Mikaela Remes – Bitcoin

Yesterday’s discussions about the desire of us humans to edit our reality made me think about the virtual currency called Bitcoin.

BTC is a digital currency based on open source code that was developed by someone by the screen name of Satoshi Nakamoto in 2008. Bitcoin users utilize cryptography to send and receive money (bitcoins) through software. Bitcoin emerged as a free market currency, as a response to frustration against the power of the banks; Born out of the ashes of the global financial crisis, bitcoin is a nerd’s way of flipping the bird at society.

The currency has been heavily criticized, since it is known to be used for criminal activities, such as purchasing drugs on online black markets. It has been called a bubble and “the most dangerous technological project since the internet itself”The European Banking Authority has warned that Bitcoin lacks consumer protections.

Time will tell whether Bitcoin is a “real” option to the system or if it will remain a protest. Still, it is an example of what people can do if they decide that they do not want to stick to the system and that is possible to “hack” a field that is dominated by institutions that a regular person might feel he or she has no power to influence.

Published by deuzemedialife

Mediastudies, University of Amsterdam

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