The advanced level of anonymity inside implies that it’s very difficult to trace transactions. It’s maybe not totally impossible, but it’s unrealistic generally in most cases. So crime with cryptocurrency– since you’ve got quickly, borderless transactions, and you’ve got a advanced of anonymity, it in theory creates something that’s ready for exploitation. So generally when it’s an offense on line with online cost methods, chances are they tend to attend the authorities and, claim, we can hand around this payment data or we are able to stop these transactions and reverse them. And none of that can happen with Bitcoin, so it helps it be ripe for criminals, in theory.
In light with this, plenty of different agencies are exploring in to Bitcoin and considering Bitcoin and attempting to know the way it operates and what they could do to police it. It’s also been in the press quite a few situations, and the media, being the press, like concentrate on the bad side of it. So they really emphasis really greatly on the offense with it. So if there exists a theft or a con or something that way, then they often blame it on Bitcoin and Bitcoin users.
So probably the most notable might be Cotton Path, which got taken down lately, and through their $1.2 billion value of Bitcoins, gone to pay for such a thing from medications to weapons hitting guys to these kinds of things. And the press, again, very quickly at fault this on Bitcoins and state that it was the Coin Market Cap fault.
But there’s actually almost no proof of the scale of the situation of offense with cryptocurrencies. We don’t know if there is a lot or we do not know if there exists a little. But not surprisingly, people are very fast to company it as a offender issue, and they your investment respectable uses, like the rapidly and fast payment.
So a few research issues I’m looking at of this type is what does crime with Bitcoin appear to be? So lots of persons can say that cons and thefts have now been going on for ages. But the means through that they happen improvements with the technology. So a Victorian road swindler would virtually be performing something very dissimilar to a 419 Nigerian king scammer.
So the following problem that I’d like to analyze as effectively is considering the degree of the situation of crime with cryptocurrency. So by generating a wood of known scams and thefts and things such as that, we can then combination guide that with the general public purchase log of all transactions and see simply how much of the transactions are in fact illegal and criminal. So my ultimate problem would be, as to the degree does the technology itself really aid crime? By seeking straight back at the crime records, we are able to see which unique sorts of offense occur, and if it’s really the technology’s problem, or is that only the same old violations that we’ve been considering before. And once we have contemplate these things, we could start to consider possible solutions to the issue of offense with Bitcoin.
And we can contemplate that the only suitable alternative could be one that keeps the main values of the technology itself, which would be privacy and decentralisation. A lot of target from the press is always to look at the criminal aspects of it. And they don’t really give enough value to the reliable uses, since Bitcoin is a technology that allows fast, fast funds, which can be beneficial to anybody that is ever paid for such a thing on the web.