Ethical cryptocurrency

Bitcoin came into existence as a peer-to-peer payment system for use on online transactions. This innovation and its underlying technology, the blockchain, have been at the root of a change of paradigm, as the joint use of blockchain and artificial intelligence AI seed the next technological revolution. However, as it is often the case, these revolutionary inventions have also been met with skepticism in the financial sector and society at large. Using the case of Bitcoin and the blockchain, this paper analyzes the intersection between the philosophy and technology underlying these innovations, and the outlook of a sector of society who fears these developments while others try to profit. In this chapter, we first look at the history of Bitcoin together with that of those behind it.

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Content:

• International Models of Legal Regulation and Ethics of Cryptocurrency Use: Country Review
• Popular cryptocurrencies: Which is the most environmentally friendly?
• Trusted Professionals in Trustless Technology
• Characterizing Wealth Inequality in Cryptocurrencies
• Tougher Rules Are Coming For Bitcoin And Other Cryptocurrencies. Here's What To Know
• Cryptocurrency: Should you invest?
• Blockchain and cryptocurrency

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International Models of Legal Regulation and Ethics of Cryptocurrency Use: Country Review

Bitcoin's value may remain uncertain, but whether it is ethical appears more clear to Professor Tobey Scharding. There are 21 million bitcoins in circulation. In a new paper, which will be published in Business and Society Review early next year, Scharding takes a look at whether bitcoin is an ethical currency. When did you first become interested in Bitcoin? Kantian ethics is very good at examining systemic issues about how people should treat each other across wide systems.

I was really interested in what brought about the financial crisis and that led me to look at different novel financial instruments, the mortgage-backed securities and the credit default obligations. I just became interested in, are these financial instruments ethical? Is it ethical to buy a mortgage-backed security?

We know the consequences of all of these people buying mortgage-backed securities was catastrophic but just for each person to buy a mortgage-backed security, is that something wrong to do? My first paper in finance ethics was about mortgage-backed securities and that was published in I take an interest in new financial instruments so when people started talking about cryptocurrencies, I was naturally inclined to be interested in those as well.

How did you evaluate bitcoin from the perspective of an ethicist? So, I investigated this problem through an account of ethical currency that was offered by Johann Gottlieb Fichte in the early s.

Fichte was a follower of Kant. Kantian ethics are very pure. He wants to know what is the good and the right thing to do. Fichte is much more applied. He takes a more practical approach. One of the things that he did was to discuss the value of currency for a society. I became interested in applying his account to bitcoin both because I happen to be familiar with it through my philosophical research, but I was also interested in using it because bitcoin is so new.

The main resources I have are ethical theories — Kantian ethics, utilitarianism, virtue ethics, these are well-developed theories that will give an evaluation of what is the right thing to do.

With bitcoin, I felt there were too many uncertainties. I felt the evaluations they give would not be very strong. I thought that combining the novelty and uncertainties of crypto currencies with this really interesting older account of what makes a currency ethical would be a good way to get started in understanding cryptocurrencies.

The key insight of his account is that having a stable and secure currency allows people to live their lives, to secure the goods they need to survive, to have a family and to do things they enjoy. The key basis of this is being able to exchange goods with other people through the currency. It makes it an interesting investment.

I was hoping the ultimate evaluation would turn out more ambiguous and the evaluation would turn out some good qualities and some negative qualities because those are the most helpful, especially with novel financial products. Is it possible that in time, cryptocurrency may become a more ethical currency? One of the things that is so cool about crypto currency is the value is secured by the community of users.

The community of users records the transactions and ensures the value. Press: For all media inquiries see our Media Kit. Show Breadcrumb Home. Is bitcoin an ethical currency? Not according to professor's new research. Tue, October 16, What did you find? Visiting professor Tobey Scharding. Thought Leadership: Understanding non-fungible tokens and their applications.

Professor Jeffrey A. Robinson named Prudential Chair in Business.

Popular cryptocurrencies: Which is the most environmentally friendly?

With the rise of cryptocurrencies in recent years, more and more law firms are allowing clients to pay for legal services with bitcoin and other cryptocurrencies. There are a number of ethical issues that firms should consider, however, before entering into fee arrangements that allow or require payment in cryptocurrency. The Opinion recognized that fee arrangements are subject to New York Rule 1. Compare Utah R. The focal point of the opinion, however, was on New York Rule 1. The New York committee concluded that where a client is required to pay their bill in cryptocurrency this constitutes a business transaction. It noted several complexities with cryptocurrencies that make them more like property than currency.

Trusted Professionals in Trustless Technology

Sign in Create an account. Syntax Advanced Search. National currency, world currency, cryptocurrency: A Fichtean approach to the Ethics of Bitcoin. Tobey Scharding. Business and Society Review 2 Edit this record. Mark as duplicate. Find it on Scholar.

Characterizing Wealth Inequality in Cryptocurrencies

Skip to search form Skip to main content Skip to account menu You are currently offline. Some features of the site may not work correctly. Oliukha Published Business Journal of Legal, Ethical and Regulatory Issues The article considers the complex issue of the existence of national cryptocurrency markets and their legal regulation and ethics of use. The article provides an analytical review of leading models of legal regulation of cryptocurrency circulation in different countries of the world. The study was carried out in the methodological field: the development of the national cryptocurrency market, the legal interpretation of the cryptocurrency, the legal basis of circulation, ethics and the… Expand.

Tougher Rules Are Coming For Bitcoin And Other Cryptocurrencies. Here's What To Know

Home » Topics » Cryptocurrencies. The digital currencies story is a continuation of the long-running saga of economics, markets, and commodity exchange in human society. With the constant rise of the global network, we have witnessed many global services becoming widely accepted and in a way changing by adding to our experience of mutual interaction. Looking back in history of the Internet we can conclude that public-key cryptography and digital signatures make e-money possible. The main difference between e-money and virtual currencies is that e-money does not change the value of the fiat currency euro, dollar, etc , but virtual currency is not equivalent to any fiat currency.

Cryptocurrency: Should you invest?

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Blockchain and cryptocurrency

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So what is a cryptocurrency? Put simply, it is a kind of virtual money. So unlike other forms of currency, there are no physical coins or notes to carry around. Instead, transactions happen online and are secured by a digital record, called a ledger, which is distributed to a network of computers that can be located all around the world. Every change has to be verified by every computer using a complex mathematical puzzle making it nearly impossible to forge transactions.

Welcome to Finextra. We use cookies to help us to deliver our services. We'll assume you're ok with this, but you may change your preferences at our Cookie Centre. Please read our Privacy Policy. So, how sustainable are eco-friendly cryptocurrencies, and what are their benefits in the real world?

As cryptocurrencies enter the mainstream, it is now possible to donate crypto to charity. Cryptocurrencies and charity are not concepts that many people would put together. But the boom in non-fungible tokens NFTs , allied with increasing numbers of people using cryptocurrency, means that philanthropic and ethical uses of crypto — such as using the blockchain to allow people to make crypto donations — are on the rise. Want to donate with crypto but not sure how?