The Web is part of society and it is shaped by society. And until society is really a crime-free zone, the net defintely won’t be a crime-free zone.
So what is a cryptocurrency? A bitcoin exchange rate is really a decentralised payment system, which basically lets people send currency to one another over the web without resorting to a reliable alternative party for instance a bank or lender. The transactions are cheap, and in many cases, they’re free. And in addition, the repayments are pseudo anonymous as well.
After that, the main feature is that it’s completely decentralised, which means that there’s no single central reason for authority or anything that way. The implications of the is performed by everyone creating a full copy of all transactions who have ever happened with Bitcoin. This creates a tremendously resilient network, which means that no-one can change or reverse or police the transactions.
The high amount of anonymity inside signifies that it is rather hard to trace transactions. It is not totally impossible, however it is impractical in most cases. So crime with cryptocurrency– because you have got fast, borderless transactions, along with a high level of anonymity, it the theory is that creates a system which is ripe for exploitation. So in most cases when it is a criminal offence online with online payment systems, then they tend to visit the authorities and, say, we can give this payment information or we can stop these transactions and reverse them. And none of the sometimes happens with Bitcoin, so it makes it ripe for criminals, the theory is that.
In relation to this, lot of different agencies are researching into Bitcoin and looking at Bitcoin and looking to understand how it operates and what they are able to do in order to police it. It’s also been in the media many times, and also the media, being the media, like focus on the bad side than it. So they focus very heavily about the crime with it. Therefore if there’s a theft or perhaps a scam something like that, then they tend to blame it on Bitcoin and Bitcoin users.
Therefore the noticably is probably Silk Road, which got disassembled recently, and through their $1.2 billion price of Bitcoins, went along to buy many methods from drugs to guns to hit men to the people types of things. And the media, again, quickly at fault this on Bitcoins and state that it had been the Bitcoin user’s fault.
There is however actually hardly any evidence of the dimensions with the problem of crime with cryptocurrencies. We do not determine if there is lots or unfortunately we cannot determine if there’s a little. But in spite of this, individuals are very quick to brand it as a criminal thing, and so they ignore the legitimate uses, such as the fast and quick payment.
So a few research questions I’m looking at in this region is what does crime with Bitcoin look like? So many people will state that scams and thefts have already been happening for ages. However the means whereby they happen changes using the technology. So a Victorian street swindler would practically be doing regular something different to a 419 Nigerian prince scammer.
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