The Web is a part of society and is shaped by society. And until society is against the law-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 individuals ship currency to each other over the web without the necessity for a trusted third party comparable to a bank or monetary institution. The transactions are low-cost, and in many cases, they’re free. And in addition, the payments are pseudo anonymous as well.
As well as that, the primary characteristic is that it’s totally decentralised, which signifies that there is no single central point of writerity or anything like that. The implications of this is completed by everybody having a full copy of all of the transactions that have ever occurred with Bitcoin. This creates an incredibly resilient network, which signifies that nobody can change or reverse or police any of the transactions.
The high stage of anonymity in there implies that it’s very hard to hint transactions. It isn’t totally impossible, but it’s impractical in most cases. So crime with cryptocurrency– because you’ve got obtained quick, borderless transactions, and you have got a high level of anonymity, it in idea creates a system that’s ripe for exploitation. So in most cases when it’s against the law on-line 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 will cease these transactions and reverse them. And none of that can occur with Bitcoin, so it makes it ripe for criminals, in theory.
In light of this, plenty of different companies are researching into Bitcoin and looking at Bitcoin and trying to understand how it works and what they can do to police it. It’s also been in the media quite just a few times, and the media, being the media, like give attention to the bad side of it. So they focus very closely on the crime with it. So if there is a theft or a scam or something like that, then they have an inclination accountable it on Bitcoin and Bitcoin users.
So essentially the most notable is probably Silk Road, which obtained taken down lately, and through their $1.2 billion price of Bitcoins, went to pay for anything from medication to weapons to hit men to these sorts of things. And the media, again, very quickly in charge this on Bitcoins and say that it was the Bitcoin consumer’s fault.
However there’s really very little proof of the dimensions of the problem of crime with cryptocurrencies. We don’t know if there’s so much or we do not know if there is a little. However despite this, people are very quick to model it as a criminal thing, and they forget the legitimate makes use of, such because the quick and quick payment.
So a couple of research questions I’m 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 going on for ages. However the means through which they happen adjustments with the technology. So a Victorian street swindler would practically be doing something very different to a 419 Nigerian prince scammer.
So the subsequent query that I might like to research as well is looking on 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 literally unlawful 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 will see which specific types of crime happen, and if it is definitely the technology’s fault, or is this just the same old crimes that we have been looking at before. And as soon as we have consider these things, we will start to think about attainable solutions to the problem of crime with Bitcoin.
And we will consider that the only suitable solution would be one which preserves the underlying values of the technology itself, which can be privateness and decentralisation. Lots of focus from the media is to look at the criminal features of it. They usually do not give enough worth to the legitimate uses, because Bitcoin is a technology that enables fast, quick payments, which is beneficial to anybody that’s ever paid for anything on the web.
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