The higher level of anonymity in there implies that it’s very hard to trace transactions. It’s maybe not entirely difficult, but it’s unrealistic in most cases. Therefore offense with cryptocurrency– because you have got quickly, borderless transactions, and you’ve got a high level of anonymity, it in theory creates something that is ready for exploitation. So in most cases when it’s a crime on the web with on the web payment techniques, they tend to visit the authorities and, claim, we could hand around this cost information or we are able to end these transactions and opposite them. And nothing of that could occur with Bitcoin, so it causes it to be ready for criminals, in theory.
In mild of the, plenty of different agencies are studying in to Bitcoin and considering Bitcoin and attempting to know the way it performs and what they could do to authorities it. It’s been in the media many instances, and the media, being the press, like focus on the bad area of it. So they focus really heavily on the offense with it. Therefore if there exists a robbery or a fraud or anything like this, chances are they tend to blame it on Bitcoin and Bitcoin users.
So the most significant is probably Silk Road, which got taken down recently, and through their $1.2 million worth of Bitcoins, went to cover anything from medications to weapons hitting men to these types of things. And the media, again, very quickly to blame that on Cryptocurrency Market and say that it was the Bitcoin user’s fault.
But there’s really almost no proof the degree of the situation of crime with cryptocurrencies. We don’t know if there’s a ton or we do not know if there is a little. But not surprisingly, people are extremely fast to brand it as a criminal issue, and they forget the reliable uses, such as the quickly and rapid payment.
So a few research questions I’m taking a look at of this type is what does crime with Bitcoin look like? So a lot of people may say that scams and thefts have now been going on for ages. But the means through that they happen improvements with the technology. Therefore a Victorian street swindler could virtually be doing anything really different to a 419 Nigerian king scammer.
Therefore the following problem that I’d like to analyze as effectively is considering the scale of the situation of offense with cryptocurrency. Therefore by generating a wood of known cons and thefts and such things as that, we may then cross research that with the general public purchase log of transactions and see the amount of of the transactions are now actually illegal and criminal. So my final issue will be, as to the degree does the engineering itself actually facilitate offense? By looking straight back at the offense records, we are able to see which specific kinds of offense occur, and if it’s actually the technology’s fault, or is that only the same old crimes that we’ve been looking at before. And once we’ve consider these things, we are able to start to take into account possible solutions to the issue of crime with Bitcoin.
And we can consider that the sole acceptable alternative could be one that keeps the underlying values of the technology it self, which will be solitude and decentralisation. Plenty of emphasis from the press is always to go through the offender areas of it. And they do not give enough value to the genuine uses, because Bitcoin is a technology that permits fast, quick payments, which is helpful to anyone that is ever covered any such thing on the web.