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

So what is a cryptocurrency? A current bitcoin value is a decentralised payment system, which basically lets people send currency together on the internet without making use of a trusted 3rd party like a bank or lender. The transactions are cheap, and in some cases, they’re free. And in addition, the payments are pseudo anonymous too.

As well as that, the primary feature is the fact that it’s totally decentralised, meaning there is no single central reason for authority or anything that way. The implications of the is completed by everyone creating a full copy of all 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.

The high degree of anonymity in there means that it is extremely hard to trace transactions. It’s not totally impossible, however it is impractical in most cases. So crime with cryptocurrency– because you have got fast, borderless transactions, and you’ve got an advanced of anonymity, it theoretically results in a system that is ripe for exploitation. So in most cases when it’s a criminal offense online with online payment systems, then they often 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 this can occur with Bitcoin, therefore it makes it ripe for criminals, theoretically.

Considering this, lots of different agencies are researching into Bitcoin looking at Bitcoin and trying to comprehend the ins and outs and just what they can caused by police it. It is also held it’s place in the press many times, and also the media, is the media, like focus on the bad side of it. So they focus very heavily on the crime with it. So if there’s a theft or even a scam something like that, then they often blame it on Bitcoin and Bitcoin users.

Therefore the most notable 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 kinds of things. And also the media, again, very quickly responsible this on Bitcoins and claim that it was the Bitcoin user’s fault.

But there’s actually hardly any proof of the size of the problem of crime with cryptocurrencies. We don’t determine if there is a lot or unfortunately we cannot determine if there’s a little. But despite this, people are very quick to brand it as a criminal thing, and they forget the legitimate uses, including the fast and quick payment.

So a couple of research questions I’m considering in this region is what does crime with Bitcoin look like? So lots of people will claim that scams and thefts happen to be taking place forever. Nevertheless the means through which they happen changes with all the technology. So a Victorian street swindler would practically be doing regular something completely different to a 419 Nigerian prince scammer.
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