Just what is a Cryptocurrency And Bitcoin?
  • nazarchuk_natannazarchuk_natan February 2018
    The internet belongs to society and it is shaped by society. And until society is often a crime-free zone, the net won't be a crime-free zone.

    So what exactly is a cryptocurrency? A altcoin marketplace is really a decentralised payment system, which basically lets people send currency together on the internet without resorting to a reliable vacation for instance a bank or standard bank. The transactions are cheap, and in some cases, they're free. And also, the repayments are pseudo anonymous as well.

    In addition, the key feature is that itrrrs very decentralised, meaning there is no single central reason for authority or anything that way. The implications with this is completed by everyone developing a full copy of all the so-called transactions that have ever happened with Bitcoin. This creates a tremendously resilient network, which means that no one can change or reverse or police any of the transactions.

    Our prime degree of anonymity within means that it's very difficult to trace transactions. It is not totally impossible, but it is impractical in many instances. So crime with cryptocurrency because you've got fast, borderless transactions, along with a high level of anonymity, it theoretically results in a system that is ripe for exploitation. So typically if it's an offence online with web payment systems, chances are they'll often navigate to the authorities and, say, we could hand over this payment information or we are able to stop these transactions and reverse them. And none of this could happen with Bitcoin, in order that it helps it be ripe for criminals, the theory is that.


    Considering this, lot of different agencies are researching into Bitcoin and looking at Bitcoin and looking to be aware of how it works along with what they're able to do to police it. It is also held it's place in the press many times, and also the media, is the media, like concentrate on the bad side from it. In order that they focus very heavily about the crime by it. Therefore there exists a theft or a scam something like that, chances are they'll usually blame it on Bitcoin and Bitcoin users.

    So the most notable might be Silk Road, which got disassembled recently, and thru their $1.2 billion worth of Bitcoins, went to purchase many methods from drugs to guns to hit men to people sorts of things. And also the media, again, in a short time at fault this on Bitcoins and state that it had been the Bitcoin user's fault.

    But there is actually hardly any proof of the dimensions from the problem of crime with cryptocurrencies. We don't know if there's a lot or we don't determine if there exists a little. But not surprisingly, everyone is very swift to brand becoming a criminal thing, and they also forget the legitimate uses, such as the fast and quick payment.

    So a few research questions I'm looking at in this field 's what does crime with Bitcoin appear to be? So many people will say that scams and thefts have been happening for ages. But the means by which they happen changes using the technology. So a Victorian street swindler would practically be going after something very different with a 419 Nigerian prince scammer.

    And so the next question that Let me research too wants at the scale with the problem of crime with cryptocurrency. So by generating a log of known scams and thefts and things such as that, we can easily then cross reference by using the population transaction log of all transactions and see simply how much of the transactions are in reality illegal and criminal. So my final question would be, to what extent will the technology itself actually facilitate crime? By in hindsight on the crime logs, we can see which particular types of crime happen, and when it is in reality the technology's fault, or possibly this just the same old crimes that we've been considering before. As soon as we've think about these things, we are able to will think of possible answers to the problem of crime with Bitcoin.

    And we can consider that the only suitable solution could be one that preserves the underlying values from the technology itself, which will be privacy and decentralisation. A lot of focus from the media would be to look at the criminal facets of it. And they do

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