Bitcoin has lead the crypto world for so long, and so dominantly that the phrases crypto and Bitcoin are often used interchangeably. However, the reality is, the electronic money doesn’t only contain of Bitcoin. There are numerous other crypto monies that are part of the crypto world. The purpose of this article is to educate our readers around cryptocurrencies other than Bitcoin to provide them with a wide selection of alternatives to pick from – if they plan on earning crypto-investments.
Launched in 2011, Litecoin is often known as ‘silver to Bitcoin’s gold.’ Charlie Lee – MIT graduate and former engineer at Google – is the creator of Litecoin.
Very similar to Bitcoin, Litecoin is a decentralized, open source payment system which functions without a central authority.
Litecoin is similar to Bitcoin in many ways and frequently leads individuals to believe: “Why not go with Bitcoin? Both are similar!” . Following is a catch: that the block generation of Litecoin is much quicker than this of Bitcoin! And this is actually the most important reason why merchants around the globe are becoming more receptive to accepting Litecoin.
Another open source, decentralized applications platform. The money was started in 2015 and empowers Smart Assets and Distributed Applications to be assembled and run without any downtime.
The applications on Ethereum platform require a particular cryptographic token – Ether. As stated by the core developers of Ethereum, the token can be used to exchange, protected, and decentralize just about anything.
The Web is part of culture and is shaped by culture. And until culture is a crime-free zone, the Internet won’t be a crime-free zone.
So what is a cryptocurrency? A cryptocurrency is a decentralised payment system, which basically lets people send money to each other across the internet with no need for a reliable third party like a bank or bank. The transactions are inexpensive, and in several cases, they’re free. And also, the obligations are pseudo anonymous also.
In addition to this, the main attribute is that it is totally decentralised, which means that there is no single central point of authority or anything like that. The consequences of this is carried out by everyone having a full copy of all the transactions that have ever happened with Bitcoin. This creates a remarkably resilient system, which means that no one can reverse or change or police any of the transactions.
The high level of anonymity in there means that it’s very hard to follow transactions. It’s not entirely impossible, but it is impractical in most cases. So crime with cryptocurrency– because you have fast, borderless transactions, and you’ve got a high degree of anonymity, it in concept produces a system that’s ripe for manipulation. In most cases when it is a crime online with internet payment systems, then they tend 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 that can happen with Bitcoin, therefore it makes it ripe for criminals, in theory. Now that you have read this far, has that stirred your views in any way? You may already have guessed that crypto edge system software is a large field with much to discover. We have discovered other folks think these points are helpful in their search. A lot of things can have an effect, and you should widen your scope of knowledge. If you are uncertain about what is required for you, then just take a better look at your specific situation. The rest of our talk will add to what we have said so far.
In light of the a lot of different agencies are researching into Bitcoin and appearing at Bitcoin and trying to understand how it functions and what they can do to police it. It has also been in the media quite a few times, and the media, being the press, like concentrate on the bad side of it. So they concentrate very heavily on the crime with it. If there’s a theft or a scam or something like this, then they have a tendency to blame it on Bitcoin and Bitcoin users.
Hence the most notable is probably Silk Road, which got removed lately, and during their $1.2 million worth of Bitcoins, went to pay for anything from drugs into guns to reach guys to those sorts of items. And the press, again, very quickly to blame this on Bitcoins and state that it had been the Bitcoin consumer’s fault.
But there’s actually very little evidence of the scale of the problem 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 forget the legitimate applications, like the fast and quick payment.
So a few research questions I am looking at in this area is what does crime with Bitcoin look like? So a great deal of people will say that scams and thefts are going on for ages. But the means whereby they happen changes together with the technologies. Therefore a Victorian street swindler would almost 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 the next question that I’d love to investigate as well is considering the scale of the issue of crime with cryptocurrency. Therefore by creating a log of known scams and thefts and matters like this, we can then cross reference that with all the public transaction log of all transactions and see just how much of these transactions are actually illegal and criminal. So my final question is, to what extent would the tech itself really facilitate crime? By looking back at the crime logs, we can see which particular sorts of crime happen, and if it’s truly the technology’s fault, or is that just the same old crimes that we’ve been considering before. And once we’ve consider these things, we can begin to consider possible solutions to the problem of crime with Bitcoin.
And we can consider that the only appropriate solution would be one that preserves the underlying values of this tech itself, which might be privacy and decentralisation. A lot of focus from the media would be to examine the criminal aspects of it. Plus they don’t provide enough value to the valid applications, because Bitcoin is a technology that enables fast, rapid payments, which is useful to anybody who has ever paid for anything on the web.
The other day, I was talking crypto-currencies with an acquaintance at our regional Starbucks, and he let me know he was working with a couple of entrepreneurs who had previously been academic experts in IT Security. Obviously, for crypto-currencies it is all about secure transfer of the data, and the confidence in the inherent value of those one’s and zero’s, or Q-bits. Perhaps, I might have a peek at their business plan, although these electronic currencies have experienced some bumps in the road to the future I’m sure will be the upcoming standard – that’s how the world is led it appears.