What Is A Cryptocurrency And Bitcoin?
The Web is part of society and is formed by society. And till society is a criminal offense-free zone, the Web won’t be a criminal offense-free zone.
So what is a cryptocurrency? A cryptocurrency is a decentralised payment system, which basically lets individuals send currency to each other over the web without the necessity for a trusted third party akin to a bank or monetary institution. The transactions are cheap, and in lots of cases, they’re free. And also, the payments are pseudo anonymous as well.
As well as that, the primary function is that it’s totally decentralised, which signifies that there isn’t any single central level of authority or anything like that. The implications of this is finished by everybody having a full copy of all the transactions which have ever happened with Bitcoin. This creates an incredibly resilient network, which implies that no one can change or reverse or police any of the transactions.
The high stage of anonymity in there means that it’s very hard to hint transactions. It’s not totally impossible, but it’s impractical in most cases. So crime with cryptocurrency— because you’ve got received quick, borderless transactions, and you’ve got a high level of anonymity, it in idea creates a system that is ripe for exploitation. So in most cases when it’s against the law online with on-line payment systems, then they have an inclination to go to the authorities 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, a variety of completely different companies are researching into Bitcoin and looking at Bitcoin and attempting to understand how it works and what they will do to police it. It is also been in the media quite a couple of instances, and the media, being the media, like focus on the bad side of it. In order that they focus very closely on the crime with it. So if there is a theft or a rip-off or something like that, then they tend to blame it on Bitcoin and Bitcoin users.
So essentially the most notable is probably Silk Road, which received taken down just lately, and thru their $1.2 billion worth of Bitcoins, went to pay for anything from drugs to weapons to hit men to those kinds of things. And the media, once more, very quickly in charge this on Bitcoins and say that it was the Bitcoin consumer’s fault.
But there’s really very little evidence of the scale of the problem of crime with cryptocurrencies. We don’t know if there’s lots or we do not know if there is a little. But despite this, people are very quick to brand it as a criminal thing, and they forget the legitimate uses, such because the quick and quick payment.
So a number of research questions I’m 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 by way of which they occur modifications with the technology. So a Victorian street swindler would practically be doing something very totally different to a 419 Nigerian prince scammer.
So the following query that I might like to research as well is looking on the scale of the problem of crime with cryptocurrency. So by producing 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 a lot of the transactions are literally unlawful and criminal. So my last question would be, to what extent does the technology itself truly facilitate crime? By looking back at the crime logs, we are able to see which explicit sorts of crime happen, and if it is actually the technology’s fault, or is this just the same old crimes that we’ve been looking at before. And once we have consider these things, we will start to think about doable options to the issue of crime with Bitcoin.
And we are able to consider that the only suitable answer would be one which preserves the underlying values of the technology itself, which can be privateness and decentralisation. A whole lot of focus from the media is to look at the criminal facets of it. They usually do not give sufficient worth to the legitimate makes use of, because Bitcoin is a technology that enables fast, quick payments, which is beneficial to anyone that’s ever paid for anything on the web.
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