Cryptocurrencies

Scott Romaniuk, Ronald Lorenzo

Research output: Chapter in Book/Report/Conference proceedingChapterpeer-review

Abstract

Cryptocurrencies are a new technology that make possible transnational financial transactions and create new financial markets. A minority of cryptocurrency transactions are used for criminal and terroristic activities. The technological novelty of cryptocurrencies, along with their supranational properties, has raised concerns about their vulnerability to hacking, use for illegitimate purposes, and financial volatility. Prior to the invention of cryptocurrencies, private sector companies made attempts at creating digital forms of cash. Countries mostly recognize the legality and legitimate uses of cryptocurrencies. Secular authorities have condemned the use of the currency for its semi-anonymous quality, associating it with criminal activity. Early adopters of cryptocurrencies such as Bitcoin included criminals who used the cryptocurrencies for illegal activity online, mostly in purchasing narcotics, in anonymized online marketplaces known as the dark web. However, the real potential for terrorism may be in terrorist groups hacking blockchains and attempting to bring down multibillion cryptocurrency markets.





Original languageEnglish
Title of host publicationThe Handbook of Homeland Security
EditorsScott N. Romaniuk, Martin Scott Catino, C. Augustus Martin
Place of PublicationBoca Raton, Fl.
PublisherCRC Press
Chapter28
Pages181-186
Number of pages5
ISBN (Electronic)9781315144511
ISBN (Print)9781032362632 , 9781138501720
DOIs
Publication statusPublished - 7 Jul 2023

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