The Net is a part of society and is shaped by society. And until society is a crime-free zone, the Net won’t be against the law-free zone.
So what is a cryptocurrency? A cryptocurrency is a decentralised fee system, which basically lets individuals ship forex to one another over the net without the necessity for a trusted third party akin to a bank or financial institution. The transactions are low-cost, and in lots of cases, they’re free. And also, the payments are pseudo nameless as well.
As well as that, the principle function is that it is totally decentralised, which means that there’s no single central level of authority or anything like that. The implications of this is done by everybody having a full copy of all the transactions which have ever happened with Bitcoin. This creates an incredibly resilient network, which means that no one can change or reverse or police any of the transactions.
The high level of anonymity in there signifies that it’s extremely hard to hint transactions. It’s not totally impossible, nevertheless it’s impractical in most cases. So crime with cryptocurrency– because you’ve got obtained fast, borderless transactions, and you’ve got a high level of anonymity, it in concept creates a system that is ripe for exploitation. So in most cases when it’s a crime on-line with on-line cost methods, then they have an inclination to go to the authorities and, say, we are able to hand over this fee information or we will cease these transactions and reverse them. And Initial coin offering (ico) none of that may happen with Bitcoin, so it makes it ripe for criminals, in theory.
In light of this, a number of totally different businesses are researching into Bitcoin and looking at Bitcoin and trying to grasp the way it works and what they can do to police it. It is also been within 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 heavily on the crime with it. So if there is a theft or a scam or something like that, then they have a tendency accountable it on Bitcoin and Bitcoin users.
So essentially the most notable is probably Silk Road, which obtained taken down lately, and thru their $1.2 billion value of Bitcoins, went to pay for anything from drugs to guns to hit men to those types of things. And the media, once more, very quickly responsible this on Bitcoins and say that it was the Bitcoin consumer’s fault.
However there’s actually little or no proof of the size of the issue of crime with cryptocurrencies. We don’t know if there’s loads or we do not know if there’s a little. But despite this, people are very fast to model it as a prison thing, and so they overlook the professional uses, such as the fast and fast payment.
So a few research questions I am looking at in this area is what does crime with Bitcoin appear like? So lots of people will say that scams and thefts have been occurring for ages. However the means through which they occur changes with the technology. So a Victorian road swindler would practically be doing something very totally different to a 419 Nigerian prince scammer.
So the next query that I might wish to research as effectively is wanting at the scale of the issue of crime with cryptocurrency. So by generating a log of known scams and thefts and things like that, we are able to then cross reference that with the general public transaction log of all transactions and see just how a lot of the transactions are literally illegal and criminal. So my closing query would be, to what extent does the know-how itself really facilitate crime? By looking back on the crime logs, we can see which particular kinds of crime happen, and if it is really the expertise’s fault, or is this just the same old crimes that we’ve been looking at before. And as soon as we have consider these things, we will start to think about potential solutions to the difficulty of crime with Bitcoin.