It is up to us, as Bitcoiners, to decide which values we want to represent in the community and the industry.
Teggy Altankhuyag is the COO and co-director of Coinfloor.
It is a time of great change and great opportunity, both for the financial sector and, more broadly, for society. We in the Bitcoin industry are actively involved in the evolution of money. There is no denying that our current financial system has its advantages, such as affordable and fast banking and payment processes for some consumers, but it also has many disadvantages that, until recently, were not possible to solve. The current financial system is centralized and allows for inflation and exclusivity. Users have no choice or power over the impact it has on them. In addition, these standards have a wider and more serious influence. As humans, our actions have become more inflationary and more exclusive. In my opinion, this is evident in the way we consume resources without considering the impact we have on other species and our planet.
Bitcoin is already helping to change that by providing us with an alternative system. Public blockchains encourage everyone to depend less on central parties and be more independent and responsible with their money. By reducing the inefficiencies of the current system, it also allows us to focus on larger societal issues such as reducing financial crime, improving financial inclusion and, perhaps more importantly, promoting values designed to enable its users to be more responsible.
Motivated by values
In my opinion, the latter goal is something everyone involved in Bitcoin should aspire to – for the promotion of a financial system that will benefit all humanity and our environment. Our industry is new and its culture is still developing. We have the chance to shape its culture into something that is motivated by values; something that encourages us and enables us to act in a more sustainable, reliable and inclusive way than anything that has been done before.
Indeed, the basis of such a culture is anchored in the Bitcoin code: Bitcoin does not discriminate on the basis of race, creed, gender or nationality. It is up to us to work from this base and apply it to our work and to our everyday life. We can encourage, collaborate and appreciate, even celebrate, our differences. We can stop competing and start fighting poverty, injustice and unsustainable practices.
The next step
Some people might think it’s a little idealistic, but I’m convinced that we can make these cultural changes and become a really great industry. After all, collaboration and our ability to work together successfully has already got us where we are today.
Taking the next step requires us to identify the values and principles we want to live by, then share them and act on them. Evangelizing and taking deliberate action, however small, will help us ensure that we continually grow as an industry and move towards achieving our goal of a values-based culture.
We are not there yet, of course, and there are obstacles in the way that we must overcome; I’ll explore them in more detail in my next post. For now, I would ask you to consider what your ideal culture of the Bitcoin industry would look like and the areas that you could address as part of this ongoing evolution. Each of us has the opportunity to contribute to our common success. Which action will you choose?
This is a guest article by Teggy Altankhuyag. The opinions expressed are entirely their own and do not necessarily reflect those of BTC, Inc. or Bitcoin Magazine.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.