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Issues and Risks Associated with Cryptocurrencies Such as Bitcoin

Authors:
Félix Brezo
Pablo G. Bringas

Keywords: bitcoin; cryptoanarchism; cryptocurrency; fraud; speculation; virtual money.

Abstract:
Bitcoin is an electronic currency designed to use a public protocol that implements it in a totally decentralized manner, so as not to need the control of any central issuing organization that manages it. Though still in development, it has been proven to be a modern payment system referred to have been used in some procedures commonly associated to money laundering or traficking of illegal substances of various kinds. Thus, in this article, we analyse those features which transform such a cryptocurrency in a useful tool to perform any kind of transactions far from the control of any kind of regulatory agency, as well as we pinpoint some of the fields in which their usage can derive in new illicit behaviours.

Pages: 20 to 26

Copyright: Copyright (c) IARIA, 2012

Publication date: October 21, 2012

Published in: conference

ISSN: 2326-9294

ISBN: 978-1-61208-228-8

Location: Venice, Italy

Dates: from October 21, 2012 to October 26, 2012