The Concept of Cryptocurrency in Axiology of Science Perspective
Rizal Mustansyir
1
, Citra Istiqomah
2
1
Faculty of Philosophy, Universitas Gadjah Mada, Yogyakarta, Indonesia
2
Department of International Relations, Faculty of Social and Political Sciences, Al Azhar University, Indonesia
mustansyir@ugm.ac.id
Abstract
Massive
transformation and multifaceted nature of innovation due to increasing
interconnectivity in globalisation era–particularly through the discourse of
the Internet of Things (IoT)– have made technology and its instruments nearly
inevitable in human life, not least in the economic sector. Cryptocurrency as
one of the products of this activity is getting a great deal of public
attention. Over time, this currency is gradually favoured by many people around
the world, especially with the demands for ease of business and transactions in
the era of digitalisation. The shift allows individuals with access and
associated resources to store personal assets that cannot be censored/detected
by central and banking authorities, carry out anonymous financial transactions,
make high-speed transfers, invest in start-ups, mine new cryptocurrency, and
even buy land or property in the virtual world/metaverse. All these advantages
and conveniences encourage individuals, especially businesspersons and
investors to switch to cryptocurrencies. However, its volatility also incites
hesitation to adopt it as a medium of exchange/trading transactions. Due to the
functionality, legality, and disputable implications of its use, this issue
evokes our interest to study it as a subject matter, especially through the
lens of axiology. This study employs a qualitative method to generate
descriptive results. Cryptocurrency serves as a form of digital asset that
functions as a virtual medium of exchange run in a blockchain system and is
secured using an automated cipher called cryptography. From an axiological
point of view, the writer considers at least 5 (five) values constituting
priority scales in crypto transactions: trust, agreement, utility, pride, and
speculation. Finally, the writer concludes that cryptocurrency utilisation
cannot be separated from the axiological perspective of science, considering
the gap between personal and social values is pertinent.
Keywords
globalisation, virtual, cryptocurrency, axiology
References
Anderson, C. (June 23, 2008). ‘The End of Theory: The Data
Deluge Makes the Scientific Method Obsolete’. Wired. https://www.wired.com/2008/06/pb-theory/,
retrieved on October 16, 2022.
Bahm, A. J. (1993). Axiology:
The Science of Values. Rodopi.
Caffentzis, C. G. & Rekret, P. (2021). Clipped Coins,
Abused Words, and Civil Government: John Locke’s Philosophy of Money. Pluto
Press.
Corbet, S. (2022). Understanding
Cryptocurrency Fraud: The Challenges and Headwinds to Regulate Digital
Currencies. De Gruyter.
Corbet, S. et al. (2020). Cryptocurrency
and Blockchain Technology. De Gruyter.
DeVon, C. (August 19, 2022). ‘Crypto hackers
have stolen nearly $2 billion this year–Here’s why it’s a growing problem’. CNBC
Make It. https://www.cnbc.com/2022/08/19/crypto-hackers-stole-billions-why-its-a-growing-problem.html, retrieved on October 16, 2022.
Dusek, V. (2008). Philosophy of
Technology: An Introduction. Wiley.
EY. (2019). Global FinTech Adoption
Index 2019. https://fintechauscensus.ey.com/2019/Documents/ey-global-fintechadoption-index-2019.pdf, retrieved on October 15, 2022.
Frankenfield, J. (July 20, 2021). ‘Digicash’. Investopedia.
https://www.investopedia.com/terms/d/digicash.asp, retrieved on October 15, 2022.
Frankenfield, J. (March 24, 2022). ‘What Are Smart Contracts on
the Blockchain and How They Work’. Investopedia. https://www.investopedia.com/terms/d/digicash.asp, retrieved on October 15, 2022.
Frondizi, R. & Wijaya, C. A. (1963). Pengantar Filsafat Nilai. Yogyakarta: Pustaka Pelajar.
Frondizi, R. (1971). What is Value?: An Introduction to
Axiology (2nd ed.). Open Court Pub.
Hayes, A. (September 26, 2022). ’10 Important
Cryptocurrencies Other Than Bitcoin’. Investopedia. https://www.investopedia.com/tech/most-important-cryptocurrencies-other-than-bitcoin/, retrieved on October 15, 2022.
Jones, C. (September 21, 2022). ‘Are There Too Many
Cryptocurrencies’. Cointelegraph. https://cointelegraph.com/news/are-there-too-many-cryptocurrencies, retrieved on October 15, 2022.
Kasali, R. (2018). The Great Shifting. Jakarta: Gramedia Pustaka Utama.
Lacey, H.
