The internet belongs to society and it is shaped by society. And until society is a crime-free zone, the net will not be a crime-free zone.
So what exactly is a cryptocurrency? A one coin cryptocurrency is a decentralised payment system, which basically lets people send currency together over the web without resorting to a dependable alternative party like a bank or financial institution. The transactions are cheap, and in many cases, they’re free. And in addition, the payments are pseudo anonymous too.
In addition, the primary feature is that it’s completely decentralised, meaning there isn’t any single central point of authority or anything like this. The implications of the is completed by everyone creating a full copy of all of the transactions that have ever happened with Bitcoin. This creates a tremendously resilient network, meaning no one can change or reverse or police any of the transactions.
The top amount of anonymity within signifies that it is extremely tough to trace transactions. It isn’t totally impossible, but it’s impractical in most cases. So crime with cryptocurrency– as you have got fast, borderless transactions, along with an advanced of anonymity, it theoretically produces a system which is ripe for exploitation. So in most cases when it is a criminal offense online with web payment systems, they have a tendency to go to the authorities and, say, we could hand over this payment information or we could stop these transactions and reverse them. And none of this sometimes happens with Bitcoin, so it can make it ripe for criminals, theoretically.
Considering this, a lot of different agencies are researching into Bitcoin and searching at Bitcoin and seeking to comprehend the ins and outs and just what they can do to police it. It’s also been in the press a number of times, and the media, is the media, like focus on the bad side than it. So they focus very heavily about the crime with it. Therefore if there exists a theft or perhaps a scam or something like that, they have a tendency to blame it on Bitcoin and Bitcoin users.
So the noticably is most likely Silk Road, which got taken down recently, and through their $1.2 billion valuation on Bitcoins, went to pay for everything from drugs to guns going to men to the people sorts of things. And also the media, again, quickly to blame this on Bitcoins and state that it was the Bitcoin user’s fault.
There is however actually hardly any evidence of the scale of the problem of crime with cryptocurrencies. Unfortunately we cannot determine if there’s a lot or we do not determine if there exists a little. But regardless of this, individuals are very swift to brand it a criminal thing, and they ignore the legitimate uses, including the fast and quick payment.
So several research questions I’m looking at in this area is what does crime with Bitcoin look like? So a lot of people will state that scams and thefts happen to be taking place for ages. But the means by which they happen changes with the technology. So a Victorian street swindler would practically be doing regular something completely different to a 419 Nigerian prince scammer.
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