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What Is A Cryptocurrency And Bitcoin?

What Is A Cryptocurrency And Bitcoin?

The Web is part of society and is formed by society. And until society is a crime-free zone, the Web won't be a crime-free zone.

So what's a cryptocurrency? A cryptocurrency is a decentralised payment system, which basically lets people send currency to one another over the web without the necessity for a trusted third party reminiscent of a bank or financial institution. The transactions are low cost, and in lots of cases, they're free. And in addition, the payments are pseudo anonymous as well.

As well as that, the main feature is that it's totally decentralised, which means that there isn't any single central level of authority or anything like that. The implications of this is completed by everybody having a full copy of all the transactions that have ever happened with Bitcoin. This creates an incredibly resilient network, which means that nobody can change or reverse or police any of the transactions.

The high level of anonymity in there signifies that it's very hard to hint transactions. It isn't totally unimaginable, but it's impractical in most cases. So crime with cryptocurrency-- because you've got got quick, borderless transactions, and you have a high level of anonymity, it in concept creates a system that is ripe for exploitation. So in most cases when it's against the law on-line with online payment systems, then they tend to go to the writerities and, say, we will hand over this payment data or we will cease these transactions and reverse them. And none of that can happen with Bitcoin, so it makes it ripe for criminals, in theory.

In light of this, a lot of totally different companies 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 a couple of occasions, and the media, being the media, like focus on the bad side of it. So 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 an inclination accountable it on Bitcoin and Bitcoin users.

So the most notable is probably Silk Road, which obtained taken down just lately, and through their $1.2 billion price of Bitcoins, went to pay for anything from medication to weapons to hit men to those types of things. And the media, once more, very quickly responsible this on Bitcoins and say that it was the Bitcoin consumer's fault.

But there's actually very little proof of the scale of the problem of crime with cryptocurrencies. We do not know if there's rather a lot or we don't know if there's a little. But despite this, individuals are very quick to brand it as a criminal thing, and so they neglect the legitimate makes use of, such as the quick and quick payment.

So a few research questions I'm 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 occurring for ages. However the means via which they occur modifications with the technology. So a Victorian road swindler would practically be doing something very different to a 419 Nigerian prince scammer.

So the subsequent question that I might like to research as well is looking on the scale of the problem of crime with cryptocurrency. So by producing 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 a lot of the transactions are actually illegal and criminal. So my final query could be, to what extent does the technology itself actually facilitate crime? By looking back on the crime logs, we are able to see which particular types of crime happen, and if it is actually the technology's fault, or is this just the identical old crimes that we've been looking at before. And once we have consider these things, we are able to start to think about doable solutions to the difficulty of crime with Bitcoin.

And we will consider that the only suitable answer could be one that preserves the undermendacity values of the technology itself, which would be privateness and decentralisation. Lots of focus from the media is to look at the criminal points of it. They usually don't give enough worth to the legitimate uses, because Bitcoin is a technology that enables quick, quick payments, which is useful to anybody that's ever paid for anything on the web.

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