The web is part of society and is formed by society. And until society is a crime-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 people send currency to one another over the web without necessity for a trusted alternative party such as a bank or financial institution. The transactions are cheap, and in some cases, they're free. And also, the payments are pseudo unknown as well.
As well as that, the main feature is that it's totally decentralised, which means that there's no single central point of authority or anything like that. The ramifications of this is done by everyone having a full copy of all the transactions that have ever happened with Bitcoin. This creates an incredibly resilient network, which means that no one can change or reverse or police any of the transactions.
The active of anonymity within means that it's very hard to find transactions. It's not totally impossible, but it's unrealistic in most cases.
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So crime with cryptocurrency-- because you've got fast, borderless transactions, and you then have a active of anonymity, it theoretically creates a system that is ready for exploitation. So in most cases when it's a crime online with online payment systems, chances are they tend to go to the authorities and, say, we can pay this payment information or we can stop these transactions and reverse them. And none of these can happen with Bitcoin, so it makes it ready for criminals, theoretically.
In light of this, a lot of different agencies are researching into Bitcoin and looking at Bitcoin and trying to know how it works and what they can do to police it. It's also experienced the media quite a few times, and the media, being the media, like focus on the bad side of computer. So they really focus very heavily on the crime with it. So if there's a theft or a scam or similar to that, chances are they tend to responsibility it on Bitcoin and Bitcoin users.
So the most known is probably Man made fibre Road, which got removed recently, and through their $1. 2 thousand worth of Bitcoins, went to pay for anything from drugs to guns hitting men to those sorts of things. And the media, again, very quickly the culprit this on Bitcoins and say that it was the Bitcoin customer's fault.
But there's actually very little proof of the scale of the problem of crime with cryptocurrencies. We don't know if there's a lot or we don't know if there's a little. But understandably, people are very swift to brand it as a criminal thing, and they forget the legitimate uses, such as the fast and quick payment.
So a few research questions I'm looking at of this type is what does crime with Bitcoin look like? So a lot of people will say that scams and thefts have been going on for a long time. But the means where they happen changes with the technology. So a Victorian street swindler would practically be doing something distinctive to a 419 Nigerian king scammer.
So the next 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 public transaction log of all transactions and see just how much of the transactions are actually illegal and criminal. So my final question would be, as to the extent does the technology itself actually facilitate crime? By looking back at the crime fire wood, we can see which particular sorts of crime happen, and if it is actually the technology's fault, or is this just the same old offenses that we've been looking at before. And once we've consider these things, we can start to think about possible answers to the issue of crime with Bitcoin.
And we can consider that the only suitable solution would be one that keeps the underlying values of the technology itself, which will be privacy and decentralisation. A lot of focus from the media is to look at the criminal facets of it. And they don't give enough value to the legitimate uses, because Bitcoin is a technology that allows fast, quick payments, which is useful to anyone that's ever paid for anything on the web.
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