What Is A Cryptocurrency And Bitcoin?
The Web is part of society and is formed by society. And until 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 one another over the web without the necessity for a trusted third party akin to a bank or financial 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 feature 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 that have ever happened with Bitcoin. This creates an incredibly resilient network, which means that no one can change or reverse or police any of the transactions.
The high stage of anonymity in there signifies 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 have got quick, 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 against the law on-line with on-line payment systems, then they have an inclination to go to the writerities 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, a variety of different businesses are researching into Bitcoin and looking at Bitcoin and attempting to understand how it works and what they’ll 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’s a theft or a scam or something like that, then they tend responsible it on Bitcoin and Bitcoin users.
So essentially the most notable is probably Silk Road, which received taken down not too long ago, and through their $1.2 billion price 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 to blame this on Bitcoins and say that it was the Bitcoin user’s fault.
However there’s actually very little evidence of the scale of the problem of crime with cryptocurrencies. We don’t know if there’s lots or we do not know if there is a little. However despite this, people are very quick to brand it as a criminal thing, and they forget the legitimate makes use of, such as the quick and quick payment.
So a number of research questions I am looking at in this area is what does crime with Bitcoin look like? So a lot of people will say that scams and thefts have been going on for ages. However the means through which they occur modifications with the technology. So a Victorian avenue swindler would practically be doing something very different to a 419 Nigerian prince scammer.
So the subsequent query 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 are able to then cross reference that with the general public transaction log of all transactions and see just how much of the transactions are literally illegal and criminal. So my final query could be, to what extent does the technology itself really facilitate crime? By looking back at the crime logs, we will see which explicit types of crime occur, 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 as soon as we have consider these things, we can start to think about potential solutions to the difficulty of crime with Bitcoin.
And we can consider that the only suitable resolution can be one which preserves the undermendacity values of the technology itself, which can be privateness and decentralisation. A number of focus from the media is to look on the criminal points of it. And so they do not give enough value to the legitimate makes use of, because Bitcoin is a technology that enables quick, quick payments, which is useful to anyone that’s ever paid for anything on the web.
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