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What Is A Cryptocurrency And Bitcoin?

What Is A Cryptocurrency And Bitcoin?

The Web is part of society and is shaped by society. And until society is against the law-free zone, the Web won't be a criminal offense-free zone.

So what is a cryptocurrency? A cryptocurrency is a decentralised payment system, which basically lets people ship currency to each other over the web without the need for a trusted third party reminiscent of a bank or monetary institution. The transactions are low cost, and in lots of cases, they're free. And in addition, the payments are pseudo nameless as well.

As well as that, the principle characteristic is that it's totally decentralised, which implies that there's no single central level of authority or anything like that. The implications of this is completed by everybody having a full copy of all of the transactions which have ever occurred with Bitcoin. This creates an incredibly resilient network, which implies that no one can change or reverse or police any of the transactions.

The high stage of anonymity in there implies that it's very hard to hint transactions. It isn't totally inconceivable, but it's impractical in most cases. So crime with cryptocurrency-- because you have obtained fast, borderless transactions, and you have a high degree of anonymity, it in concept creates a system that's ripe for exploitation. So in most cases when it's a criminal offense online with online payment systems, then they have an inclination to go to the creatorities and, say, we will hand over this payment info 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, plenty of totally different agencies are researching into Bitcoin and looking at Bitcoin and attempting to understand how it works and what they can do to police it. It's also been within the media quite just a few occasions, and the media, being the media, like concentrate on the bad side of it. In order that they focus very closely on the crime with it. So if there is a theft or a rip-off or something like that, then they have a tendency guilty it on Bitcoin and Bitcoin users.

So probably the most notable is probably Silk Road, which got taken down just lately, and through their $1.2 billion value of Bitcoins, went to pay for anything from medication to guns to hit males to these kinds of things. And the media, again, very quickly guilty this on Bitcoins and say that it was the Bitcoin user's fault.

But there's actually very little proof of the dimensions of the problem of crime with cryptocurrencies. We do not know if there's a lot or we do not know if there is a little. However despite this, persons are very quick to brand it as a criminal thing, they usually forget the legitimate uses, such as the quick and quick payment.

So a couple of research questions I am looking at in this space is what does crime with Bitcoin look like? So lots of people will say that scams and thefts have been happening for ages. But the means through which they happen changes with the technology. So a Victorian road swindler would practically be doing something very different to a 419 Nigerian prince scammer.

So the next question that I'd like to research as well is looking on 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 query can be, to what extent does the technology itself actually facilitate crime? By looking back at the crime logs, we are able to see which specific sorts of crime occur, and if it is actually the technology's fault, or is this just the same old crimes that we have been looking at before. And once we have consider these things, we are able to start to think about doable options to the difficulty of crime with Bitcoin.

And we can consider that the only suitable solution would be one which preserves the underlying values of the technology itself, which would be privateness and decentralisation. Quite a lot of focus from the media is to look at the criminal facets of it. They usually don't give sufficient value to the legitimate uses, because Bitcoin is a technology that enables fast, quick payments, which is helpful to anyone that's ever paid for anything on the web.

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