Ads for blockchain, NFTs and cryptocurrencies like Bitcoin seem to be everywhere. Crypto technologies are being promoted as a replacement for banks; a new way to buy art; the next big investment opportunity, and an essential part of the metaverse.

1. Crypto- Ideology of Social Change
Ads for blockchain, NFTs and cryptocurrencies like Bitcoin seem to be everywhere. Crypto
technologies are being promoted as a replacement for banks; a new way to buy art; the next big
investment opportunity, and an essential part of the metaverse.
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To many, these technologies are confusing or risky. But enthusiasts ardently promote them.
As a cybersecurity and social media researcher, I’ve found that behind the hype is an ideology
about social change: Hardcore enthusiasts argue that crypto will get people to trust in technology

2. rather than government, which they see as inherently untrustworthy. This ideology leads people
to encourage its use while downplaying its risks.
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Propelling an ideology
These beliefs about who should and should not have power in society embody an ideology. An
important part of the crypto ideology is that this change can’t happen unless people use crypto.
The technology and the ideology are tied together.
For many of these enthusiasts, recommending crypto to other people is not just a technology
recommendation. To them, buying and selling crypto is a form of political and social activism.
They argue that buying crypto will remove corruption and change society to trust technology
over government.
This ideology is a more extreme version of technolibertarianism, which seeks to replace
government with technology. Like technolibertarians, true bitcoiners want technology to control
society. But they focus on financial and economic control more than civil liberties. And because
promoting crypto is part of this ideology, crypto has often been compared with a religion.

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The believers
My colleagues and I studied almost three months of discussions on Reddit forums about
cryptocurrencies to try to understand how people talk about crypto and Bitcoin. The loudest
voices on the forum were a group of crypto enthusiasts who called themselves “True Bitcoiners.”
Unlike technology enthusiasts or crypto marketers, “true bitcoiners” didn’t talk about
technology, or about their own use of crypto. Instead, they talked about trust and corruption.
These crypto enthusiasts often cite examples of what they see as government corruption and
corporate corruption. They recognize that society depends on governments and corporations
setting and enforcing rules, and they complain that people are stuck with these “corrupt”
institutions. Corruption, they say, is an inevitable flaw in humanity and leads to trying to control
and mistreat others.
The enthusiasts see Bitcoin, blockchain and other crypto technologies as providing an alternative
to the corruption. They argue that these new technologies are “trustless” and don’t depend on
institutions. You can buy and sell things using bitcoin without checking with a bank or using
government-issued cash.
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The beliefs
These two beliefs – that governments are corrupt and that crypto avoids that corruption – are
common among the crypto enthusiasts we studied. But enthusiasts go one step further. They seek
change. They want to change who has power and who doesn’t.
They argue that crypto is how that change will happen. For crypto enthusiasts, using crypto isn’t
just a way to buy and sell things. By using crypto technologies, they argue, society will become
less dependent on governments and corporations. That is, using crypto – and getting as many
people as possible to use it as much as possible – is a way to change the world and take power
away from governments.
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4. The dangers to crypto
An important aspect of any ideology is the way it emphasizes some dangers and downplays
others. True bitcoiners emphasize the problems with government corruption. But they downplay
the financial risks of crypto. The price of Bitcoin fluctuates wildly, and many people have lost
money buying crypto. Crypto wallets are difficult to understand and use, and fraudulent
transactions are difficult to reverse.
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Crypto enthusiasts frequently downplay the technology’s risks to people and society. They also
dismiss the valuable role that governments and corporations play in protecting people’s money,
providing insurance for bank accounts and returning money that’s been stolen.
Beliefs in crypto’s ability to create social change are also overstated. Crypto technologies don’t
necessarily eliminate corporations or avoid government control. There are private, corporate
blockchains and many government regulations about cryptocurrencies. As I see it, simply using
the technology doesn’t necessarily lead to the social change these enthusiasts seek.
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Conclusion:
This ideology is a more extreme version of technolibertarianism, which seeks to replace
government with technology. Like technolibertarians, true bitcoiners want technology to control
society. But they focus on financial and economic control more than civil liberties. Economic
Impact of Cryptocurrency through Use of Blockchain it has improved financial institutions'
cross-border transactions. Messaging apps have used the technology in favor of deals with
private investors.
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