Online is part of society which is shaped by society. Along with until society is a crime-free zone, the Web won’t be the crime-free zone. So what is really a cryptocurrency? A cryptocurrency is actually a decentralised payment system, which fundamentally lets people send money to each other over the web with the necessity for a trusted third party say for example a bank or financial institution. Typically the transactions are cheap, and in some cases, they’re free. And also, typically the payments are pseudo confidential as well. As well as that, the main element is that it’s totally decentralised, which means that there’s no single key point of authority or maybe anything like that. The significance of this is done by anyone having a full copy of the transactions that have ever occured with Bitcoin. This results in an incredibly resilient network, which means no one can change or opposite or police any of the deals.
The high level of anonymity in that room means that it’s very hard to find transactions. It’s not totally not possible, but it’s impractical generally. So crime with cryptocurrency– because you’ve got fast, borderless transactions, and you’ve got a dangerous of anonymity, it theoretically creates a system that is vine ripened for exploitation. So in many instances when it’s a crime online along with online payment systems, they tend to go to the authorities along with, say, we can hand over this kind of payment information or you can stop these transactions in addition to reverse them. And non-e of that can happen with Bitcoin, so it makes it ripe intended for criminals, in theory.
In light with this, a lot of different agencies like Icomarkets.com are generally researching into Bitcoin and searching at Bitcoin and trying to be aware of how it works and what they might do to police it. Recharging options been in the media sometimes, and the media, being often the media, like focus on unhealthy side of it. So they target very heavily on the offense with it. So if there’s a robbery or a scam or similar to that, then they tend to responsibility it on Bitcoin as well as Bitcoin users. So the perhaps most obviously is probably Silk Road, that got taken down recently, and also through their $1. only two billion worth of Bitcoins, went to pay for anything via drugs to guns heading to men to those sorts of issues. And the media, again, in a short time to blame this on Bitcoins and say that it was the actual Bitcoin user’s fault.
Nevertheless there’s actually very little remaindings the scale of the problem involving crime with cryptocurrencies. Many of us don’t know if there’s a good deal or we don’t know in the event that there’s a little. But markets ., people are very quick to manufacturer it as a criminal issue, and they forget the legitimate employs, such as the fast and rapid payment. So a few study questions I’m looking at of this type is what does crime together with Bitcoin look like? So a number of people will say that scams along with thefts have been going on for so long. But the means through which that they happen changes with the engineering. So a Victorian neighborhood swindler would practically always be doing something very different to your 419 Nigerian prince scammer.
So the next question in which I’d like to research as well searching for at the scale of the difficulty of crime with cryptocurrency. So by generating any log of known hoaxes and thefts and stuff like that, we can then get across reference that with the open public transaction log of all orders and see just how much of the dealings are actually illegal and offender. So my final problem would be, to what extent will the technology itself actually aid crime? By looking back with the crime logs, we can see which usually particular sorts of crime transpire, and if it is actually the technology’s fault, or is this likewise old crimes that we have been looking at before. And once we now have consider these things, we can commence to think about possible solutions to the situation of crime with Bitcoin.