What Is A Cryptocurrency And Bitcoin?
The Web is part of society and is shaped by society. And till society is a criminal offense-free zone, the Web won’t be a crime-free zone.
So what’s a cryptocurrency? A cryptocurrency is a decentralised payment system, which basically lets individuals send currency to each other over the web without the necessity for a trusted third party such as a bank or monetary institution. The transactions are cheap, and in lots of cases, they’re free. And also, the payments are pseudo nameless as well.
As well as that, the principle function is that it’s totally decentralised, which means that there isn’t any single central level of creatority or anything like that. The implications of this is completed by everybody having a full copy of all of the transactions which have ever happened 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 level of anonymity in there signifies that it’s very hard to hint transactions. It is not totally unattainable, however it’s impractical in most cases. So crime with cryptocurrency— because you’ve got bought fast, borderless transactions, and you’ve got a high level of anonymity, it in theory creates a system that is 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 authorities and, say, we will hand over this payment info or we will cease these transactions and reverse them. And none of that may happen with Bitcoin, so it makes it ripe for criminals, in theory.
In light of this, a number of totally different companies are researching into Bitcoin and looking at Bitcoin and making an attempt to understand how it works and what they’ll do to police it. It’s also been in the media quite a few occasions, and the media, being the media, like give attention to the bad side of it. So they focus very heavily on the crime with it. So if there’s a theft or a rip-off or something like that, then they have an inclination guilty it on Bitcoin and Bitcoin users.
So probably the most notable is probably Silk Road, which obtained taken down recently, and thru their $1.2 billion value of Bitcoins, went to pay for anything from medication to guns to hit men to these kinds of things. And the media, again, very quickly guilty this on Bitcoins and say that it was the Bitcoin user’s fault.
But there’s really very little evidence of the size of the problem of crime with cryptocurrencies. We don’t know if there’s a lot or we don’t know if there’s a little. But despite this, persons are very quick to brand it as a criminal thing, and so they overlook the legitimate uses, such because the fast and quick payment.
So a number of research questions I’m looking at in this area is what does crime with Bitcoin look like? So lots of people will say that scams and thefts have been happening for ages. But the means by which they happen adjustments with the technology. So a Victorian street 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 on the scale of the problem of crime with cryptocurrency. So by generating a log of known scams and thefts and things like that, we will then cross reference that with the public transaction log of all transactions and see just how a lot of the transactions are actually unlawful and criminal. So my last question can be, to what extent does the technology itself actually facilitate crime? By looking back on the crime logs, we will see which particular kinds of crime occur, and if it is actually the technology’s fault, or is this just the identical old crimes that we’ve been looking at before. And as soon as we have consider these things, we can start to think about doable solutions to the problem of crime with Bitcoin.
And we will consider that the only suitable solution could be one which preserves the underlying values of the technology itself, which would be privacy and decentralisation. A variety of focus from the media is to look on the criminal facets of it. And so they do not give enough worth to the legitimate makes use of, because Bitcoin is a technology that enables fast, quick payments, which is beneficial to anyone that is ever paid for anything on the web.
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