Cryptocurrency and criminality

What is it about?

This paper seeks to introduce the basic concepts behind cryptocurrencies (and Bitcoin in particular) in simple, non-technical terms. It distinguishes cryptocurrencies from traditional (so-called 'fiat' companies) and explores what makes them attractive to those engaged in criminal activity.

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Why is it important?

Cryptocurrencies and blockchain technology have attracted significant and increasing interest in the months since this paper was published. Bitcoin has grown in value more than ten-fold whilst traditional currencies struggle to maintain buoyancy. Several high profile cyber attacks invoking ransom payment in BTC have contributed to its prominence and media focus. Even so, it remains poorly understood by many who are distracted and discouraged by its novel technical characteristics. This paper can assist in making cryptocurrencies more familiar to those less comfortable with mathematics and computer science.