What is a cryptocurrency and Bitcoin?

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

So what is a cryptocurrency? A cryptocurrency is a decentralized payment system, which basically allows people to send currency to each other over the web without the need for a trusted third party, such as a bank or financial institution. Transactions are inexpensive and in many cases are free. And in addition, the payments are also pseudo anonymous.

On top of that, the main feature is that it is fully decentralized, which means there is no central point of authority or anything like that. The implications of this are made if everyone has a complete copy of all the transactions that have ever happened with Bitcoin. This creates an incredibly resilient network, which means no one can change, reverse, or control any of the transactions.

The high level of anonymity that exists means that it is very difficult to track transactions. It is not entirely impossible, but it is practical in most cases. Therefore, crime with cryptocurrency, because you have fast, borderless transactions and a high level of anonymity, in theory creates a mature system for exploitation. Therefore, in most cases when it comes to an online crime with online payment systems, they usually turn to the authorities and, for example, we can hand over this payment information or we can stop these transactions and reverse them. the. And none of that can happen with Bitcoin, so in theory, it makes it ripe for criminals.

In light of this, many agencies are researching Bitcoin and looking at Bitcoin and trying to understand how it works and what they can do to control it. He has also been in the media quite a few times, and the media, being the media, want to focus on his negative side. So they focus a lot on crime. So if there is a theft, scam or something like that, they tend to blame Bitcoin and Bitcoin users.

So the highlight is probably the Silk Road, which was recently withdrawn and, through its $ 1.2 billion worth of bitcoins, went to pay for anything from drugs to weapons to attack. men to this kind of thing. And the media, again, very quickly blamed Bitcoins and said it was the Bitcoin user’s fault.

But in reality there is very little evidence of the extent of the problem of crime with cryptocurrencies. We don’t know if there are many or we don’t know if there are a few. But even so, people are very quick to call him a criminal and forget about legitimate uses, such as quick and quick payment.

So some research questions I look at in this area are what is the crime with Bitcoin like? Therefore, many people will say that scams and thefts have been going on for a long time. But the means they go through changes with technology. So a Victorian street swindler would practically be doing something very different from a Nigerian prince swindler 419.

Therefore, the next question I would like to investigate is also to analyze the extent of the problem of crime with cryptocurrency. Therefore, by generating a record of known scams, thefts and the like, we can make a cross-reference with the public transaction record of all transactions and see how many of the transactions are actually illegal and criminal. So my final question would be: to what extent does technology itself really facilitate crime? If we look back at crime records, we can see what particular types of crime happen and whether it is actually the fault of technology, or whether they are the same old crimes we have been examining before. And once we consider these things, we can start thinking about possible solutions to the problem of crime with Bitcoin.

And we can consider that the only suitable solution would be the one that preserves the underlying values ​​of the technology itself, which would be privacy and decentralization. The media focuses its attention on analyzing its criminal aspects. And they don’t give enough value to legitimate uses, as Bitcoin is a technology that allows for quick and quick payments, which is useful for anyone who has ever paid for anything on the web.