By the end of 2017 almost everybody has heard of Bitcoin. Therefore, the topic of this essay is highly relevant and aims to give an insight on Bitcoin and Blockchain technology, as well as analyze the rise of Bitcoin from a socio-economic viewpoint. By applying the ‘personal enterprise concept’ based on the neo-liberal definition from Dardot and Laval (2013), this essay will look at the correlation between the increase of neoliberalism and the rise of Bitcoin. By highlighting the sociological and financial circumstance that Bitcoin has emerged from, the rise of Bitcoin can be explained.
This essay will show how decentralization, the financial crisis of 2008, globalization, digitization and the neo-liberal mindset are the main factors that paved the way for Bitcoin and contributed to its development. The essay will also look at the societal changes that occurred due to digitization to demonstrate why Bitcoin and Altcoins are increasingly popular in today’s network societies.
Table of Contents
1 Introduction
2 Neoliberalism and Decentralization
2.1 Personal Enterprise Concept and Network Societies
2.2 Globalization as an Accelerator of Neo-Liberal Movements
2.3 Changes in the Financial World
3 Bitcoin, Blockchain and the Crypto Market
3.1 What is Bitcoin?
3.2 Blockchain Technology
3.3 Global Acceptance and Price Development
3.4 The Use of Bitcoins and Blockchains
4 The Rise of Bitcoin in Recent Years as a Consequence of Neo-Liberal Societies
4.1 Bitcoin as a Product of Neoliberalism
4.2 Decentralization and Anti-Government Trust
5 Conclusion
References
6 List of Figures
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