The Network is a function of culture, so culture forms it. Yet the Internet won’t be a crime-free environment before culture is a crime-free place.
How is a crypto-currency, then? A cryptocurrency is a decentralized payment mechanism that simply enables citizens to transfer money across the internet to each other without the need for a trustworthy third party like a bank or financial institution. The transactions are cheap, and are free in many cases. And yes, the fees are still semi secret.check out this for more information
Beyond that, the key advantage is that it is fully decentralized, so there is no one central figure of control or anything like that. The implications of this are that everybody has a complete copy of all the transactions that have ever happened with Bitcoin. This provides an extremely robust network and ensures that none of the transactions can be altered or reversed or policed.
The high degree of privacy in there ensures transactions can be very difficult to track. It’s not completely unlikely but in most situations it’s unrealistic. So cryptocurrency crime — because you have quick, borderless transfers, and you have a high degree of anonymity, it provides a structure that is perfect for manipulation in principle. And in most instances, whether it’s a fraud online for electronic payment processes, they prefer to go to the police and, say, we can move on this payment details or we can interrupt and undo such purchases. So for Bitcoin, none of this will happen, but in principle, that renders things ripe for offenders.
Having that in mind, several various organizations are studying Bitcoin and looking at Blockchain and seeking to learn how it functions and what they should do about police it. It’s been quite a few occasions in the newspapers, too, and the newspapers, being the newspaper, prefer dwelling on the negative face. And they’re very much focused on the violence of it. And if there’s a fraud or robbery or something like this, then Cryptocurrency and Blockchain users prefer to suspect it.
But the most prominent is perhaps Silk Lane, which was torn down recently, which went to pay for everything from cocaine to weapons to hit people and all sorts of stuff from their $1.2 billion worth of Bitcoins. And the newspapers, again, to blame this on Bitcoins very easily and claim it was the responsibility of the Bitcoin users.
But actually, there is very little evidence of the scale of the crime problem with cryptocurrencies. We don’t know whether there is a ton or whether there is a few, we don’t know. Yet with that, people are defining it as a bad activity really soon, so they forget about legal applications, such as easy and simple payment.
So, a few study issues that I’m looking into in this field are what does Bitcoin crime look like? So many people would claim the fraud and robberies have been occurring for years. But with the technologies the ways by which they happen shift. And a Victorian street swindler will essentially do something completely different from a scammer of a 419 Nigerian kid.
And the next thing I would really like to investigate is to look at the size of the crime issue with cryptocurrencies. And, by creating a list of documented fraud and robberies and other items, we will then cross-reference whether all transactions are potentially unlawful and fraudulent with the public transaction record. Then my last concern will be, to what degree is the system itself really making crime easier? Looking back at the crime records, we will see what sort of violence is going on, and whether it’s really the responsibility of the system, if it’s just the same tired crimes we’ve been looking at before. So after we’ve discussed these issues, with Bitcoin, we may start talking of potential alternatives to the crime problem.