The Web is a part of society and is shaped by society. And till society is a crime-free zone, the Web won’t be against the law-free zone.
So what’s a cryptocurrency? A cryptocurrency is a decentralised payment system, which basically lets individuals ship currency to each other over the web without the necessity for a trusted third party akin to a bank or financial institution. The transactions are low-cost, and in many cases, they’re free. And in addition, the payments are pseudo nameless as well.
As well as that, the main characteristic is that it’s totally decentralised, which implies that there is no single central point of authority or anything like that. The implications of this is finished by everybody having a full copy of all of the transactions that have ever occurred 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 implies that it’s very hard to trace transactions. It isn’t totally unattainable, but it’s impractical in most cases. So crime with cryptocurrency– because you’ve acquired quick, borderless transactions, and you have got a high degree of anonymity, it in idea creates a system that’s ripe for exploitation. So in most cases when it’s a criminal offense on-line with on-line payment systems, then they have an inclination to go to the creatorities and, say, we can hand over this payment information or we will cease these transactions and reverse them. And none of that may happen with Bitcoin, so it makes it ripe for criminals, in theory.
In light of this, numerous completely different agencies are researching into Bitcoin and looking at Bitcoin and attempting to understand how it works and what they will do to police it. It is also been within the media quite a few instances, and the media, being the media, like give attention to the bad side of it. So 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 an inclination accountable it on Bitcoin and Bitcoin users.
So the most notable is probably Silk Road, which received taken down just lately, and through their $1.2 billion price of Bitcoins, went to pay for anything from drugs to weapons to hit men to those types 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 actually very little proof of the dimensions of the problem of crime with cryptocurrencies. We don’t know if there’s so much or we do not know if there’s a little. However despite this, individuals are very quick to brand it as a criminal thing, and so they forget the legitimate uses, such as the quick and quick payment.
So a couple of research questions I’m looking at in this area is what does crime with Bitcoin look like? So a lot of people will say that scams and thefts have been happening for ages. But the means by means of which they occur modifications with the technology. So a Victorian road swindler would practically be doing something very different to a 419 Nigerian prince scammer.
So the subsequent query that I would like to research as well is looking at the scale of the problem of crime with cryptocurrency. So by producing 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 technology itself truly facilitate crime? By looking back at the crime logs, we will see which explicit types of crime occur, and if it is actually the technology’s fault, or is this just the same old crimes that we have been looking at before. And once we’ve consider these things, we are able to start to think about attainable options to the problem of crime with Bitcoin.
And we will consider that the only suitable answer can be one which preserves the underlying values of the technology itself, which could be privateness and decentralisation. A number of focus from the media is to look at the criminal points of it. They usually don’t give enough value to the legitimate uses, because Bitcoin is a technology that enables fast, quick payments, which is beneficial to anyone that’s ever paid for anything on the web.
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