It’s known that the first and most prominent crypto is Bitcoin which was initially built in the year 2009 and is traded digitally. The Bitcoin crypto is decentralized and so, it is not governed by any central authority, financial institution or government.
Therefore, there is no regulation on what it is worth and how individuals utilize it. Basically, Bitcoin is a well-known term in the crypto sphere. It is popular within the technological and financial ecosystem.
Nevertheless, a Professor from Rutgers talked about the moral consequences of the coin. She also addressed its impact on real life.
The Professor’s Stance
For Tobey Karen Scharding; a visiting professor at the Rutgers’ University, the Bitcoin crypto was a token of value. She is a fellow at Rutgers’ business school Institute of Ethical leadership.
According to Karen, Bitcoin varies from other diverse types of cryptocurrencies. And this is because of how value is placed on the coin. Her interest in the Bitcoin topic was because of its moral concerns, and she was excited about its happenings.
Meanwhile, Bitcoin’s value is dependent on if it is considered as a fiat currency, meaning its value is based on an agreed consensus. Nevertheless, the crypto can be thought of as a fiat currency just because individuals feel it has value.
In the same vein, this is a method of legitimizing Bitcoin. Although, on a technical note, the coin is virtual.
Furthermore, Karen stated that calling Bitcoin a fiat currency basically makes it appear that its value is placed up for more grabs than it really is. Following her stance, she argues that because the dollar is a fiat currency, it should not mean anyone can transform its value.
This implies that the value of the dollar cannot be transformed because individuals changed their minds about its value. For her, it all revolves around diverse factors.
Karen’s concentration on Bitcoin has to do with its not implications all over the world and in private areas. She also asked about the characteristics that the Bitcoin crypto demands to be considered ethical and if the crypto really has them.
Her question could be interpreted to mean the role Bitcoin plays in developing the lives of individuals that work in a developed nation. Going by what Karen had to say, Bitcoin develops lives in particular ways but not completely.
Nonetheless, one of such ways is that it is not controlled through a government or monetary institution like fiat currencies. And so, she says it functions to protect every individual in the sphere that utilizes the currency to gain easy access to services and goods.
However, she still stays skeptical about the ambition of Bitcoin. This ambition has to do with Bitcoin transforming into a universal and widely accepted currency. It should be worthy to note that individuals are not ready to surrender the safety and assurance of an accepted currency.
For digital currency, they have no realistic establishment to support their worth. This in itself can devalue the with of the currency according to Karen.
To Wrap It Up
Karen stands by her words that Bitcoin is not an ethical investment. She seems to believe that it has no real guarantee to individuals investing in it. For her, it weakens the worth of fiat currencies.
In addition to that, she claims the fiat currencies weaken the safety of millions of individuals also. And this alone is the danger eminent with Bitcoin crypto.