What Is A Cryptocurrency And Bitcoin?
The Web is a part of society and is formed by society. And till 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 send currency to each other over the web without the need for a trusted third party resembling a bank or financial institution. The transactions are low-cost, and in many cases, they’re free. And in addition, the payments are pseudo nameless as well.
As well as that, the principle function is that it’s totally decentralised, which signifies that there is no single central point of creatority or anything like that. The implications of this is done 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 nobody can change or reverse or police any of the transactions.
The high level 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 have received quick, borderless transactions, and you have a high level of anonymity, it in idea 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 data or we will 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 variety of totally different agencies are researching into Bitcoin and looking at Bitcoin and making an attempt to understand how it works and what they will do to police it. It’s also been within the media quite a number of occasions, 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 tend accountable it on Bitcoin and Bitcoin users.
So the most notable is probably Silk Road, which obtained taken down just lately, and through their $1.2 billion price of Bitcoins, went to pay for anything from medicine to weapons to hit men to those sorts of things. And the media, once more, very quickly in charge this on Bitcoins and say that it was the Bitcoin consumer’s fault.
But there’s really very little evidence of the scale of the problem of crime with cryptocurrencies. We do not know if there’s loads or we don’t know if there is a little. However despite this, people are very quick to brand it as a criminal thing, and they overlook the legitimate uses, such because the quick and quick payment.
So just a few 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 going on for ages. However 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 subsequent question that I might like to research as well is looking at 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 illegal and criminal. So my last question can 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 happen, 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 possible solutions to the issue of crime with Bitcoin.
And we will consider that the only suitable answer could be one that preserves the underlying values of the technology itself, which would be privacy and decentralisation. A whole lot of focus from the media is to look at the criminal elements of it. They usually do not give enough value to the legitimate uses, because Bitcoin is a technology that enables quick, quick payments, which is beneficial to anybody that is ever paid for anything on the web.
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