What Is A Cryptocurrency And Bitcoin?
The Web is a part of society and is shaped 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 folks send currency to each other over the web without the necessity for a trusted third party corresponding to a bank or financial 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 main feature is that it’s totally decentralised, which signifies that there is no single central level of creatority or anything like that. The implications of this is completed by everyone having a full copy of all 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 degree of anonymity in there means that it’s very hard to trace transactions. It isn’t totally unattainable, but it’s impractical in most cases. So crime with cryptocurrency— because you’ve got bought 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 crime on-line with on-line payment systems, then they have a tendency to go to the creatorities and, say, we will hand over this payment info or we are able to cease 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, numerous different agencies are researching into Bitcoin and looking at Bitcoin and trying to understand how it works and what they will do to police it. It is also been in the media quite a number of times, and the media, being the media, like concentrate on 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 a tendency responsible it on Bitcoin and Bitcoin users.
So probably the most notable is probably Silk Road, which acquired taken down just lately, and thru their $1.2 billion worth of Bitcoins, went to pay for anything from medicine to weapons to hit men to those kinds of things. And the media, once more, very quickly to blame this on Bitcoins and say that it was the Bitcoin consumer’s fault.
But there’s actually very little proof of the scale of the problem of crime with cryptocurrencies. We don’t know if there’s so much or we don’t know if there is a little. But despite this, persons are very quick to model it as a criminal thing, and so they neglect the legitimate makes use of, such because the fast and quick payment.
So a number of research questions I’m 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 avenue swindler would practically be doing something very totally different to a 419 Nigerian prince scammer.
So the next question that I’d 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 general public transaction log of all transactions and see just how a lot of the transactions are actually illegal and criminal. So my remaining question can be, to what extent does the technology itself actually facilitate crime? By looking back at the crime logs, we will see which explicit kinds of crime occur, and if it is definitely the technology’s fault, or is this just the identical old crimes that we’ve been looking at before. And as soon as we’ve consider these things, we can start to think about possible solutions to the issue of crime with Bitcoin.
And we will consider that the only suitable answer can be one which preserves the undermendacity values of the technology itself, which can be privacy and decentralisation. A whole lot of focus from the media is to look on the criminal features of it. And so they do not give sufficient value to the legitimate makes use of, because Bitcoin is a technology that enables quick, quick payments, which is useful to anyone that is ever paid for anything on the web.
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