The net belongs to society and it is shaped by society. And until society is really a crime-free zone, the net will not be a crime-free zone.

So what is a cryptocurrency? A current bitcoin value is really a decentralised payment system, which basically lets people send currency to each other over the internet without resorting to a reliable 3rd party for instance a bank or standard bank. The transactions are cheap, and in many cases, they’re free. As well as, the repayments are pseudo anonymous too.

In addition, the main feature is the fact that it’s totally decentralised, meaning there’s no single central point of authority or anything that way. The implications of this is performed by everyone creating a full copy of all the transactions who have ever happened with Bitcoin. This creates a remarkably resilient network, meaning no-one can change or reverse or police the transactions.

The top degree of anonymity within implies that it’s very hard to trace transactions. It’s not totally impossible, but it’s impractical in most cases. So crime with cryptocurrency– because you’ve got fast, borderless transactions, plus you’ve got an advanced level of anonymity, it in theory results in a system that’s ripe for exploitation. So in most cases when it is a crime online with online payment systems, chances are they have a tendency to go to the authorities and, say, we are able to give over this payment information or we are able to stop these transactions and reverse them. And none of this can occur with Bitcoin, therefore it causes it to be ripe for criminals, in theory.

In light of this, lot of different agencies are researching into Bitcoin and looking at Bitcoin and seeking to understand how it works and what they could do in order to police it. It is also experienced the media a number of times, as well as the media, being the media, like target the bad side from it. So that they focus very heavily around the crime by using it. Therefore if there’s a theft or a scam something like that, chances are they have a tendency to blame it on Bitcoin and Bitcoin users.

And so the perhaps most obviously might be Silk Road, which got removed recently, and thru their $1.2 billion price of Bitcoins, visited buy everything from drugs to guns hitting men to those kinds of things. As well as the media, again, quickly responsible this on Bitcoins and claim that it was the Bitcoin user’s fault.

However, there is actually almost no evidence of the dimensions with the problem of crime with cryptocurrencies. We don’t determine if there’s a lot or we do not determine if there’s a little. But regardless of this, people are very quick to brand it as a criminal thing, and they ignore the legitimate uses, like the fast and quick payment.

So a few research questions I’m considering in this region is exactly what does crime with Bitcoin appear to be? So a lot of people will claim that scams and thefts have been taking place for a long time. Nevertheless the means through which they happen changes with all the technology. So a Victorian street swindler would practically do something very different to a 419 Nigerian prince scammer.
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