The internet is part of society and is shaped by society. And until society is really a crime-free zone, the internet defintely won’t be a crime-free zone.
So what exactly is a cryptocurrency? A current bitcoin price is really a decentralised payment system, which basically lets people send currency together over the web without making use of a reliable alternative party for instance a bank or financial institution. The transactions are cheap, and in some cases, they’re free. And in addition, the repayments are pseudo anonymous also.
After that, the main feature is that it’s totally decentralised, meaning that there is no single central point of authority or anything like this. The implications of the is done by everyone using a full copy of all of the transactions who have ever happened with Bitcoin. This creates a remarkably resilient network, meaning that it’s impossible to change or reverse or police some of the transactions.
The top amount of anonymity inside signifies that it’s very hard to trace transactions. It is not totally impossible, but it is impractical typically. So crime with cryptocurrency– as you have got fast, borderless transactions, along with a high level of anonymity, it theoretically creates a system which is ripe for exploitation. So typically when it is a criminal offence online with online payment systems, then they tend to go to the authorities and, say, we can give over this payment information or we can stop these transactions and reverse them. And none of that can happen with Bitcoin, so it makes it ripe for criminals, theoretically.
In light of this, lot of different agencies are researching into Bitcoin and searching at Bitcoin and looking to know how it works along with what they can caused by police it. It is also been in the press a number of times, and the media, to be the media, like focus on the bad side than it. So that they focus very heavily on the crime from it. So if there is a theft or even a scam something like that, then they tend to blame it on Bitcoin and Bitcoin users.
And so the most notable is most likely Silk Road, which got disassembled recently, and thru their $1.2 billion valuation on Bitcoins, went to purchase many methods from drugs to guns going to men to the people sorts of things. And also the media, again, very quickly to blame this on Bitcoins and say that it absolutely was the Bitcoin user’s fault.
However, there is actually almost no evidence of the dimensions of the problem of crime with cryptocurrencies. We do not know if there is lots or we don’t know if there is a little. But despite this, folks are very quick to brand it as being a criminal thing, and so they ignore the legitimate uses, including the fast and quick payment.
So a couple of research questions I’m looking at in this area is exactly what does crime with Bitcoin look like? So many people will say that scams and thefts have already been happening forever. But the means whereby they happen changes using the technology. So a Victorian street swindler would practically do something different with a 419 Nigerian prince scammer.
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