- The concept of cryptography was first conceived in the invention of an emailing system that deployed an end-to-end encryption protocol to protect users’ privacy
- It has been argued that Bitcoin was invented to rewrite the global financial systems in response to the 2008 financial crisis that shook the global economy from its root
- The core crypto philosophy is based on a decentralized financial system that dismantles all levels of central control and ownership
Investing in or building a company in the cryptocurrency industry is nearly impossible until you come to terms with the different ideologies behind it. On every website, Telegram channel, and Twitter account in the space, there is a sliver of the crypto philosophy shining through.
Bitcoin is a decentralized digital currency, built on the strength of an open-source cryptographic ledger now known as a blockchain. The concept of cryptography is wildly associated with the early cryptographers of the 1970s who developed an untraceable electronic e-mail and signatures of untraceable payments.
The motive was to invent an emailing system that protects users’ privacy. The concept of cryptography saw a series of modeling over the years before a person or a group of persons under the pseudonym, “Satoshi Nakamoto” proposed a digital payment system called Bitcoin. This peer-to-peer version of the electronic payment system runs on top of the blockchain technology.
Bitcoin is the pioneering cryptocurrency that paved the way for others to follow. The Bitcoin whitepaper was published on 31st October 2008 and the genesis block was mined in January 2019. Since then Bitcoin and other cryptocurrencies have fast become industry buzzwords.
The philosophy behind cryptocurrencies is one that has been greatly argued since its invention. Many have viewed cryptocurrencies as being a subversive tool against politicking, an alternative or replacement to bank-issued notes, a monetary system that keeps total control within the user or a system that aims to bring privacy and liberate the common man.
All these summed up into a picture of the philosophy behind the crafting of cryptocurrencies. Essentially, the crypto philosophy is encapsulated in storing, transferring, and exchanging of values in a borderless communication network.
It mimics some inherent properties of fiat currencies but in a digital form. It is impossible to issue additional Bitcoins as it has a fixed total supply. However, it’s possible to issue additional cryptocurrencies on a decentralized smart contract platform like the Ethereum blockchain. Similarly, each cryptocurrency is minted or issued with a unique identity.
The introduction of cross-platform operability has made it possible for a seamless exchange between cryptocurrencies. Presently, there are over 5000 different cryptocurrencies in existence.
The Technocrats’ Crypto Philosphy
In this jet age, it’s common that most of the human inherent problems can be curbed by continuous research and technological breakthroughs. It’s not surprising that most technocrats view the crypto philosophy as one that was engineered to solve most of the challenges that have eaten deep into the current global monetary system.
In view of this, many have argued that Bitcoin was invented in the wake of the 2008 financial crash that shook the global economy from its roots. It is best viewed as the long-awaited solution that will pioneer the next era of value transfer.
The message of a decentralized payment network has fast spread into the community and thus managed to gain considerable acceptance within some of the mainstream sectors. Decentralization is the core philosophy driving the message conveyed by the technocrats. They are obsessed with the crypto philosophy that believes that the future is decentralized.
The Political and Libertarian Obsession With Cryptocurrencies
The libertarian draws their inspiration from the decentralization nature of cryptocurrencies. This crypto philosophy is tied to the monetary freedom that crypto brings to the general public. The note of the libertarian revolves around the need of the government to exercise the bare minimal control over the finance of its citizens.
Many people believe that Satoshi Nakamoto was a libertarian and the Bitcoin concept was founded on this philosophy. “It’s very attractive to the libertarian viewpoint if we can explain it properly,” wrote Satoshi Nakamoto, bitcoin’s anonymous creator, in 2008.
The libertarianism according to its true definition has become a very popular political tool in the United States that aims to position an individual as the primary actor in a political event, “…a political philosophy that affirms the rights of individuals to liberty, to acquire, keep, and exchange their holdings, and considers the protection of individual rights the primary role of the state.”
Most crypto influencers in the United States easily identify themselves under the umbrella of libertarians. They have great contempt for the excessive role played by the government within society. This has seen most libertarians flocked to crypto between the past and present decade.
A recent study shows that over 44% of bitcoin holders call themselves libertarian and share the same sentiment as the creator of Bitcoin. Roger Ver, one of the most influential activists leading the crypto libertarian movement believes that crypto brings total freedom needed for an individual to stay in total control of his funds at all times.
Another key focus of the Libertarian is their large movement against a system that prints fiat money uncontrollably, thereby stealing the value of money in the hands of the public. The argument, however, is that Bitcoin with a 21 million fixed supply is the best-suited currency at this time. They further held the argument that fiat money has outlived its lifespan.
Bitcoin as the Perfect Weapon Against Governments
Anarchy is best viewed as the absence of government. These crypto philosophers anchored their thoughts on promoting Bitcoin as the perfect weapon against corruption, especially as it concerns the government and big businesses. It centers on the view of Bitcoin as a trustless ledger in the most transparent way that guides against fraudulent practices.
The decentralization nature of cryptocurrencies makes it void of a central level of governance and eliminates the need for a third party in facilitating transactions in a private environment without compromising security. A payment network that cannot be blocked or censored. Crypto-anarchists try to protect against government mass surveillance.
The convergence of the diverse philosophy behind the creation of cryptocurrencies sums up to what makes up Bitcoin and other cryptocurrencies. With crypto gaining mass adoption in recent years, the evangelical supporters rallying behind the novel asset keeps multiplying. Crypto and blockchain are constantly and rapidly changing the way we do business and transfer value. Not only does crypto have the capacity to transform the economic world, but it also has the potential to change the political world.