Precisely what Cryptocurrency Not to mention Bitcoin?

The Web is part of society and is shaped by society. And until society is just a crime-free zone, the Web won’t be considered a crime-free zone.

So what’s a cryptocurrency? A cryptocurrency is just a decentralised payment system, which basically lets people send currency together over the internet without the need for a trusted 3rd party such as a bank or financial institution. The transactions are cheap, and oftentimes, they’re free. And also, the payments are pseudo anonymous as well.

In addition to that, the key feature is that it’s totally decentralised, which means that there’s not one central point of authority or anything like that. The implications of this is completed by everyone having the full copy of all transactions which have ever happened with Bitcoin. This creates an incredibly resilient network, which means that no one can change or reverse or police some of the transactions.

The higher level of anonymity within means that it’s very difficult to trace transactions. It’s not totally impossible, but it’s impractical in many cases. So crime with cryptocurrency– because you’ve got fast, borderless transactions, and you’ve got a higher level of anonymity, it theoretically creates a method that’s ripe for exploitation free airdrops. So generally when it’s a crime online with online payment systems, they tend to attend the authorities and, say, we can hand over this payment information or we can stop these transactions and reverse them. And none of that may happen with Bitcoin, so that it helps it be ripe for criminals, in theory.

In light of this, a lot of different agencies are researching into Bitcoin and looking at Bitcoin and wanting to know how it works and what they can do to police it. It’s been in the media quite a few times, and the media, being the media, like focus on the bad side of it. So that they focus very heavily on the crime with it. So if there’s a theft or a con or something like that, they have a tendency to blame it on Bitcoin and Bitcoin users.

So probably the most notable might be Silk Road, which got taken down recently, and through their $1.2 billion worth of Bitcoins, went to cover anything from drugs to guns going to men to those sorts of things. And the media, again, rapidly the culprit this on Bitcoins and say so it was the Bitcoin user’s fault.

But there’s actually almost no proof of the scale of the problem of crime with cryptocurrencies. We don’t know if there’s a great deal or we don’t know if there’s a little. But despite this, people are extremely quick to brand it as a criminal thing, and they your investment legitimate uses, like the fast and quick payment.

So several research questions I’m looking at in this region is what does crime with Bitcoin seem like? So a lot of people will claim that scams and thefts have been going on for ages. But the means through that they happen changes with the technology. So a Victorian street swindler would practically be doing something very dissimilar to a 419 Nigerian prince scammer.

So the next question that I’d like to analyze 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 such as that, we can then cross reference that with the public transaction log of transactions and see simply how much of the transactions are in reality illegal and criminal. So my final question could be, from what extent does the technology itself actually facilitate crime? By looking back at the crime logs, 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 crimes that we’ve been looking at before. And once we’ve consider these exact things, we can start to think about possible methods to the matter of crime with Bitcoin.

And we can consider that the only suitable solution could be one which preserves the underlying values of the technology itself, which would be privacy and decentralisation. A lot of focus from the media is always to consider the criminal aspects of it. And they don’t give enough value to the legitimate uses, because Bitcoin is just a technology that allows fast, quick payments, which will be useful to anyone that’s ever covered anything on the web.

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