What is a cryptocurrency and bitcoin?

The web is part of society and is shaped by society. And until society is a crime-free zone, the web won't be a crime-free zone.

What is a cryptocurrency? A cryptocurrency is a decentralized payment system that allows people to send currencies to each other over the Internet without the need for a trusted third party, such as a bank or financial institution. The transactions are cheap and in many cases free of charge. The payments are also pseudo-anonymous.

In addition, the main feature is that it is completely decentralized, which means that there is not a single central authority point or the like. As a result, everyone has a full copy of all the transactions that have ever taken place with Bitcoin. This creates an incredibly resilient network, which means that nobody can change, cancel or monitor transactions.

Due to the high anonymity, it is very difficult to track transactions. It is not entirely impossible, but in most cases it is impractical. Cryptocurrency crime – because you have fast, limitless transactions and a high degree of anonymity, theoretically a system is created that is ready for exploitation. In most cases where online payment systems are a crime, they are forwarded to the authorities and can, for example, pass on this payment information or stop and reverse these transactions. And all of this cannot happen with Bitcoin, so it is theoretically ripe for criminals.

With that in mind, many different agencies are investigating Bitcoin, looking at Bitcoin and trying to understand how it works and what they can do to monitor it. It's been in the media a few times too, and the media that is the media may focus on the bad side. So you are very focused on the crime with it. So if there is a theft or scam or anything, they tend to blame Bitcoin and Bitcoin users for it.

So perhaps the most notable is the recently closed Silk Road, which paid for everything from drugs to weapons to beatings on men with its $ 1.2 billion bitcoins. And the media very quickly blame Bitcoins and say it's the Bitcoin user's fault.

In fact, there is little evidence of the scale of the cryptocurrency crime problem. We don't know if there is much or if there is something. Nevertheless, it is quickly classified as criminal and the legitimate uses, such as quick and quick payment, are forgotten.

I'm dealing with a couple of research questions in this area: What does Bitcoin crime look like? Many people will say that fraud and theft have been going on for ages. However, the way they happen changes with technology. So a Victorian street scammer would do something very different from a Nigerian prince scam.

The next question that I would also like to investigate concerns the extent of the problem of cryptocurrency crime. So, if you keep a log of known scams, thefts, and other similar occurrences, you can compare that to the public transaction log of all transactions and see how many transactions are actually illegal and criminal. So my last question would be to what extent the technology itself actually makes crime easier. If we look back at the crime logs, we can see what types of crimes are actually occurring and whether they are to blame for the technology or the same old crimes that we dealt with earlier. And after considering these things, we can think about possible solutions to the problem of crime with Bitcoin.

And we can assume that the only suitable solution is to preserve the fundamental values ​​of the technology itself, namely data protection and decentralization. The media are very focused on investigating the criminal aspects. And they don't give enough value to legitimate uses, as Bitcoin is a technology that enables fast and fast payments that is useful for anyone who has ever paid for anything on the Internet.

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