What Is A Cryptocurrency And Bitcoin?
The Web is a part of society and is formed by society. And till society is a crime-free zone, the Web won’t be against the law-free zone.
So what’s a cryptocurrency? A cryptocurrency is a decentralised payment system, which basically lets people ship currency to one another over the web without the need for a trusted third party comparable to a bank or financial institution. The transactions are cheap, and in lots of cases, they’re free. And likewise, the payments are pseudo anonymous as well.
As well as that, the primary function is that it’s totally decentralised, which implies that there’s no single central point of writerity or anything like that. The implications of this is finished by everyone having a full copy of all of the transactions that have ever occurred with Bitcoin. This creates an incredibly resilient network, which means that no one can change or reverse or police any of the transactions.
The high level of anonymity in there signifies that it’s very hard to hint transactions. It isn’t totally unattainable, but it’s impractical in most cases. So crime with cryptocurrency— because you’ve got fast, borderless transactions, and you’ve got a high level of anonymity, it in concept creates a system that’s ripe for exploitation. So in most cases when it’s against the law on-line with on-line payment systems, then they have a tendency to go to the authorities and, say, we are able to hand over this payment information or we are able to cease these transactions and reverse them. And none of that can happen 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 within the media quite a number of instances, and the media, being the media, like focus on the bad side of it. In order that they focus very heavily on the crime with it. So if there’s a theft or a scam or something like that, then they tend responsible it on Bitcoin and Bitcoin users.
So the most notable is probably Silk Road, which received taken down lately, and through their $1.2 billion value of Bitcoins, went to pay for anything from medicine to guns to hit males to those types of things. And the media, once more, very quickly responsible this on Bitcoins and say that it was the Bitcoin person’s fault.
But there’s actually very little evidence of the dimensions of the problem of crime with cryptocurrencies. We don’t know if there’s a lot or we do not know if there’s a little. However despite this, people are very quick to brand it as a criminal thing, they usually overlook the legitimate uses, such because the quick and quick payment.
So a few research questions I am looking at in this area is what does crime with Bitcoin look like? So a lot of people will say that scams and thefts have been occurring for ages. But the means by way of which they occur adjustments with the technology. So a Victorian avenue swindler would practically be doing something very totally different to a 419 Nigerian prince scammer.
So the next 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 can then cross reference that with the general public transaction log of all transactions and see just how much of the transactions are literally illegal and criminal. So my closing query could be, to what extent does the technology itself really facilitate crime? By looking back on the crime logs, we will see which particular types of crime occur, 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 as soon as we’ve consider these things, we can start to think about attainable options to the problem of crime with Bitcoin.
And we will consider that the only suitable answer can be one which preserves the underlying values of the technology itself, which could be privateness and decentralisation. Numerous focus from the media is to look on the criminal facets of it. And so they don’t give sufficient worth to the legitimate uses, because Bitcoin is a technology that enables fast, quick payments, which is useful to anybody that’s ever paid for anything on the web.
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