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 a criminal offense-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 need for a trusted third party akin 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 principle function is that it’s totally decentralised, which signifies that there isn’t any single central point of creatority or anything like that. The implications of this is done by everyone having a full copy of all the transactions that have ever happened with Bitcoin. This creates an incredibly resilient network, which signifies that nobody can change or reverse or police any of the transactions.
The high degree of anonymity in there signifies that it’s very hard to hint transactions. It isn’t totally not possible, but it’s impractical in most cases. So crime with cryptocurrency— because you’ve got acquired quick, borderless transactions, and you have 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 online with on-line payment systems, then they have a tendency to go to the authorities and, say, we can hand over this payment information or we are able to stop 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 lot of different businesses 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 just a few occasions, and the media, being the media, like concentrate on the bad side of it. So that they focus very closely 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 received taken down not too long ago, and through their $1.2 billion value of Bitcoins, went to pay for anything from drugs to guns to hit men to these types of things. And the media, again, very quickly accountable this on Bitcoins and say that it was the Bitcoin user’s fault.
But there’s really very little proof of the scale of the problem of crime with cryptocurrencies. We do not know if there’s quite a bit or we do not know if there’s a little. But despite this, individuals are very quick to model it as a criminal thing, and they overlook the legitimate uses, such as the fast and quick payment.
So just a few research questions I’m 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 occurring for ages. But the means by means of which they occur changes with the technology. So a Victorian avenue swindler would practically be doing something very totally different to a 419 Nigerian prince scammer.
So the subsequent 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 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 last question can be, to what extent does the technology itself truly facilitate crime? By looking back at the crime logs, we are able to see which specific sorts of crime happen, 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 once we’ve consider these things, we will start to think about potential solutions to the issue of crime with Bitcoin.
And we are able to consider that the only suitable answer can be one that preserves the underlying values of the technology itself, which could be privateness and decentralisation. Plenty of focus from the media is to look on the criminal aspects of it. They usually do not give sufficient value 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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