each cryptocurrency has a finite higher bound on the amount of the cryptocurrency that will ever be in circulation, which means the price can fluctuate depending on the popularity of the coin.

Bitcoin

Bitcoin is the world’s most well-known cryptocurrency. Released in 2009, the currency was spawned from an academic paper by Satoshi Nakamoto – a mysterious figure whose true identity has been allegedly identified as an Australian known as Craig Wright.

The upper limit on the amount of Bitcoin that will ever be in circulation is 21 million – and Satoshi owns over 1 million of these.

Bitcoin is now acceptable as a currency in many commercial enterprises and institutions around the world, including Amazon, WordPress, OkCupid, and Target. There is a huge community built up around Bitcoin, involving meetups and groups, various trading platforms, and Bitcoin mining conglomerates. There is now almost 700 Bitcoin ATMs installed worldwide, both one-way (turn cash into Bitcoin), and two-way (exchange your Bitcoin for cash, and turn cash into Bitcoin).

Bitcoin is now truly a legitimate currency, for those who doubted it in its infancy.

Litecoin

unnamedLitecoin is one of hundreds of altcoins that burst onto the market in the initial wake of Bitcoin. Litecoin operates in an almost identical fashion to Bitcoin, except confirmation on the block chain ledger is designed to be faster, and the upper limit on the amount of Litecoins that will ever be in circulation is 84 million.

In existence since 2011, Litecoin is now the second most widely used cryptocurrency online. While it initially followed the rise and fall of the value of Bitcoin quite closely (albeit at a much lower rate), the price has now decoupled, and Litecoin appears a less volatile currency overall.

Conducting transactions on the Deep Web

While there are plenty of uses of cryptocurrencies on the Clearnet, and in day to day merchant transactions like your Bitcoin accepting coffee shop around the corner, one of the most proliferative uses of cryptocurrencies is in performing transactions on the deep web.

In fact, in many places on the deep web, such as the darknet markets, cryptocurrency is the only acceptable form of payment – so that transactions can be performed completely anonymously. This is because on these markets many of the goods and services are highly illegal in most countries around the world – and sellers are not going to risk prosecution by using their own bank accounts or PayPal addresses!

While the majority of marketplaces accept Bitcoin only (such as Dream Market and AlphaBay), still others accept a combination of Bitcoin and Litecoin, along with other altcoins too (such as Tochka).

Many buyers and sellers will own a number of different altcoins and have profiles on a number of different marketplaces, so they can avoid the pitfalls of fluctuating currencies and the instability of marketplaces.

While Bitcoin remains strong, if you are looking to conduct business on the deep web, it simply makes sense to spread yourself around a bit – both with different cryptocurrencies, and different marketplaces.