The Web is a 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 is a cryptocurrency? A cryptocurrency is a decentralised payment system, which basically lets folks ship currency to one another over the web without the need for a trusted third party equivalent to a bank or financial institution. The transactions are low cost, and in lots of cases, they’re free. And in addition, the payments are pseudo nameless as well.
As well as that, the principle characteristic is that it’s totally decentralised, which means that there’s no single central point of creatority or anything like that. The implications of this is finished by everyone having a full copy of all 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 means that it’s very hard to trace transactions. It’s not totally unimaginable, but it’s impractical in most cases. So crime with cryptocurrency– because you have obtained quick, borderless transactions, and you have got a high degree of anonymity, it in idea creates a system that’s ripe for exploitation. So in most cases when it’s a crime on-line with on-line payment systems, then they have a tendency to go to the creatorities and, say, we are able to hand over this payment info or we will 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, loads of 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 is also been within the media quite a few instances, and the media, being the media, like give attention to the bad side of it. In order that 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 tend in charge it on Bitcoin and Bitcoin users.
So essentially the most notable is probably Silk Road, which got taken down just lately, and thru their $1.2 billion price of Bitcoins, went to pay for anything from medicine to guns to hit men to these kinds of things. And the media, again, very quickly accountable this on Bitcoins and say that it was the Bitcoin person’s fault.
However there’s really very little proof of the dimensions 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 so they neglect the legitimate uses, such as the fast and quick payment.
So a few research questions I’m looking at in this space 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 which they happen modifications with the technology. So a Victorian avenue swindler would practically be doing something very completely different to a 419 Nigerian prince scammer.
So the next query that I would 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 literally illegal and criminal. So my closing query can be, to what extent does the technology itself truly facilitate crime? By looking back on the crime logs, we can see which specific types 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 once we have consider these things, we will start to think about doable solutions to the problem of crime with Bitcoin.
And we are able to consider that the only suitable solution can be one which preserves the underlying values of the technology itself, which would be privacy and decentralisation. Plenty of focus from the media is to look on the criminal facets of it. And so they do not give sufficient worth to the legitimate makes use of, because Bitcoin is a technology that enables quick, quick payments, which is helpful to anybody that is ever paid for anything on the web.
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