What is it about?
Was Bitcoin ever *meant* to be money? This paper traces the pre-history of Bitcoin and then develops a new way of thinking about blockchains as socio-technological assemblages. This paper challenges the common idea that Bitcoin is primarily a form of money. Instead, it explores Bitcoin and other blockchain technologies as “socio-technological assemblages” that connect people and technology in new ways. Bitcoin was not originally designed to replace cash; its purpose was to solve technical problems like preventing double-spending in digital transactions and to promote privacy and decentralization in a world of growing institutional control. The study outlines three alternative ways to think about Bitcoin and blockchain technology: - As accounting systems – Blockchains create secure, decentralized ledgers to record and verify transactions without needing trusted third parties like banks. - As organizational tools – Blockchain-enabled smart contracts and decentralized organizations could change how businesses and institutions operate. - As institutions themselves – Blockchains provide new rules and systems for structuring social and economic interactions, potentially replacing traditional institutions like banks and governments. By shifting focus from Bitcoin as a currency to its broader social and technological implications, the paper opens new avenues for understanding how these systems shape society.
Featured Image
Photo by Michael Förtsch on Unsplash
Why is it important?
This paper is unique because it reframes Bitcoin and blockchain not as financial tools but as social and technological innovations with wide-ranging impacts. While most discussions center on Bitcoin's value or its role in financial markets, this research explores how blockchain technologies influence trust, relationships, and governance in digital spaces. It’s timely because blockchain applications are expanding rapidly, from cryptocurrency to supply chain management and voting systems. Understanding Bitcoin’s broader implications can help us navigate its potential to reshape not just finance but society as a whole.
Perspectives
Bitcoin is often dismissed as either revolutionary money or speculative hype, but this research shows it’s neither—it’s something far more interesting. The idea that Bitcoin is best understood as a social and technological experiment, rather than just a financial tool, feels like a breath of fresh air. I was particularly struck by the idea of blockchains as institutions. It’s fascinating to think of a technology that doesn’t just replace institutions like banks or governments but creates entirely new systems for structuring our interactions. It’s a powerful reminder that technology isn’t just a tool—it shapes how we live, work, and relate to one another. For me, this paper is a call to think bigger about what Bitcoin and blockchains can do. It’s not just about finance; it’s about reimagining trust, privacy, and collaboration in a digital world. This perspective feels especially important as these technologies move from niche to mainstream, with the potential to influence everything from economic policy to everyday life.
Dr. Adam Hayes
University of Lucerne
Read the Original
This page is a summary of: The Socio-Technological Lives of Bitcoin, Theory Culture & Society, February 2019, SAGE Publications,
DOI: 10.1177/0263276419826218.
You can read the full text:
Contributors
The following have contributed to this page
