What Is A Cryptocurrency And Bitcoin?
The Web is a part of society and is shaped by society. And until 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 ship currency to each other over the web without the need for a trusted third party equivalent to a bank or monetary institution. The transactions are cheap, and in lots of cases, they’re free. And likewise, the payments are pseudo nameless as well.
As well as that, the principle characteristic 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 of the transactions which 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 means that it’s very hard to hint transactions. It isn’t totally not possible, however it’s impractical in most cases. So crime with cryptocurrency— because you’ve bought fast, borderless transactions, and you have got a high degree of anonymity, it in theory creates a system that’s ripe for exploitation. So in most cases when it’s a criminal offense online with online payment systems, then they have a tendency to go to the authorities and, say, we can hand over this payment information 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, lots of completely different agencies are researching into Bitcoin and looking at Bitcoin and attempting to understand how it works and what they will do to police it. It’s also been in the media quite just a few instances, and the media, being the media, like give attention to the bad side of it. In order that they focus very heavily on the crime with it. So if there is a theft or a rip-off or something like that, then they have an inclination accountable it on Bitcoin and Bitcoin users.
So probably 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 medication to weapons to hit men to these types of things. And the media, once more, very quickly guilty this on Bitcoins and say that it was the Bitcoin person’s fault.
However there’s truly very little evidence of the dimensions of the problem of crime with cryptocurrencies. We do not know if there’s lots or we don’t know if there’s a little. However despite this, people are very quick to model it as a criminal thing, and so they forget the legitimate uses, such because the quick and quick payment.
So a couple 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 occurring for ages. However the means through which they happen modifications with the technology. So a Victorian street swindler would practically be doing something very different to a 419 Nigerian prince scammer.
So the subsequent 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 remaining question can be, to what extent does the technology itself really facilitate crime? By looking back on the crime logs, we are able to see which specific sorts 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 once we’ve consider these things, we will start to think about potential solutions to the difficulty of crime with Bitcoin.
And we will consider that the only suitable answer would be one which preserves the underlying values of the technology itself, which could be privacy and decentralisation. Loads of focus from the media is to look on the criminal elements of it. And so they do not give sufficient value 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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