The Web is a part of society and is formed by society. And until society is a criminal offense-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 ship currency to each other over the web without the necessity for a trusted third party comparable to a bank or financial institution. The transactions are low cost, and in many cases, they’re free. And likewise, the payments are pseudo nameless as well.
As well as that, the main feature is that it’s totally decentralised, which signifies that there is not any single central level of creatority or anything like that. The implications of this is finished 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 degree of anonymity in there implies that it’s very hard to hint transactions. It isn’t totally impossible, however it’s impractical in most cases. So crime with cryptocurrency– because you’ve got acquired quick, borderless transactions, and you have a high degree of anonymity, it in principle 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 have a tendency to go to the creatorities and, say, we can hand over this payment data 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, quite a lot of different agencies are researching into Bitcoin and looking at Bitcoin and attempting to understand how it works and what they’ll do to police it. It’s also been within the media quite just a few instances, and the media, being the media, like concentrate on 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 rip-off or something like that, then they have a tendency accountable it on Bitcoin and Bitcoin users.
So the most notable is probably Silk Road, which acquired taken down lately, and thru their $1.2 billion price of Bitcoins, went to pay for anything from drugs to guns to hit males to these kinds of things. And the media, again, very quickly responsible this on Bitcoins and say that it was the Bitcoin user’s fault.
But 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. But despite this, persons are very quick to brand it as a criminal thing, and they forget the legitimate uses, such as the fast and quick payment.
So a few research questions I am looking at in this space 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 via which they occur 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 following question 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 can then cross reference that with the general public transaction log of all transactions and see just how much of the transactions are literally illegal and criminal. So my closing question can be, to what extent does the technology itself really facilitate crime? By looking back at the crime logs, we are able to see which particular kinds of crime happen, and if it is definitely the technology’s fault, or is this just the same old crimes that we’ve been looking at before. And once we have consider these things, we are able to start to think about doable options to the difficulty of crime with Bitcoin.
And we will consider that the only suitable solution would be one that preserves the underlying values of the technology itself, which could be privacy and decentralisation. Plenty of focus from the media is to look at the criminal facets of it. And they do not give sufficient worth to the legitimate makes use of, 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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