Teggy Altankhuyag is the COO and Co-Director of Coinfloor.
This is a time of great change and great opportunity — both for the finance sector and, more widely, for society. We in the Bitcoin industry are actively participating in the evolution of money. There’s no denying that our current financial system has its benefits, such as affordable and fast banking and payment processes for some consumers, but it also has many drawbacks that, until recently, were not possible to address. The current financial system is centralized and enables inflation and exclusivity. The users don’t have choice or power over the impact it has over them. Furthermore, these standards have a wider, graver influence. As humans, our actions became more inflationary and more exclusory. In my view, this is evident in how we consume resources without regard to the impact we have on other species and our planet.
Bitcoin is already contributing toward changing this by providing us with an alternative system. Public blockchains encourage everyone to rely less on central parties and be more independent and responsible with their money. By reducing inefficiencies in the current system, it also allows us to concentrate on more important societal matters like reducing financial crime, achieving better financial inclusion and, perhaps most importantly, promoting values designed to empower its users to be more responsible.
Driven By Values
In my opinion, this last goal is something that everyone involved with Bitcoin should aspire to — for the promotion of a financial system that will benefit all of 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’s driven by values; something that encourages and enables us to act in a more sustainable, reliable and inclusive way than anything that’s gone before.
Indeed, the basis for such a culture is embedded in the Bitcoin code: Bitcoin doesn’t…