The Net is part of society and is formed by society. And until society is a criminal offense-free zone, the Internet will not be against the law-free zone.
So what is a cryptocurrency? A cryptocurrency is a decentralised payment system, which basically lets folks send foreign money to one another over the web Real estate without the necessity for a trusted third party resembling a bank or financial institution. The transactions are cheap, and in many cases, they’re free. And also, the payments are pseudo anonymous as well.
In addition to that, the principle function is that it’s totally decentralised, which means that there is no single central level of authority or anything like that. The implications of this is done by everybody having a full copy of all the transactions that have ever occurred with Bitcoin. This creates an incredibly resilient network, which signifies 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 trace transactions. It’s not totally inconceivable, nevertheless it’s impractical in most cases. So crime with cryptocurrency– because you’ve obtained fast, borderless transactions, and you’ve got a high level of anonymity, it in theory creates a system that is ripe for exploitation. So in most cases when it’s a crime on-line with online fee methods, then they have a tendency to go to the authorities and, say, we are able to hand over this fee information or we will stop these transactions and reverse them. And none of that may occur with Bitcoin, so it makes it ripe for criminals, in theory.
In light of this, quite a lot of totally different companies are researching into Bitcoin and taking a look at Bitcoin and trying to grasp the way it works and what they can do to police it. It’s also been in the media fairly just a few instances, and the media, being the media, like give attention to the bad side of it. So that 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 accountable it on Bitcoin and Bitcoin users.
So essentially the most notable is probably Silk Road, which obtained taken down recently, and thru their $1.2 billion price of Bitcoins, went to pay for anything from drugs to weapons to hit males to these types of things. And the media, again, very quickly responsible this on Bitcoins and say that it was the Bitcoin user’s fault.
But there’s actually very little evidence of the dimensions of the issue of crime with cryptocurrencies. We don’t know if there’s rather a lot or we do not know if there is a little. But regardless of this, people are very quick to brand it as a felony thing, and so they forget the authentic uses, such because the quick and fast payment.
So a number of research questions I am taking a look at in this space is what does crime with Bitcoin appear like? So a lot of people will say that scams and thefts have been occurring for ages. But the means by means of which they happen adjustments with the technology. So a Victorian avenue swindler would practically be doing something very completely different to a 419 Nigerian prince scammer.
So the subsequent question that I might like to analysis as effectively is wanting at the scale of the problem of crime with cryptocurrency. So by producing 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 actually unlawful and criminal. So my ultimate query could be, to what extent does the technology itself actually facilitate crime? By looking back on the crime logs, we will see which explicit types of crime happen, and whether it is really the expertise’s fault, or is this just the same old crimes that we have been taking a look at before. And once we have consider these things, we are able to start to think about potential options to the problem of crime with Bitcoin.