Ethics forms a fundamental part of society. Ethics provides the means for determining what is right or wrong and what is good or evil. It is upon such ethical judgments that people make decisions in every aspect of their lives. About Bitcoin, the issue of whether it is good or evil influences how people take it.
For most people, choosing the right thing always coincides with the right decision or behavior. Going back to Bitcoin, people who believe that it is a force for good can quickly embrace it and use it. Those who think it is a force for evil will not adopt it or oppose its use. Since Bitcoin is now very popular, it is essential to analyze it ethically.
This article explores the ethics of Bitcoin from a balanced perspective. It will focus on both sides of the debate before concluding. The first focuses on the issue of ethics. The second part will explore the view that Bitcoin is evil. The third part will focus on the idea that Bitcoin is a force for good.
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The question of ethics
Ethics is as old as the human race. It forms an integral part of society in shaping behavior and influencing decisions on every subject. Ethics is the moral compass of society by which people determine what is right or wrong. For example, some good ethical behaviors include helping the poor and the vulnerable. Destructive ethical behaviors could consist of stealing and lying.
When applying ethics to the issue of Bitcoin, people apply ethical principles and beliefs to decide whether Bitcoin is good or evil and whether using it is right or wrong. The ethics of Bitcoin is entirely about this, and two precise positions emerge.
Bitcoin as evil
Some people believe Bitcoin is evil, so anything to do with it is evil. The Nobel Prize winner Paul Krugman is one such individual who has come out clearly to condemn Bitcoin as evil. Krugman and others believe that Bitcoin is evil to have their reasons for doing so. It may be religion or the possibility of Bitcoin aiding unethical behaviors such as money laundering.
The anonymity of users on Bitcoin seems to be a significant factor for those who consider Bitcoin evil. People may consider this an intentional strategy to cover up crime and other illegal activities. These people may believe that Bitcoin’s anonymity is there to help drug traffickers, money launders, human traffickers, and terrorists to commit their evil deeds unnoticed. Such concerns are valid. However, they represent only a tiny reality of Bitcoin.
Bitcoin as good
Bitcoin is amoral. Before judging whether Bitcoin is good or evil, people should understand that it has no inherent sense of morality. Bitcoin is just like a stone. People do not argue whether a stone is right or evil. Moreover, the same ethical compass people apply to Bitcoin should also apply to fiat currency. Is money bad?
Bitcoin is neither a force for evil. The creators intended it to help society overcome the problems of the fiat money system. Bitcoin gives people power over their money, which is good. It also expands access to financial services for everyone, which is another good thing. While some people can use Bitcoin for unethical purposes, this does not mean that Bitcoin is evil.
Bitcoin is not evil. While a few characters can exploit its characteristics to commit unethical behaviors, Bitcoin remains a force for good. Most people use Bitcoin for positive things, such as investing or paying for products.