What Is A Cryptocurrency And Bitcoin?
The Web is part of society and is shaped by society. And till society is a criminal offense-free zone, the Web won’t be a criminal offense-free zone.
So what’s a cryptocurrency? A cryptocurrency is a decentralised payment system, which basically lets folks ship currency to each other over the web without the need for a trusted third party resembling a bank or financial institution. The transactions are cheap, and in lots of cases, they’re free. And in addition, the payments are pseudo anonymous as well.
As well as that, the primary feature is that it’s totally decentralised, which means that there is no single central level of creatority or anything like that. The implications of this is done by everybody having a full copy of all the transactions which have ever happened with Bitcoin. This creates an incredibly resilient network, which means that nobody can change or reverse or police any of the transactions.
The high degree of anonymity in there implies that it’s very hard to trace transactions. It isn’t totally inconceivable, but it’s impractical in most cases. So crime with cryptocurrency— because you’ve got obtained quick, borderless transactions, and you’ve got a high degree of anonymity, it in idea creates a system that’s ripe for exploitation. So in most cases when it’s a crime online with online payment systems, then they have an inclination to go to the creatorities and, say, we can hand over this payment info or we can stop these transactions and reverse them. And none of that can occur with Bitcoin, so it makes it ripe for criminals, in theory.
In light of this, loads of totally different companies are researching into Bitcoin and looking at Bitcoin and trying to understand how it works and what they can do to police it. It’s also been in the media quite a few times, and the media, being the media, like give attention to the bad side of it. So that they focus very heavily on the crime with it. So if there’s a theft or a rip-off or something like that, then they have an inclination accountable it on Bitcoin and Bitcoin users.
So essentially the most notable is probably Silk Road, which acquired taken down just lately, and through their $1.2 billion value of Bitcoins, went to pay for anything from drugs to guns to hit males to those kinds of things. And the media, again, very quickly to blame this on Bitcoins and say that it was the Bitcoin consumer’s fault.
However there’s truly very little proof of the dimensions of the problem of crime with cryptocurrencies. We do not know if there’s a lot or we don’t know if there is a little. But despite this, persons are very quick to brand it as a criminal thing, and so they neglect the legitimate uses, such because the fast and quick payment.
So just a few research questions I am looking at in this space is what does crime with Bitcoin look like? So a lot of people will say that scams and thefts have been going on for ages. However the means through which they occur modifications with the technology. So a Victorian avenue swindler would practically be doing something very different to a 419 Nigerian prince scammer.
So the subsequent query that I’d like to research as well is looking on the scale of the problem of crime with cryptocurrency. So by generating a log of known scams and thefts and things like that, we will then cross reference that with the general public transaction log of all transactions and see just how a lot of the transactions are literally illegal and criminal. So my last question can be, to what extent does the technology itself truly facilitate crime? By looking back on the crime logs, we will see which particular types of crime occur, and if it is definitely the technology’s fault, or is this just the same old crimes that we’ve been looking at before. And as soon as we’ve consider these things, we can start to think about doable options to the issue of crime with Bitcoin.
And we will consider that the only suitable resolution could be one that preserves the undermendacity values of the technology itself, which can be privateness and decentralisation. Quite a lot of focus from the media is to look on the criminal points of it. And they don’t give enough worth to the legitimate uses, because Bitcoin is a technology that enables quick, quick payments, which is useful to anyone that is ever paid for anything on the web.
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