The net is part of society and is also shaped by society. And also until society is a crime-free zone, the Web won’t be some sort of crime-free zone. So what can be a cryptocurrency? A cryptocurrency is often a decentralised payment system, which generally lets people send foreign money to each other over the web without necessity for a trusted third party for instance a bank or financial institution. The particular transactions are cheap, and perhaps, they’re free. And also, often the payments are pseudo private as well. As well as that, the main characteristic is that it’s totally decentralised, which means that there’s no single core point of authority or perhaps anything like that. The ramifications of this is done by every person having a full copy of all transactions that have ever took place with Bitcoin. This generates an incredibly resilient network, meaning no one can change or change or police any of the orders.
The high level of anonymity within means that it’s very hard to track transactions. It’s not totally extremely hard, but it’s impractical typically. So crime with cryptocurrency– because you’ve got fast, borderless transactions, and you’ve got a advanced of anonymity, it the theory is that creates a system that is ready for exploitation. So normally when it’s a crime online using online payment systems, they then tend to go to the authorities and also, say, we can hand over this specific payment information or we could stop these transactions along with reverse them. And non-e of that can happen with Bitcoin, so it makes it ripe regarding criminals, in theory.
In light on this, a lot of different agencies are usually researching into Bitcoin and looking out at Bitcoin and trying to know how it works and what they could do to police it. It is . been in the media sometimes, and the media, being the actual media, like focus on unhealthy side of it. So they emphasis very heavily on the criminal offenses with it. So if there’s a fraud or a scam or something such as that, then they tend to pin the consequence on it on Bitcoin in addition to Bitcoin users. So the noticably is probably Silk Road, which often got taken down recently, as well as through their $1. a couple of billion worth of Icomarkets.com Bitcoins, went to pay for anything coming from drugs to guns going to men to those sorts of items. And the media, again, quickly to blame this on Bitcoins and say that it was the particular Bitcoin user’s fault.
Yet there’s actually very little proof the scale of the problem regarding crime with cryptocurrencies. We all don’t know if there’s a whole lot or we don’t know when there’s a little. But in some niches, people are very quick to company it as a criminal factor, and they forget the legitimate makes use of, such as the fast and speedy payment. So a few analysis questions I’m looking at in this region is what does crime having Bitcoin look like? So lots of people will say that scams and also thefts have been going on forever. But the means through which they will happen changes with the technological innovation. So a Victorian avenue swindler would practically end up being doing something very different into a 419 Nigerian prince scammer.
So the next question that will I’d like to research as well searching for at the scale of the trouble of crime with cryptocurrency. So by generating a new log of known ripoffs and thefts and such things as that, we can then combination reference that with the community transaction log of all dealings and see just how much of the purchases are actually illegal and felony. So my final query would be, to what extent will the technology itself actually help crime? By looking back on the crime logs, we can see which will particular sorts of crime take place, and if it is actually the technology’s fault, or is this likewise old crimes that we have been looking at before. And once coming from consider these things, we can learn to think about possible solutions to the matter of crime with Bitcoin.