The Impact of Bitcoin Cybercrime on the Financial System: Analyzing the Role of Crypto Mining and Criminological Behavioral Threats
Abstract
The rise of Bitcoin and other cryptocurrencies has transformed the global financial environment, offering unprecedented opportunities and challenges. In the year 2009, after the global crash of 2008, the first form of cryptocurrency has emerged in the form of Bitcoin. It was first introduced by (Nakamoto, 2008), an anonymous group or individual that has introduced Bitcoin as the first digital currency for easier day-to-day transaction from individual to individual. Subsequently, numerous additional cryptocurrencies have emerged, with many gaining popularities within the cryptocurrency industry. The value of these digital coins stems from their inherent characteristics and their acceptance in the financial ecosystem, resulting in steady growth in value due to increasing investor interest. They operate with features that make financial transactions open-source, decentralized, peer-to-peer, anonymous, and free from regulatory and time-consuming intermediaries. However, the technical aspects of these currencies make them highly appealing to cybercriminals. This research aims to investigate the impact of Bitcoin-related cybercrime on the financial system, with a particular focus on illegal crypto mining and associated criminological behavioral threats. By exploring the financial, regulatory, and systemic implications, this study seeks to provide a comprehensive understanding of the risks posed by cybercriminal activities and propose effective countermeasures.
Keywords
Cybercrime, Blockchain Technology, Cryptocurrencies, Cybersecurity, Cryptocurrency Mining
Citations
IRE Journals:
Umanhonlen Gabriel , Stephen Areo , Helen Oyadoke , Bennard Fortune Okhumende , Julius Adeniyi
"The Impact of Bitcoin Cybercrime on the Financial System: Analyzing the Role of Crypto Mining and Criminological Behavioral Threats" Iconic Research And Engineering Journals Volume 8 Issue 3 2024 Page 382-386
IEEE:
Umanhonlen Gabriel , Stephen Areo , Helen Oyadoke , Bennard Fortune Okhumende , Julius Adeniyi
"The Impact of Bitcoin Cybercrime on the Financial System: Analyzing the Role of Crypto Mining and Criminological Behavioral Threats" Iconic Research And Engineering Journals, 8(3)
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