The Net is part of society and is formed by society. And until society is against the law-free zone, the Internet will not be a criminal offense-free zone.
So what is a cryptocurrency? A cryptocurrency is a decentralised payment system, which basically lets people send forex to each other over the net without the necessity for a trusted third party such as a bank or financial institution. The transactions are low-cost, and in many cases, they’re free. And also, the funds are pseudo anonymous as well.
In addition to that, the primary function is that it’s totally decentralised, which means that there isn’t any single central level of authority or anything like that. The implications of this is finished by everyone having a full copy of all the transactions which have ever happened 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 signifies that it’s very hard to hint transactions. It isn’t totally not possible, but it surely’s impractical in most cases. So crime with cryptocurrency– because you’ve got acquired fast, borderless transactions, and you’ve got a high degree of anonymity, it in theory creates a system that is ripe for exploitation. So in most cases when it’s a crime online with on-line cost methods, then they tend to go to the authorities and, say, we will hand over this fee data or we are able to 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 completely different agencies are researching into Bitcoin and looking at Bitcoin and attempting to grasp how it works and what they can do to police it. It is also been within the media quite a few times, and the media, being Airdrops the media, like concentrate on the bad side of it. So that they focus very heavily on the crime with it. So if there is a theft or a rip-off or something like that, then they tend to blame it on Bitcoin and Bitcoin users.
So probably the most notable is probably Silk Road, which acquired 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 kinds of things. And the media, once more, in a short time guilty this on Bitcoins and say that it was the Bitcoin person’s fault.
However there’s actually little or no evidence of the size of the problem of crime with cryptocurrencies. We do not know if there’s rather a lot or we don’t know if there is a little. But despite this, persons are very fast to model it as a felony thing, they usually neglect the legit makes use of, such because the fast and fast payment.
So a couple of analysis questions I am looking at in this area is what does crime with Bitcoin appear to be? So lots of people will say that scams and thefts have been happening for ages. But the means by which they happen changes with the technology. So a Victorian avenue swindler would practically be doing something very totally different to a 419 Nigerian prince scammer.
So the following question that I’d wish to research as effectively is trying on 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 actually illegal and criminal. So my last question can be, to what extent does the expertise itself really facilitate crime? By wanting back on the crime logs, we will see which particular types of crime occur, and if it is truly the expertise’s fault, or is this just the same old crimes that we’ve been taking a look at before. And as soon as we have consider these things, we will start to think about possible solutions to the difficulty of crime with Bitcoin.