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What Is A Cryptocurrency And Bitcoin?

The Web is part of society and is formed by society. And till society is a crime-free zone, the Web won’t be a crime-free zone.

So what’s a cryptocurrency? A cryptocurrency is a decentralised payment system, which basically lets folks ship currency to one another over the web without the need for a trusted third party akin to a bank or financial institution. The transactions are low-cost, and in many cases, they’re free. And in addition, the payments are pseudo nameless as well.

As well as that, the principle function is that it’s totally decentralised, which implies that there isn’t any single central point of writerity or anything like that. The implications of this is completed by everyone having a full copy of all the transactions which have ever occurred with Bitcoin. This creates an incredibly resilient network, which signifies that no one can change or reverse or police any of the transactions.

The high degree of anonymity in there implies that it’s very hard to hint transactions. It’s not totally not possible, but it’s impractical in most cases. So crime with cryptocurrency— because you have obtained fast, borderless transactions, and you have a high level of anonymity, it in principle creates a system that is ripe for exploitation. So in most cases when it’s against the law on-line with online payment systems, then they have an inclination to go to the creatorities and, say, we will hand over this payment information or we will cease these transactions and reverse them. And none of that may occur with Bitcoin, so it makes it ripe for criminals, in theory.

In light of this, lots of totally different businesses are researching into Bitcoin and looking at Bitcoin and attempting to understand how it works and what they’ll do to police it. It’s also been in the media quite just a few occasions, and the media, being the media, like give attention to the bad side of it. So they focus very heavily on the crime with it. So if there is a theft or a scam or something like that, then they have an inclination accountable it on Bitcoin and Bitcoin users.

So the most notable is probably Silk Road, which acquired taken down lately, and thru their $1.2 billion price of Bitcoins, went to pay for anything from medicine to weapons to hit men to these sorts of things. And the media, once more, very quickly in charge this on Bitcoins and say that it was the Bitcoin person’s fault.

However there’s truly very little evidence of the size of the problem of crime with cryptocurrencies. We do not know if there’s quite a bit or we do not know if there is a little. But despite this, individuals are very quick to model it as a criminal thing, and they neglect the legitimate uses, such because the fast and quick payment.

So 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 happening for ages. However the means by means of which they occur changes with the technology. So a Victorian street swindler would practically be doing something very completely different to a 419 Nigerian prince scammer.

So the following query that I would 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 are able to then cross reference that with the general public transaction log of all transactions and see just how much of the transactions are actually illegal and criminal. So my final query could be, to what extent does the technology itself really facilitate crime? By looking back on the crime logs, we will see which explicit sorts of crime happen, and if it is actually the technology’s fault, or is this just the identical old crimes that we have been looking at before. And once we’ve consider these things, we can start to think about doable solutions to the issue of crime with Bitcoin.

And we can consider that the only suitable resolution can be one which preserves the underlying values of the technology itself, which can be privacy and decentralisation. Lots of focus from the media is to look on the criminal points of it. And so they don’t give enough value to the legitimate makes use of, because Bitcoin is a technology that enables fast, quick payments, which is helpful to anybody that’s ever paid for anything on the web.

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