Therefore what is a cryptocurrency? A cryptocurrency is just a decentralised cost system, which fundamentally enables persons send currency to each other over the internet without the necessity for a reliable third party like a bank or financial institution. The transactions are cheap, and in many cases, they are free. And also, the obligations are pseudo anonymous as well. Along with that, the key feature is that it’s totally decentralised, meaning that there is not one main place of power or any such thing like that. The implications of this is completed by everybody else having the full copy of all the transactions which have ever happened with Bitcoin. This creates an incredibly strong system, which means that there is no-one to change or opposite or police the transactions.
The advanced level of anonymity inside means that it’s very hard to track transactions. It’s perhaps not entirely impossible, but it’s impractical in most cases. Therefore crime with cryptocurrency– because you have got quickly, borderless transactions, and you have got a higher level of anonymity, it in theory generates a system that’s ripe for exploitation. Therefore typically when it’s an offense online with online payment methods, they tend to visit the authorities and, say, we can give around this cost information or we can end these transactions and reverse them. And nothing of that can occur with Bitcoin, so that it causes it to be ready for thieves, in theory.
In mild of the, lots of various agencies are studying into Bitcoin and taking a look at Bitcoin and attempting to know how it works and what they can do to police it. It’s been in the media many occasions, and the press, being the media, like give attention to the bad area of it. So they emphasis really seriously on the crime with it. So if there is a theft or a scam or something that way, then they tend to cryptocurrencies it on Bitcoin and Bitcoin users.
So the most significant might be Cotton Street, which got taken down lately, and through their $1.2 million worth of Bitcoins, went to cover any such thing from drugs to guns going to men to these kinds of things. And the media, again, rapidly to blame this on Bitcoins and claim so it was the Bitcoin user’s fault.
But there’s really hardly any proof the range of the situation of offense with cryptocurrencies. We do not know if there exists a lot or we don’t know if there’s a little. But not surprisingly, persons are extremely fast to manufacturer it as a criminal point, and they forget the genuine uses, including the fast and quick payment.
Therefore a few study issues I’m looking at of this type is what does offense with Bitcoin look like? So plenty of people may claim that scams and thefts have already been planning on for ages. However the means through which they occur improvements with the technology. So a Victorian block swindler could almost be performing something very dissimilar to a 419 Nigerian king scammer.
So another issue that I’d like to research as properly is looking at the degree of the issue of offense with cryptocurrency. Therefore by generating a wood of identified scams and thefts and things like that, we will then cross guide that with the general public exchange log of most transactions and see just how much of the transactions are now actually illegal and criminal. Therefore my ultimate question will be, to what degree does the engineering it self actually help offense? By seeking back at the offense records, we can see which unique sorts of offense happen, and if it’s really the technology’s problem, or is this only the same kind of violations that we’ve been taking a look at before. And once we have consider these things, we could begin to take into account probable methods to the issue of offense with Bitcoin.
And we can contemplate that the only suitable answer could be one which keeps the underlying prices of the engineering itself, which will be privacy and decentralisation. Plenty of target from the press is always to go through the criminal areas of it. And they don’t give enough value to the respectable uses, since Bitcoin is a technology that permits quickly, rapid payments, which can be beneficial to anyone that’s ever taken care of such a thing on the web.