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

So what is a cryptocurrency? A what is cryptocurrency is really a decentralised payment system, which basically lets people send currency together on the internet without resorting to a trusted 3rd party like a bank or lender. The transactions are cheap, and perhaps, they’re free. And also, the repayments are pseudo anonymous also.

As well as that, the main feature is always that it’s completely decentralised, meaning there’s no single central reason for authority or anything that way. The implications with this is done by everyone having a full copy of all of the transactions which have ever happened with Bitcoin. This creates a remarkably resilient network, meaning it’s impossible to change or reverse or police any of the transactions.

Our prime amount of anonymity in there implies that it’s very difficult to trace transactions. It is not totally impossible, however it is impractical typically. So crime with cryptocurrency– as you have got fast, borderless transactions, along with a high level of anonymity, it theoretically produces a system which is ripe for exploitation. So typically when it is a criminal offence online with internet payment systems, then they tend to navigate to the authorities and, say, we could hand over this payment information or we could stop these transactions and reverse them. And none of that sometimes happens with Bitcoin, so it causes it to be ripe for criminals, theoretically.

In light of this, lot of different agencies are researching into Bitcoin and looking at Bitcoin and trying to comprehend how it operates and just what they can caused by police it. It’s also been in the press many times, and also the media, being the media, like target the bad side from it. So that they focus very heavily around the crime with it. Therefore there is a theft or even a scam as well, then they tend to blame it on Bitcoin and Bitcoin users.

And so the noticably might be Silk Road, which got taken down recently, and thru their $1.2 billion price of Bitcoins, went along to buy anything from drugs to guns going to men to people sorts of things. And also the media, again, quickly at fault this on Bitcoins and state that it was the Bitcoin user’s fault.

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

So a couple of research questions I’m taking a look at in this region is the thing that does crime with Bitcoin look like? So many people will state that scams and thefts have been happening for a long time. However the means whereby they happen changes with all the technology. So a Victorian street swindler would practically be doing regular something very different to a 419 Nigerian prince scammer.
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