The Bitcoin – Democratic Money in a Neoliberal Economy

Keywords: cryptocurrency, block chain technology, p2p technology

Abstract

This article examines the bitcoin, at present the most popular cryptocurrency. The bitcoin grew on the major pillars of the neoliberal market economy, such as liberalization, deregulation and privatization. But in the end, it turned out to be a cure for the dysfunctions of the financial system, which was based on neoliberal assumptions. The difficulty in capturing the character and status of the bitcoin still makes it elusive for the existing rules of law. Some governments observe the evolution of the bitcoin market with interest; others try to work against it. All of this makes the bitcoin an intriguing subject for research.
The aim of this article is to present the original assumptions of the bitcoin system; trace the reactions to the bitcoin’s emergence in virtual reality, and next on the very real financial market; and analyze the reinterpretation of the idea that underlies the creation of the cryptocurrency. This article attempts to assess the bitcoin’s potential of achieving a seemingly impregnable position on the global financial market.

Author Biography

Magdalena Trzcionka, Jagiellonian University, Kraków

PhD – is an Assistant Professor at the Faculty of International and Political Studies at the Jagiellonian University in Krakow. In her work she takes up issues concerning the economic democracy and the economy of values. Her main fields of interest are the holarchical model of organizations, the grass-root initiatives and constructive communication based on the Non-Violent. Contact address: magdalena.trzcionka@uj.edu.pl.

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Published
2019-02-08
How to Cite
Trzcionka, M. “The Bitcoin – Democratic Money in a Neoliberal Economy”. Ad Americam, Vol. 19, Feb. 2019, pp. 155-73, doi:10.12797/AdAmericam.19.2018.19.11.