The Web is a part of society and is shaped by society. And until society is a crime-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 people ship currency to one another over the web without the necessity for a trusted third party reminiscent of a bank or monetary 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 primary feature is that it’s totally decentralised, which signifies that there is not any single central point of authority or anything like that. The implications of this is finished by everyone having a full copy of all of the transactions which have ever occurred with Bitcoin. This creates an incredibly resilient network, which signifies that no one can change or reverse or police any of the transactions.
The high level of anonymity in there signifies that it’s very hard to hint transactions. It’s not totally unimaginable, however 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’s ripe for exploitation. So in most cases when it’s a criminal offense on-line with on-line payment systems, then they tend to go to the creatorities and, say, we can hand over this payment information or we can 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, loads of different businesses 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 in the media quite a couple of times, and the media, being the media, like give attention to the bad side of it. In order that 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 guilty it on Bitcoin and Bitcoin users.
So the most notable is probably Silk Road, which bought taken down lately, and through their $1.2 billion worth of Bitcoins, went to pay for anything from drugs to guns to hit men to those types of things. And the media, once more, very quickly in charge this on Bitcoins and say that it was the Bitcoin user’s fault.
However there’s really very little evidence of the scale of the problem of crime with cryptocurrencies. We do not know if there’s quite a bit or we don’t know if there’s a little. But despite this, people are very quick to model it as a criminal thing, they usually forget the legitimate makes use of, such as 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 occurring for ages. However the means by which they occur adjustments with the technology. So a Victorian street swindler would practically be doing something very completely different to a 419 Nigerian prince scammer.
So the following query 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 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 final query would be, to what extent does the technology itself actually facilitate crime? By looking back at the crime logs, we can see which particular types of crime occur, and if it is definitely 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 attainable options to the problem of crime with Bitcoin.
And we are able to consider that the only suitable answer can be one which preserves the undermendacity values of the technology itself, which can be privateness and decentralisation. Numerous focus from the media is to look on the criminal aspects 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 beneficial to anyone that’s ever paid for anything on the web.
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