As well as that, the main feature is that it's completely decentralised, which means that there is no main point of power or any such thing like that. The implications of the is done by everyone having a full duplicate of all of the transactions that have ever happened with Bitcoin. This generates a really resilient network, which means that no one can modify or opposite or police some of the transactions.
The advanced of anonymity within means that it's very hard to trace transactions. It's perhaps not absolutely difficult, but it's impractical generally in most cases. Therefore offense with cryptocurrency-- since you've got rapidly, borderless ledger hardware wallet, and you have got a high level of anonymity, it in theory creates something that is ripe for exploitation. So generally when it's a crime on the web with online payment systems, then they tend to attend the authorities and, claim, we are able to give around this payment information or we could stop these transactions and opposite them. And none of that may happen with Bitcoin, so that it makes it ripe for thieves, in theory.
In gentle of this, lots of various agencies are exploring into Bitcoin and considering Bitcoin and wanting to understand how it operates and what they could do to police it. It's also been in the press many instances, and the media, being the media, like give attention to the bad part of it. So that they target very seriously on the offense with it. So if there's a theft or a scam or something like that, then they often blame it on Bitcoin and Bitcoin users.
So the absolute most significant is probably Silk Path, which got taken down lately, and through their $1.2 billion value of Bitcoins, went to pay for such a thing from drugs to weapons to hit men to those types of things. And the media, again, rapidly the culprit this on Bitcoins and say so it was the Bitcoin user's fault.
But there is actually almost no proof of the scale of the problem of crime with cryptocurrencies. We do not know if there is a ton or we don't know if there exists a little. But regardless of this, people are very quick to model it as a criminal issue, and they your investment genuine uses, like the rapidly and fast payment.
So a couple of research issues I am looking at of this type is what does offense with Bitcoin seem like? So plenty of people may say that scams and thefts have already been going on for ages. Nevertheless the means through which they happen improvements with the technology. So a Victorian road swindler could almost be doing something really dissimilar to a 419 Nigerian prince scammer.
Therefore another question that I'd like to analyze as well is taking a look at the scale of the issue of offense with cryptocurrency. So by generating a log of identified cons and thefts and such things as that, we can then mix guide that with the general public exchange log of most transactions and see just how much of the transactions are now actually illegal and criminal. Therefore my final problem will be, as to the level does the technology it self actually facilitate offense? By seeking right back at the offense logs, we can see which unique types of offense occur, and if it's actually the technology's fault, or is that only the same kind of violations that we've been taking a look at before. And when we've consider these things, we are able to start to consider probable answers to the matter of offense with Bitcoin.
And we can consider that the only real acceptable option would be one which preserves the main prices of the engineering itself, which would be privacy and decentralisation. Lots of emphasis from the press is to consider the criminal areas of it. And they don't provide enough price to the reliable employs, since Bitcoin is a technology that permits rapidly, fast obligations, that is beneficial to anyone that's ever paid for anything on the web.