The Web is part of society and is formed by society. And until society is a criminal offense-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 ship 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 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 function 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 done by everyone having a full copy of all of the transactions which have ever happened with Bitcoin. This creates an incredibly resilient network, which means 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 is not totally not possible, but it’s impractical in most cases. So crime with cryptocurrency– because you’ve acquired fast, borderless transactions, and you’ve got a high degree of anonymity, it in idea creates a system that is ripe for exploitation. So in most cases when it’s a criminal offense online with online payment systems, then they tend to go to the authorities and, say, we are able to hand over this payment information or we will cease 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, quite a lot of totally different agencies are researching into Bitcoin and looking at Bitcoin and making an attempt to understand how it works and what they can do to police it. It is also been in the media quite a few occasions, and the media, being the media, like deal with 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 in charge it on Bitcoin and Bitcoin users.
So the most notable is probably Silk Road, which acquired taken down lately, and through their $1.2 billion price of Bitcoins, went to pay for anything from medicine to guns to hit males to those sorts of things. And the media, again, very quickly responsible this on Bitcoins and say that it was the Bitcoin user’s fault.
However there’s actually very little evidence of the size of the problem of crime with cryptocurrencies. We don’t know if there’s quite a bit or we do not know if there’s a little. But despite this, persons are very quick to brand it as a criminal thing, they usually overlook the legitimate uses, such because the quick and quick payment.
So a few research questions I am 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. However the means by way of which they happen changes with the technology. So a Victorian road swindler would practically be doing something very completely different to a 419 Nigerian prince scammer.
So the next question that I might like to research as well is looking at the scale of the problem of crime with cryptocurrency. So by producing a log of known scams and thefts and things like that, we can 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 closing query could be, to what extent does the technology itself really facilitate crime? By looking back on 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 identical old crimes that we have been looking at before. And once we have consider these things, we will start to think about doable options to the problem of crime with Bitcoin.
And we can consider that the only suitable resolution 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 points of it. And they don’t give enough worth to the legitimate uses, because Bitcoin is a technology that enables quick, quick payments, which is beneficial to anyone that is ever paid for anything on the web.
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