(1999). Is Science Value
Free?: Values and Scientific Understanding.
Routledge.
Lechte, J. (2001). 50 Filsuf Kontemporer: Dari
Strukturalisme sampai Postmodernitas. Yogyakarta: Kanisius.
Mitcham, C.
(2005). Encyclopedia of Science, Technology, and Ethics. USA: Macmillan Reference.
Narayanan, A.
(2016). Bitcoin and Cryptocurrency Technologies: A Comprehensive
Introduction. Princeton University Press.
Pichl, L. et al. (2020). Advanced
Studies of Financial Technologies and Cryptocurrency Markets. Springer.
Prastowo, B.N. (2022). Informatika Sosial: Mengendalikan
Teknologi untuk Tatanan Masyarakat yang Lebih Baik. Bhuana Ilmu Populer.
Reiff, N. (2022). ‘What Was the First Cryptocurrency?’. Investopedia.
https://www.investopedia.com/tech/were-there-cryptocurrencies-bitcoin/, retrieved on October 15, 2022.
Royal, J. & Baker B. (October 06, 2022). ‘12 Most
Popular Types of Cryptocurrency’. Bankrate. https://www.bankrate.com/investing/types-of-cryptocurrency/, retrieved on October 12, 2022.
Scharff, R. C. &
Dusek V. (2014). Philosophy of Technology: The Technological Condition: An
Anthology (2nd ed.). Wiley Blackwell.
Spier, R. (2003). Science and Technology Ethics.
Routledge.
Stafford Global. Finance 2.0: What is
Cryptocurrency? 22 April 2021, https://www.staffordglobal.org/articles-and-blogs/finance-articles-blogs/cryptocurrency-bitcoin-finance-banking/, retrieved on September 22, 2022.
Statista. Number of Cryptocurrencies
Worldwide from 2013 to February 2022. https://www.statista.com/statistics/863917/number-crypto-coins-tokens/, retrieved on October 12, 2022.
Thatcher, J. E., & Dalton, C. M.
(2022). ‘What Are Our Data, and What Are They Worth?’, dalam Data Power:
Radical Geographies of Control and Resistance (pp. 46–64). Pluto Press. https://doi.org/10.2307/j.ctv249sg9w.9
Vigna, P. & Casey, M. (2015). The Age of Cryptocurrency: How
Bitcoin and Digital Money Are Challenging The Global Economic Order. St.
Martin’s Press.
2 Department of International Relations, Faculty of Social and Political Sciences, Al Azhar University, Indonesia
mustansyir@ugm.ac.id
Abstract
Massive
transformation and multifaceted nature of innovation due to increasing
interconnectivity in globalisation era–particularly through the discourse of
the Internet of Things (IoT)– have made technology and its instruments nearly
inevitable in human life, not least in the economic sector. Cryptocurrency as
one of the products of this activity is getting a great deal of public
attention. Over time, this currency is gradually favoured by many people around
the world, especially with the demands for ease of business and transactions in
the era of digitalisation. The shift allows individuals with access and
associated resources to store personal assets that cannot be censored/detected
by central and banking authorities, carry out anonymous financial transactions,
make high-speed transfers, invest in start-ups, mine new cryptocurrency, and
even buy land or property in the virtual world/metaverse. All these advantages
and conveniences encourage individuals, especially businesspersons and
investors to switch to cryptocurrencies. However, its volatility also incites
hesitation to adopt it as a medium of exchange/trading transactions. Due to the
functionality, legality, and disputable implications of its use, this issue
evokes our interest to study it as a subject matter, especially through the
lens of axiology. This study employs a qualitative method to generate
descriptive results. Cryptocurrency serves as a form of digital asset that
functions as a virtual medium of exchange run in a blockchain system and is
secured using an automated cipher called cryptography. From an axiological
point of view, the writer considers at least 5 (five) values constituting
priority scales in crypto transactions: trust, agreement, utility, pride, and
speculation. Finally, the writer concludes that cryptocurrency utilisation
cannot be separated from the axiological perspective of science, considering
the gap between personal and social values is pertinent.
Keywords
globalisation, virtual, cryptocurrency, axiologyReferences
Anderson, C. (June 23, 2008). ‘The End of Theory: The Data
Deluge Makes the Scientific Method Obsolete’. Wired. https://www.wired.com/2008/06/pb-theory/,
retrieved on October 16, 2022.
Bahm, A. J. (1993). Axiology:
The Science of Values. Rodopi.
Caffentzis, C. G. & Rekret, P. (2021). Clipped Coins,
Abused Words, and Civil Government: John Locke’s Philosophy of Money. Pluto
Press.
