Bitcoin Is Full of Surprises

Abstract

Bitcoin has been embraced by many individuals with strong right-leaning views on freedom, property rights, and self-sovereignty. Among left-leaning progressives, Bitcoin is often quickly dismissed as irrelevant or a major source of carbon emissions. Bitcoin seems, however, to be full of surprises. A rapidly advancing body of anecdotal evidence suggests that its adoption may affect causes important to progressives, mitigating greenhouse gas emissions, accelerating electrification of economies, alleviating poverty, and supporting human rights for people living under political repression, even though scientific confirmation is lagging. In this paper, I highlight how a Pragmatist perspective can be applied to Bitcoin, a technological and financial innovation that may well reshape how humans perceive and use money, preserve wealth, and structure governance. I first cover Bitcoin’s technological and financial fundamentals and some core concepts of Pragmatism, before outlining how Bitcoin might surprise progressives. Pragmatism offers a philosophical and political grounding for left-leaning “progressive Bitcoiners” who prioritize environmental and social well-being and view inclusive deliberative democracy as the preferred form of governance.

Untangling the Processes of Bitcoin: An Organizational Learning Perspective

“…The data were analysed from the perspective of organisational learning, as defined by Crossan et al [6]. By integrating a degree of pragmatism [4] to make connections between the two frameworks, the relationships between the various elements of the Bitcoin network, and the 4I framework of organisational learning could be better understood. From a foundation of the structure outlined within Nakamoto's original work, although the BIP process was developed later, the extracts from the sources listed in Appendix A were used to provide a richer insight into how the different systems related to one another.…”

“…The resulting structured data were used for within case analysis [37] of the functioning of the Bitcoin network, viewed from an organisational learning perspective. While the positivist perspective will be maintained in relation to an objective foundation of the software, the understanding of how the structure relates to organisational learning is drawn from a more pragmatic, interpretivist perspective [4] to link the data with how individuals view and interact with the system.…”

“…The use of a widely accepted academic framework also provides a means with which to introduce academics to Bitcoin. If possible, this research hopes to surprise the reader who is new to Bitcoin or organisational learning and help them question previously held beliefs [4,37].…”

“…As a result of Bitcoin's complexity, those introduced to bitcoin (the asset) may quicker defer to mainstream media or poorly conducted "commentaries" that focus upon how many problems are being caused by Bitcoin or its use, rather than actually learning about it [3]. Rudd [4] provides illustrations of the multiple perspectives from which bitcoin research can be conducted, with Ibañez and Freier [5] providing extensive empirical evidence on Bitcoin's actual, positive environmental impact. However, research has not been conducted to begin investigating the processes within Bitcoin and to provide theoretically underpinned insight into how aspects of the protocol enable peer-to-peer transactions.…”

Bitcoin and Its Energy, Environmental, and Social Impacts: An Assessment of Key Research Needs in the Mining Sector

“…The foundation for informed Bitcoin policy decisions is currently limited, partly due to its nascent nature and partly due to conclusions drawn by researchers unfamiliar with Bitcoin's intricacies [11,12]. This underscores the urgent need for a comprehensive Bitcoin research program that spans environmental, applied, and social sciences [13].…”