What Is A Cryptocurrency And Bitcoin?
The Web is part of society and is formed by society. And until society is a criminal offense-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 folks ship currency to each other over the web without the need for a trusted third party such as a bank or financial institution. The transactions are low cost, and in many cases, they’re free. And likewise, the payments are pseudo anonymous as well.
As well as that, the principle characteristic is that it’s totally decentralised, which implies that there is not any single central point of writerity or anything like that. The implications of this is done by everybody having a full copy of all of the transactions that have ever occurred 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 not possible, but it’s impractical in most cases. So crime with cryptocurrency— because you’ve got obtained quick, borderless transactions, and you’ve got a high degree of anonymity, it in principle creates a system that is ripe for exploitation. So in most cases when it’s a criminal offense online with on-line payment systems, then they tend to go to the writerities and, say, we can hand over this payment information or we can stop 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, a whole lot of completely different agencies 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 few instances, and the media, being the media, like concentrate on the bad side of it. In order that they focus very closely on the crime with it. So if there’s a theft or a scam or something like that, then they have a tendency guilty it on Bitcoin and Bitcoin users.
So essentially the most notable is probably Silk Road, which bought taken down not too long ago, and through their $1.2 billion worth of Bitcoins, went to pay for anything from drugs to guns to hit males to these sorts of things. And the media, once more, very quickly in charge this on Bitcoins and say that it was the Bitcoin person’s fault.
But there’s actually very little evidence of the size of the problem of crime with cryptocurrencies. We do not know if there’s rather a lot or we don’t know if there is a little. But despite this, persons are very quick to brand it as a criminal thing, and so they forget the legitimate makes use of, such because the fast and quick payment.
So a number of research questions I am looking at in this space is what does crime with Bitcoin look like? So lots of people will say that scams and thefts have been occurring for ages. However the means by 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 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 public transaction log of all transactions and see just how a lot of the transactions are literally illegal and criminal. So my closing question could be, to what extent does the technology itself actually facilitate crime? By looking back on the crime logs, we are able to see which particular kinds of crime happen, and if it is definitely 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 can start to think about potential options to the issue of crime with Bitcoin.
And we are able to consider that the only suitable resolution could be one that preserves the underlying values of the technology itself, which would be privateness and decentralisation. Plenty of focus from the media is to look on the criminal features of it. And they do not give sufficient worth to the legitimate makes use of, because Bitcoin is a technology that enables fast, quick payments, which is helpful to anyone that’s ever paid for anything on the web.
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