Corbet, S. (2022). Understanding
Cryptocurrency Fraud: The Challenges and Headwinds to Regulate Digital
Currencies. De Gruyter.
Corbet, S. et al. (2020). Cryptocurrency
and Blockchain Technology. De Gruyter.
DeVon, C. (August 19, 2022). ‘Crypto hackers
have stolen nearly $2 billion this year–Here’s why it’s a growing problem’. CNBC
Make It. https://www.cnbc.com/2022/08/19/crypto-hackers-stole-billions-why-its-a-growing-problem.html, retrieved on October 16, 2022.
Dusek, V. (2008). Philosophy of
Technology: An Introduction. Wiley.
EY. (2019). Global FinTech Adoption
Index 2019. https://fintechauscensus.ey.com/2019/Documents/ey-global-fintechadoption-index-2019.pdf, retrieved on October 15, 2022.
Frankenfield, J. (July 20, 2021). ‘Digicash’. Investopedia.
https://www.investopedia.com/terms/d/digicash.asp, retrieved on October 15, 2022.
Frankenfield, J. (March 24, 2022). ‘What Are Smart Contracts on
the Blockchain and How They Work’. Investopedia. https://www.investopedia.com/terms/d/digicash.asp, retrieved on October 15, 2022.
Frondizi, R. & Wijaya, C. A. (1963). Pengantar Filsafat Nilai. Yogyakarta: Pustaka Pelajar.
Frondizi, R. (1971). What is Value?: An Introduction to
Axiology (2nd ed.). Open Court Pub.
Hayes, A. (September 26, 2022). ’10 Important
Cryptocurrencies Other Than Bitcoin’. Investopedia. https://www.investopedia.com/tech/most-important-cryptocurrencies-other-than-bitcoin/, retrieved on October 15, 2022.
Jones, C. (September 21, 2022). ‘Are There Too Many
Cryptocurrencies’. Cointelegraph. https://cointelegraph.com/news/are-there-too-many-cryptocurrencies, retrieved on October 15, 2022.
Kasali, R. (2018). The Great Shifting. Jakarta: Gramedia Pustaka Utama.
Lacey, H.
(1999). Is Science Value
Free?: Values and Scientific Understanding.
Routledge.
Lechte, J. (2001). 50 Filsuf Kontemporer: Dari
Strukturalisme sampai Postmodernitas. Yogyakarta: Kanisius.
Mitcham, C.
(2005). Encyclopedia of Science, Technology, and Ethics. USA: Macmillan Reference.
Narayanan, A.
(2016). Bitcoin and Cryptocurrency Technologies: A Comprehensive
Introduction. Princeton University Press.
Pichl, L. et al. (2020). Advanced
Studies of Financial Technologies and Cryptocurrency Markets. Springer.
Prastowo, B.N. (2022). Informatika Sosial: Mengendalikan
Teknologi untuk Tatanan Masyarakat yang Lebih Baik. Bhuana Ilmu Populer.
Reiff, N. (2022). ‘What Was the First Cryptocurrency?’. Investopedia.
https://www.investopedia.com/tech/were-there-cryptocurrencies-bitcoin/, retrieved on October 15, 2022.
Royal, J. & Baker B. (October 06, 2022). ‘12 Most
Popular Types of Cryptocurrency’. Bankrate. https://www.bankrate.com/investing/types-of-cryptocurrency/, retrieved on October 12, 2022.
Scharff, R. C. &
Dusek V. (2014). Philosophy of Technology: The Technological Condition: An
Anthology (2nd ed.). Wiley Blackwell.
Spier, R. (2003). Science and Technology Ethics.
Routledge.
Stafford Global. Finance 2.0: What is
Cryptocurrency? 22 April 2021, https://www.staffordglobal.org/articles-and-blogs/finance-articles-blogs/cryptocurrency-bitcoin-finance-banking/, retrieved on September 22, 2022.
Statista. Number of Cryptocurrencies
Worldwide from 2013 to February 2022. https://www.statista.com/statistics/863917/number-crypto-coins-tokens/, retrieved on October 12, 2022.
Thatcher, J. E., & Dalton, C. M.
(2022). ‘What Are Our Data, and What Are They Worth?’, dalam Data Power:
Radical Geographies of Control and Resistance (pp. 46–64). Pluto Press. https://doi.org/10.2307/j.ctv249sg9w.9
Vigna, P. & Casey, M. (2015). The Age of Cryptocurrency: How
Bitcoin and Digital Money Are Challenging The Global Economic Order. St.
Martin’s Press.
