What Is A Cryptocurrency And Bitcoin?
The Web is a part of society and is formed by society. And until society is against the law-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 one another over the web without the need for a trusted third party corresponding to a bank or monetary institution. The transactions are low-cost, and in lots of cases, they’re free. And likewise, the payments are pseudo anonymous as well.
As well as that, the primary characteristic is that it’s totally decentralised, which signifies that there is not any single central level of authority or anything like that. The implications of this is finished by everyone having a full copy of all the transactions that have ever happened with Bitcoin. This creates an incredibly resilient network, which implies that nobody can change or reverse or police any of the transactions.
The high level of anonymity in there implies that it’s very hard to trace transactions. It isn’t totally inconceivable, however it’s impractical in most cases. So crime with cryptocurrency— because you have acquired fast, borderless transactions, and you’ve got a high stage of anonymity, it in principle creates a system that’s ripe for exploitation. So in most cases when it’s a crime on-line with online payment systems, then they tend to go to the writerities and, say, we are able to hand over this payment data or we can 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, a variety of different agencies are researching into Bitcoin and looking at Bitcoin and attempting to understand how it works and what they can do to police it. It is also been in the media quite a couple of times, and the media, being the media, like deal with the bad side of it. So they focus very closely on the crime with it. So if there is a theft or a scam or something like that, then they have an inclination guilty it on Bitcoin and Bitcoin users.
So essentially the most notable is probably Silk Road, which received taken down lately, and through their $1.2 billion price of Bitcoins, went to pay for anything from medicine to guns to hit men to these sorts of things. And the media, once more, very quickly responsible this on Bitcoins and say that it was the Bitcoin person’s fault.
However there’s really very little evidence of the dimensions of the problem of crime with cryptocurrencies. We do not know if there’s rather a lot or we do not know if there is a little. But despite this, people are very quick to model it as a criminal thing, they usually neglect the legitimate uses, such because the fast and quick payment.
So a few research questions I’m 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 happening for ages. However the means by which they happen 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 following query that I would 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 public transaction log of all transactions and see just how much of the transactions are actually illegal and criminal. So my last query would be, to what extent does the technology itself actually facilitate crime? By looking back at the crime logs, we are able to 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 have been looking at before. And once we’ve consider these things, we will start to think about attainable solutions to the issue of crime with Bitcoin.
And we will consider that the only suitable solution could be one that preserves the undermendacity values of the technology itself, which would be privacy and decentralisation. Loads of focus from the media is to look on the criminal elements of it. They usually don’t give sufficient worth to the legitimate makes use of, because Bitcoin is a technology that enables quick, quick payments, which is useful to anyone that’s ever paid for anything on the web.
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