Bitcoins Left and Right

Abstract

Abstract This chapter discusses the justification of Bitcoin from the perspective of political philosophy. Bitcoin is a form of digital money that is not tied to a central bank or government and that primarily facilitates anonymous economic transactions on the internet. The chapter suggests that the Bitcoin movement to a large extent has been driven by a libertarian framework, stressing the right of individuals to choose their own means of transaction without government interference or oversight. However, it argues that the libertarian case ultimately is unconvincing. A better case for Bitcoin can be formulated by using an egalitarian framework, more specifically, concerns about unequal distribution of power and resources. In the end, however, the chapter makes the claim that the justification also must depend on the political and economic context, and that this seems to speak against the use of Bitcoin in reasonably well-ordered societies.