Bitcoin – the most popular cryptocurrency in the world has caught the attention of investors from all over the world as the cryptocurrency witnessed a massive spike in value in 2017 that saw it cross the $19,000 threshold. Since then, the value of bitcoin has plummeted significantly and is now just over $8,000.
Bitcoin Investors Not Aware Of Blockchain Issues
The value of Bitcoin has halved during the last 3 months but that has not stopped investors from continuing to believe in the cryptocurrency. Bitcoin campaigners have always highlighted the benefits of using the cryptocurrency and the safety and security that the blockchain gives its users.
What they may not have known or highlighted sufficiently is that when you download the bitcoin blockchain you are opening yourself up to a lot of things – one of them is potential child porn. Now this might come as a shock to you but it is important for you to fully understand all of the implications involved with using the bitcoin blockchain.
Researchers Showcase Multiple Issues Present In Blockchain
A team of German researchers recently showcased a paper on the bitcoin blockchain at the Financial Cryptography and Data Security conference in Curaçao. The researchers pointed out that when bitcoin users download the blockchain they get a lot more than what they signed up for.
The paper titled ‘A Quantitative Analysis of the Impact of Arbitrary Blockchain Content on Bitcoin’ said that they discovered as many as 1600 files were added to the bitcoin blockchain and 59 of those files had links to child pornography and politically sensitive information.
The research team said
Despite potential benefits of data in the blockchain, insertion of objectionable content can put all participants of the Bitcoin network at risk, as such unwanted content is unchangeable and locally replicated by each peer of the Bitcoin network as benign data.
An argument can be made on behalf of the bitcoin blockchain that out of the 251 million transactions that take place through the blockchain only 1.4 percent of them have extra data. That being said it becomes a serious offense if you fall into the 1.4 percent category and one of your transactions has objectionable content such as child exploitation.
Users who engage in blockchain transactions that have illegal content will be engaging in illegal activities. The rules and regulations concerning bitcoin is still sketchy and this will be another area that lawmakers will have to quickly address and regulate.