Bitcoin has direct the crypto world for such a long time, and so dominantly that the terms crypto and Bitcoin are often used interchangeably. However, the truth is, the digital money doesn’t just comprise of Bitcoin. There are many additional crypto monies which are part of the crypto world. The objective of this article is to educate our readers around cryptocurrencies aside from Bitcoin to provide them with a wide range of options to choose from – if they plan on making crypto-investments.
Launched in 2011, Litecoin is frequently referred to as ‘silver to Bitcoin’s gold.’ Charlie Lee – MIT graduate and former engineer at Google – is the founder of Litecoin.
Very similar to Bitcoin, Litecoin is a decentralized, open source payment system which functions with no central authority.
Litecoin is similar to Bitcoin in many ways and often leads individuals to think: “Why not proceed with Bitcoin? Both are alike!” . Here’s a catch: that the block generation of Litecoin is much faster than that of Bitcoin! And this is actually the main reason why merchants around the world are becoming more open to accepting Litecoin.
Another open source, decentralized applications platform. The currency was launched in 2015 and enables Smart Contracts and Distributed Applications to be assembled and run without any downtime.
The applications on Ethereum platform demand a specific cryptographic token – Ether. According to the core developers of Ethereum, the token can be used to exchange, secure, and decentralize just about anything.
The Web is part of society and is shaped by society. And until culture is a crime-free zone, the Internet won’t be a crime-free zone.
So what’s a cryptocurrency? A cryptocurrency is a decentralised payment system, which basically lets people send money to one another across the web with no need for a reliable third party like a bank or bank. The transactions are cheap, and in several cases, they’re free. And in addition, the payments are pseudo anonymous as well.
As well as that, the principal attribute is the fact that it is totally decentralised, which means that there’s no single central point of authority or anything like this. The implications of this is done by everyone with a complete copy of all of the transactions that have ever happened with Bitcoin. This makes an incredibly resilient system, meaning that nobody can change or reverse or police any of the transactions.
The high level of anonymity in there means that it is very hard to follow transactions. It is not totally impossible, but it’s impractical in most cases. So offense with cryptocurrency– since you have quick, borderless transactions, and you have a high degree of anonymity, it in concept creates a system that’s ripe for exploitation. In many cases when it is a crime online with online payment systems, then they are inclined to go to the authorities and, say, we can hand over this payment information or we can stop these transactions and undo them. And none of this can happen with Bitcoin, so it makes it ripe for criminals, in concept. All right, we have reviewed the first couple of points regarding crypto edge system software, of course you recognize they play a significant role. Of course we strongly suggest you learn more about them.
They will serve you well, however, in more ways than you know. Once your knowledge is more complete, then you will feel more confident about the subject. But we have kept the best for last, and you will know what we mean as soon as you have read through.
In light of this, a lot of different agencies are researching into Bitcoin and looking at Bitcoin and attempting to comprehend how it functions and what they can do to authorities. It’s also been in the media quite a couple of times, and also the media, being the media, like concentrate on the bad side of it. So they focus quite heavily on the crime with it. If there is a theft or a scam or something like that, then they have a tendency to blame it on Bitcoin and Bitcoin users.
Hence the most notable is probably Silk Road, that got removed recently, and during their $1.2 million worth of Bitcoins, went to cover anything from drugs to guns to reach guys to all those sorts of items. And the press, again, quite quickly to attribute this on Bitcoins and state that it had been the Bitcoin user’s fault.
But there is actually very little evidence of the scale of the issue of crime with cryptocurrencies. We don’t know if there’s a lot or we do not know if there’s a little. But despite this, most people are extremely quick to brand it as a criminal thing, and they overlook the legitimate uses, like the fast and fast payment.
So a few research questions I am considering in this area is what exactly does crime with Bitcoin seem like? So a lot of people may say that scams and thefts have been going on for ages. But the means whereby they happen changes together with the technology. Therefore a Victorian road swindler would practically be doing something very different to a 419 Nigerian prince scammer. You must have a strong heart if you want to invest in crypto for long term.
So another question that I’d love to investigate as well is looking at the scale of the issue of crime with cryptocurrency. Therefore by generating a log of known scams and thefts and matters like that, we can then cross reference that with the public transaction log of all transactions and see exactly how much of the transactions are in fact criminal and illegal. So my final question is, to what extent does the technology itself actually facilitate offense? By looking back at the crime logs, we can see which particular sorts of offense happen, and if it’s truly the tech’s fault, or is this only the same old crimes that we’ve been considering before. And once we’ve consider these things, we can begin to think about possible solutions to this issue of crime with Bitcoin.
And we can think about that the only suitable solution is one which preserves the underlying values of this tech itself, which would be privacy and decentralisation. A whole lot of focus from the media is to look at the criminal elements of it. And they do not give enough value to the legitimate applications, since Bitcoin is a technology which enables fast, quick payments, which is helpful to anyone that’s ever paid for anything on the internet.
Another day, I had been discussing crypto-currencies with an acquaintance at our regional Starbucks, and he let me know he was working with two or three entrepreneurs who’d previously been academic specialists in IT Security. Obviously, for crypto-currencies it is all about safe transfer of the information, and the trust in the inherent value of these one’s and zero’s, or Q-bits. Perhaps, I might take a peek at their business plan, although these electronic monies have had any bumps in the road to the future I am sure is going to be the future standard – that is the way the world is led it appears.