Wednesday, December 6, 2023

Bitcoin is a free and open currency, but it is not progressive

Apart from being a new system of storing and transferring wealth, Bitcoin is also reflective of a deeper ideology. While that ideology has many similarities with the political thought of ‘progressivism’, Bitcoin is indeed not very progressive.

It is important to understand here that the term ‘progressive’ has very different meanings with respect to society and politics. The political ideology of progressivism led to the foundation of many modern western nations, including the United States of America. However, political progressivism has always focused on hierarchies and channeling authority through these hierarchical structures. Bitcoin stands against the very idea of state-owned money. Decentralization is at the core of all cryptocurrencies. To call Bitcoin an expression of progressivism is a major error in judgment. For example, Bitcoin’s core motive is to remove intermediaries from transactions. That means an effective eradication of banks. Banks, on the other hand, are classic symbols of progressivism.

Calling Bitcoin progressive might serve some immediate political purposes, but will be a disservice to the global community. On the other hand, acknowledging the true nature of Bitcoin will help investors better understand the nature of Bitcoins.

There have always been attempts of politicizing Bitcoin. Bitcoin is inherently political, but it lies outside the current politics of binaries. It is explicitly against the state but does not involve killing people or committing atrocities. Bitcoin seeks to change the world with a new way of transferring value, and the only way to accommodate it is through realizing what it stands for.

Cryptured Team
Cryptured Team
The writers team at is composed of passionate and experienced journalists who cover the latest developments in the crypto and blockchain space. They aim to provide accurate, unbiased and easy-to-understand news and information for their readers, as well as insights and analysis from industry experts. The writers team is always on the lookout for new and exciting stories that can help the general public learn more about the potential and challenges of these technologies.

Most Popular