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Bitcoin and Tech Society Ethics

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Satoshi Nakamoto blessed the world with Bitcoin and its underpinning technology, blockchain. Today, many people are reaping millions from Bitcoin. You must have heard about Bitcoin millionaires and billionaires. Millions of people and institutions are now using Bitcoin in one way or the other.

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But while we may focus on Bitcoin being a blessing in terms of its positive impacts and benefits, we may fail to recognize an essential aspect, ethics. With particular regard to Bitcoin, a major ethical issue that has transpired over the years is about the anonymity that blockchain technology provides and how criminals could use this to hide their criminal activities. This article explores some ethical issues surrounding Bitcoin and tech society in general.

Potential Benefits

When we consider ethics concerning technology, one of the most important considerations is whether technology benefits society. From an ethical perspective, good technology would benefit the community more than harm it. And this means that a technology like Bitcoin should have more benefits than risks to society.

Bitcoin has benefitted society in many ways. Apart from providing an alternative payment option, it has also offered a new investment asset. All these are tangible benefits that Bitcoin users are already enjoying. As the user base continues to grow, the benefits will grow and spread even to the broader society.

Decentralization of Control

Bitcoin’s blockchain provides decentralized control instead of centralized control in the conventional financial system. And this means that power is no longer vested in a single entity like the central bank or a few like commercial banks. Instead, everyone on the blockchain network shares the control.

From an ethical perspective, society may find this a good thing. It eliminates unnecessary government control and interference in individual financial matters. It also removes intermediaries like banks that prioritize profits. Blockchain gives freedom to society in the management of their finances. For example, while some people may not open a bank account because of imposed restrictions by banks, they can access financial services through Bitcoin.

Volatility

The high volatility of the price of Bitcoin is another critical ethical issue. For some, this volatility creates room for the exploitation of investors. Indeed, some people have lost a lot because of falling Bitcoin prices. But this represents only one reality. Many people have gained when Bitcoin prices rise by trading it on platforms to join the bitqt.

It is also important to emphasize that using Bitcoin is not a must. Individuals decide if and when to use the innovation. If you find that the volatility is not suitable for you, you can choose to avoid Bitcoin, and if you have already invested in it, you could sell all your remaining Bitcoin.

Lack of Regulation

Issues to do with the lack of proper regulation have also come up. The existing financial rules are inappropriate for Bitcoin, which is new. The problem is that some people could use Bitcoin to exploit other users with a lack of regulation. For example, when users lose their money due to attacks on their Bitcoin wallets, they have no one to contact for assistance.

Moreover, issues to do with the potential risk of criminals hiding under this unregulated environment, supported by blockchain’s anonymity, have come up. There have also been cases of human and drug traffickers using Bitcoin to send money without government detection.

However, while the lack of proper regulation is an important ethical issue, it is also important to recognize efforts by different governments to introduce specific rules on Bitcoin use. Most people expect more laws to make Bitcoin more secure.

Take Away

A myriad of ethical issues surrounds Bitcoin and the tech society. And this is not new. Any new technology attracts ethical concerns, requiring a realistic and objective approach.

 

 

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