What is a cryptocurrency and bitcoin?

The web is part of society and is shaped by society. And unless society is a crime-free zone, the web will not be a crime-free zone.

So what is cryptocurrency? A cryptocurrency is a decentralized payment system that basically allows people to send money to each other on the web without the need for a trusted third party such as a bank or financial institution. Transactions are cheap, and in many cases, they are free. And also, the payments are pseudonym anonymous.

Also, the main feature is that it is completely decentralized, which means there is no single focal point authority or anything like that. Effects are made by everyone who has a complete copy of all transactions that take place with Bitcoin. This creates an incredibly resilient network, which means that no one can change or reverse a transaction or police.

The high level of anonymity there means that transactions are very difficult to trace This is not entirely impossible, but in most cases it is unrealistic. So the crime with cryptocurrency– because you have fast, unlimited transactions, and you get a high level of anonymity, it theoretically creates a system that is suitable for exploitation. So in most cases when it is a crime online with the online payment system, they tend to go to the authorities and say, we can transfer this payment information or we can stop these transactions and reverse them. And it has nothing to do with Bitcoin, so it makes it theoretically mature for criminals.

In light of this, many different organizations are researching and looking at Bitcoin and trying to understand how it works and what they can do to police it. It has also appeared in the media several times, and the media, being the media, is like focusing on the bad side of it. So they pay too much attention to crime with it. So if there is a theft or a scam or something like that, they blame Bitcoin and Bitcoin users.

So perhaps the most notable is the Silk Road, which was recently lifted, and through their $ 1.2 billion bitcoin, paid men to hit things like this for anything from drugs to guns. And the media, again, very quickly blamed it on Bitcoin and said it was the fault of the Bitcoin user.

But in fact there is very little evidence of the extent of the problem of crime with cryptocurrencies. We don’t know if there’s a lot or we don’t know if there’s a little. But even so, people are quick to brand it as a criminal thing, and they forget legitimate uses like fast and quick payments.

So the few research questions I’m looking at in this area are how to look at crime with bitcoin? So many will say that scandals and thefts have been going on for ages. But with the technology comes the way they change. So a Victorian street cheater 419 Nigerian prince would do something virtually different from a scammer.

So the next question I want to research is the level of the problem of crime with cryptocurrency. So by creating a log of known scams and thefts and such things, we can then cross reference with the public transaction log of all transactions and see how many transactions are actually illegal and criminal. So my final question would be, how much does technology itself actually facilitate crime? By looking back at the crime logs, we can see what kind of crime might happen, and whether it’s actually a fault of technology, or whether it’s the same old crime we’ve seen before. And once we consider these issues, we can begin to think about possible solutions to the crime problem with Bitcoin.

And we can consider that the only appropriate solution would be to preserve the underlying values ​​of technology, which would be privacy and decentralization. To focus on the criminal aspects of a lot of media focus. And they don’t pay a fair price for legitimate use, because Bitcoin is a technology that enables fast, fast payments, which is useful for anyone paying for anything on the web.