Bitcoin is no ‘silver bullet’ for money’s ethical problems
Both Bitcoin and fiat currency are often in the firing line over ethical concerns, with a dedicated group of defenders and critics.
Fiat money and cryptocurrencies share similar use cases but both come with drawbacks that critics claim make them unethical to use.
Common arguments for Bitcoin (BTC) being unethical include its impact on the environment through high electricity costs from mining, along with potential use by criminal elements, and the lack of regulation and user protections.
Conversely, critics of fiat money argue that it is unethical, as it is not backed by a physical commodity like gold. This means there is no limit on how much central banks can print, leading to severe social harm.
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Author: Stephen Katte
