The Net is part of society and is shaped by society. And till society is a criminal offense-free zone, the Internet will not be against the law-free zone.
So what's a cryptocurrency? A cryptocurrency is a decentralised cost system, which basically lets people send currency to each other over the web without the necessity for a trusted third party akin to a bank or monetary institution. The transactions are cheap, and in lots of cases, they're free. And in addition, the payments are pseudo nameless as well.
In addition to that, the principle feature is that it is totally decentralised, which means that there is no single central point of authority or anything like that. The implications of this is completed by everyone having a full copy of all 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 level of anonymity in there implies that it's extremely hard to trace transactions. It is not totally impossible, but it's impractical in most cases. So crime with cryptocurrency-- because you've got acquired quick, borderless transactions, and you have a high stage of anonymity, it in concept creates a system that's ripe for exploitation. So in most cases when it's a crime online with online fee techniques, then they have an inclination to go to the authorities and, say, we are able to hand over this payment data or we can stop these transactions and reverse them. And none of that may occur with Bitcoin, so it makes it ripe for criminals, in theory.
In light of this, lots of completely different companies are researching into Bitcoin and taking a look at Bitcoin and attempting to understand how it works and what they can do to police it. It's also been in the media quite a couple of instances, and the media, being the media, like focus on the bad side of it. In order that they focus very heavily on the crime with it. So if there is a theft or a scam or something like that, then they have an inclination guilty it on bitcoin black hat forum
and Bitcoin users.
So probably the most notable is probably Silk Road, which got taken down lately, and thru their $1.2 billion worth of Bitcoins, went to pay for anything from drugs to guns to hit males to those types of things. And the media, again, in a short time guilty this on Bitcoins and say that it was the Bitcoin consumer's fault.
But there's truly little or no evidence of the dimensions of the problem of crime with cryptocurrencies. We don't know if there's quite a bit or we do not know if there's a little. However regardless of this, people are very fast to brand it as a prison thing, they usually overlook the legit makes use of, such as the quick and quick payment.
So just a few analysis questions I'm taking a look 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 by way of which they happen adjustments with the technology. So a Victorian road swindler would practically be doing something very totally different to a 419 Nigerian prince scammer.
So the subsequent query that I'd wish to research as nicely is looking on the scale of the problem of crime with cryptocurrency. So by producing a log of identified 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 remaining query can be, to what extent does the technology itself truly facilitate crime? By looking back on the crime logs, we are able to see which particular types of crime occur, and whether it is actually the expertise's fault, or is this just the identical old crimes that we have been taking a look at before. And as soon as we've consider these things, we will start to think about attainable solutions to the difficulty of crime with Bitcoin.
And we are able to consider that the only suitable answer could be one which preserves the underlying values of the technology itself, which could be privacy and decentralisation. A whole lot of focus from the media is to take a look at the prison points of it. And they do not give enough worth to the respectable uses, because Bitcoin is a technology that enables quick, fast payments, which is useful to anyone that is ever paid for anything on the web.