7 Valuable Lessons About Cryptocurrencies That You’ll Never Forget
The Web is part of society and is shaped by society. And until society is a crime-free zone, the net will not be a crime-free zone.
So what is a cryptocurrency? A cryptocurrency is a decentralized payment system, which basically lets people send currency to each other over the web without the need for a trusted third party such as a bank or financial institution. The transactions are cheap, and in many cases, they’re free. And, the payments are pseudo anonymous also.
And that, the main feature is the fact that it is completely decentralised, meaning there’s no single central point of authority or anything like that. The implications of this is done by everyone having a full copy of all of the transactions which have ever happened with Bitcoin. This creates an incredibly resilient network, which means nobody can change or reverse or police any of the transactions.
The high level of anonymity in there means that it is extremely difficult to trace transactions. It is not totally impossible, but it’s impractical in the majority of cases. So crime with cryptocurrency– because you’ve got fast, borderless transactions, and you’ve got a high level of anonymity, it in theory creates a system that’s ripe for exploitation. So in the majority of cases when it’s really a crime online with online payment systems, then they tend to go to 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 it makes it ripe for criminals, in theory.
In light of this, a great deal of different agencies are researching into Bitcoin and looking at Bitcoin and trying to learn how it works and what they can do to police it. It’s also been within the media quite a couple of times, and the media, being the media, like concentrate on the bad side of it. So they focus very heavily on the crime with it. So if there’s a theft or perhaps a scam or some thing like that, then they usually blame it on Bitcoin and Bitcoin users.
So the most notable is probably Silk Road, which got taken down recently, and through their $1.two billion worth of Bitcoins, went to pay for anything from drugs to guns to hit men to those sorts of things. And the media, once more, very quickly to blame this on Bitcoins and claim that it was the Bitcoin user’s fault.
But there’s actually very little proof of the scale of the problem of crime with cryptocurrencies. We don’t know if there’s a whole lot or we don’t know if there’s a little. But in spite of this, people are very quick to brand it as a criminal thing, as well as they forget the legitimate uses, such as the fast and quick payment.
So a couple of research questions I’m looking at in this particular area is exactly what does crime with Bitcoin look like? So a lot of people will state that scams and thefts are already going on for ages. But the means through which they happen changes with the technology. So a Victorian street swindler would practically be doing some thing very different to a 419 Nigerian prince scammer.
So the next question that I’d like to research also is looking at the scale of the problem of crime with cryptocurrency. So by generating 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 simply how much of the transactions are actually illegal and criminal. So my final question could be, to what extent does the technology it self actually facilitate crime? By looking back at the crime logs, we are able to see which particular kinds of crime happen, and if it’s actually the technology’s fault, or is this just the exact same old crimes that we’ve been looking at before. And once we’ve consider these things, we can start to think of possible answers to the issue of crime with Bitcoin. This website has detailed information regarding digital currency.
And we can consider that the only suitable solution will be one that preserves the underlying values of the technology itself, which may be privacy and decentralisation. A great deal of focus from the media is usually to look at the criminal aspects of it. As well as they do not give enough value to the legitimate uses, because Bitcoin is a technology that allows fast, quick payments, which is useful to anyone that’s ever paid for anything on the web.