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

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Volume 09, 17 Mar 2023
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