What Is A Cryptocurrency And Bitcoin?
The Web is part of society and is shaped by society. And till 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 ship currency to one another over the web without the need for a trusted third party similar to a bank or financial institution. The transactions are low cost, and in many cases, they’re free. And also, the payments are pseudo anonymous as well.
As well as that, the principle characteristic is that it’s totally decentralised, which signifies that there isn’t any single central level of writerity or anything like that. The implications of this is completed by everybody having a full copy of all of the transactions that have ever occurred with Bitcoin. This creates an incredibly resilient network, which means that nobody can change or reverse or police any of the transactions.
The high stage of anonymity in there signifies that it’s very hard to trace transactions. It is not totally inconceivable, however it’s impractical in most cases. So crime with cryptocurrency— because you’ve got bought fast, borderless transactions, and you have got a high stage of anonymity, it in principle creates a system that’s ripe for exploitation. So in most cases when it’s against the law online with on-line payment systems, then they tend to go to the writerities and, say, we are able to hand over this payment information or we will 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, quite a lot of totally different businesses are researching into Bitcoin and looking at Bitcoin and making an attempt to understand how it works and what they can do to police it. It’s also been in the media quite a couple of instances, and the media, being the media, like give attention to the bad side of it. So 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 have an inclination responsible it on Bitcoin and Bitcoin users.
So the most notable is probably Silk Road, which got taken down recently, and thru their $1.2 billion value of Bitcoins, went to pay for anything from medication to weapons to hit men to those sorts of things. And the media, once more, very quickly to blame this on Bitcoins and say that it was the Bitcoin user’s fault.
But there’s truly very little proof of the scale of the problem of crime with cryptocurrencies. We don’t know if there’s quite a bit or we do not know if there is a little. However despite this, people are very quick to brand it as a criminal thing, they usually overlook the legitimate makes use of, 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. But the means by way of which they happen changes 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 question that I would like to research as well is looking at the scale of the problem of crime with cryptocurrency. So by producing 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 actually unlawful and criminal. So my closing query would be, to what extent does the technology itself truly facilitate crime? By looking back on the crime logs, we are able to see which particular sorts of crime occur, and if it is definitely 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 are able to start to think about doable options to the difficulty of crime with Bitcoin.
And we will consider that the only suitable resolution would be one which preserves the undermendacity values of the technology itself, which could be privacy and decentralisation. Plenty of focus from the media is to look at the criminal facets of it. And they don’t give sufficient worth to the legitimate makes use of, because Bitcoin is a technology that enables fast, quick payments, which is beneficial to anybody that is ever paid for anything on the web.
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