User talk:Osinkinwalera

What Is A Cryptocurrency And Bitcoin?
A cryptocurrency is really a decentralised payment system, which basically lets people send currency to one another on the internet without a trusted 3rd party like a bank or financial institution. The transactions are cheap, and in many cases, they're free. Plus, the instalments are pseudo anonymous as well. In addition, the primary feature is the fact that itrrrs very decentralised, meaning there isn't any single central reason for authority or anything like that. The implications with this is done by everyone having a full copy of all the so-called transactions that have ever happened with Bitcoin. This creates a remarkably resilient network, meaning that no one can change or reverse or police the transactions. The prime amount of anonymity in that room implies that it is quite tough to trace transactions. It's not totally impossible, but it's impractical in most cases. So crime with cryptocurrency-- as you have got fast, borderless transactions, and you have if you are a of anonymity, it the theory is that results in a system that's ripe for exploitation. So in most cases when it's a criminal offence online with internet payment systems, chances are they tend to go to the authorities and, say, we could give over this payment information or we can easily stop these transactions and reverse them. And none of this can occur with Bitcoin, therefore it helps it be ripe for criminals, the theory is that. In relation to this, lots of different agencies are researching into Bitcoin and looking at Bitcoin and looking to understand how it works and just what they're able to do in order to police it. It is usually been in the media a number of times, along with the media, is the media, like concentrate on the bad side of computer. So they really focus very heavily about the crime from it. So if there exists a theft or a scam something like that, then they often blame it on Bitcoin and Bitcoin users. So the next question that I'd like to research too looks in the scale in the problem of crime with cryptocurrency. So by establishing a log of known scams and thefts and such things as that, we can easily then cross reference by using people transaction log coming from all transactions and find out simply how much with the transactions are in fact illegal and criminal. So my final question could be, how much does the technology itself actually facilitate crime? By on reflection on the crime logs, we could see which particular kinds of crime happen, of course, if it really is the technology's fault, or perhaps this the same old crimes that we've been considering before. And once we've think about these things, we could begin to take into consideration possible solutions to the problem of crime with Bitcoin. So we can take into consideration that the sole suitable solution would be the one which preserves the main values in the technology itself, which will be privacy and decentralisation. A great deal of focus through the media would be to consider the criminal aspects of it. And so they don't give enough value towards the legitimate uses, because Bitcoin is really a technology that enables fast, quick payments, that is necessary to anyone that's ever covered anything on the internet. For more info about Crypto browse our internet page