The Web is a part of society and is formed by society. And until society is a criminal offense-free zone, the Web won’t be a crime-free zone.
So what is a cryptocurrency? A cryptocurrency is a decentralised payment system, which basically lets individuals ship currency to each other over the web without the need for a trusted third party corresponding to a bank or financial institution. The transactions are low cost, and in many cases, they’re free. And likewise, the payments are pseudo nameless as well.
As well as that, the primary characteristic is that it’s totally decentralised, which implies that there’s no single central point of creatority or anything like that. The implications of this is completed by everybody having a full copy of all of the transactions which have ever occurred with Bitcoin. This creates an incredibly resilient network, which implies 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 hint transactions. It isn’t totally unattainable, however 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 idea creates a system that is ripe for exploitation. So in most cases when it’s a criminal offense online with online payment systems, then they tend to go to the creatorities and, say, we can hand over this payment information or we will stop 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, a number of completely different agencies are researching into Bitcoin and looking at Bitcoin and making an attempt to understand how it works and what they can do to police it. It is also been in the media quite a few instances, and the media, being the media, like concentrate on the bad side of it. So they focus very heavily on the crime with it. So if there’s a theft or a rip-off or something like that, then they have an inclination guilty it on Bitcoin and Bitcoin users.
So probably 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 medicine to weapons to hit males to these types of things. And the media, again, very quickly in charge this on Bitcoins and say that it was the Bitcoin person’s fault.
But there’s actually very little evidence of the dimensions of the problem of crime with cryptocurrencies. We don’t know if there’s a lot or we do not know if there’s a little. However despite this, persons are very quick to model it as a criminal thing, and so they forget the legitimate uses, such because the fast and quick payment.
So a few research questions I’m looking at in this space is what does crime with Bitcoin look like? So a lot of people will say that scams and thefts have been happening for ages. However the means by way of which they occur adjustments with the technology. So a Victorian street swindler would practically be doing something very completely different to a 419 Nigerian prince scammer.
So the following question that I’d like to research as well is looking at the scale of the problem of crime with cryptocurrency. So by generating a log of known scams and thefts and things like that, we can then cross reference that with the general public transaction log of all transactions and see just how a lot of the transactions are literally unlawful and criminal. So my remaining query can be, to what extent does the technology itself actually facilitate crime? By looking back at the crime logs, we will see which particular kinds of crime occur, and if it is definitely the technology’s fault, or is this just the identical old crimes that we’ve been looking at before. And once we have consider these things, we are able to start to think about doable solutions to the issue of crime with Bitcoin.
And we can consider that the only suitable solution could be one which preserves the undermendacity values of the technology itself, which could be privacy and decentralisation. A whole lot of focus from the media is to look at the criminal aspects of it. And they do not 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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