Crypto enthusiasts believe they can create a new form of currency which empowers individuals to generate their own wealth. Their excitement and optimism is contagious; unfortunately, however, mainstream media coverage often neglects to give this technology its proper place within society.
Cryptocurrencies can be likened to gambling, and some people find their unpredictable price movements and wild price fluctuations fascinating. Anthropology of markets research has demonstrated how beliefs impact market behaviour.
It’s a global phenomenon
Cryptocurrency has quickly become a global phenomenon with an ever-increasing number of investors and users worldwide. But its growing popularity is not without controversy: some critics allege it to be an illegal pyramid scheme while supporters believe it serves as an efficient method of value transfer.
Understanding crypto culture can be complex and requires an interdisciplinary approach. It encompasses various elements of economy and society such as money theory, law, art and technology; in addition, its community includes many groups and subcultures which should all be taken into consideration to effectively comprehending this complex world of cryptocurrency.
It’s a technology
Crypto is still relatively unfamiliar technology, partly because its mainstream acceptance takes time. Also, understanding crypto requires both time and brainpower investment – something many traditional industries don’t require to operate successfully.
Crypto is associated with the cypherpunk subculture and its values of libertarianism and anti-establishment sentiment, drawing influence from people like Chelsea Manning and Edward Snowden as well as whistleblowers like Chelsea Manning. Crypto’s anonymity and censorship resistance make it attractive to marginalized communities like black, Asian and Latinx people according to a 2021 report by Base Layer.
It’s a movement
While crypto may seem like a brief tech trend, its effects extend far beyond tech. Crypto is a dynamic subculture with profound ramifications for wealth, community and identity. It has its origins in libertarian thought and anti-establishment sentiment – its first supporters being Cypherpunks; among its core values are freedom of speech, privacy and cybersecurity as well as encouraging self-custody and decentralization.
Crypto’s users are varied and span a spectrum of individuals not normally dealing with traditional financial systems. White supremacists, for instance, have taken an interest in it due to its anonymity and censorship-resistance features; however, crypto is no utopia; its culture often produces conflicting viewpoints.
It’s a game
Crypto culture may appear frivolous and shallow, yet it reflects attitudes held by young people today. While it may be easy to dismiss cryptocurrency as just another Ponzi scheme or money laundering tool, its core ideology should not be disregarded.
GM, GN, HODL, WAGMI and DYOR are among the many terms used to refer to blockchain gaming and crypto art subculture. It’s an increasingly intricate world that deserves more consideration than it receives.
People of Crypto Lab, an organization dedicated to merging technology and culture, has launched Cultureverse as a virtual experience.
It’s a religion
Base Layer, a research firm on cultural trends, reports that cryptocurrency has given birth to a new religion that promises to affect wealth, community and identity. Crypto is an unusual space characterized by both anarchist ideals and conservative beliefs; and also by fierce competition between communities who seem constantly at war against each other.
Like all religions, crypto has its own language and culture. Wagmi, gm and fren are part of its vocabulary that give believers a sense of belonging while strengthening coherency and simplifying collaboration. Each faith also contains essential stories passed down through generations.
It’s a business
Cryptocurrencies may appear frivolous and superficial from a distance, yet their popularity belies a powerful, ideological movement with profound economic ramifications. Cryptocurrencies adherents embrace a set of values from libertarian ideology to anti-establishment sentiment – united in their pursuit of creating an incorruptible monetary system built on blockchain technology.
These values can be seen reflected in crypto’s expanding lexicon: words such as GM, GN, WAGMI, HODL, and DYOR have made their way into everyday conversation as part of its culture and language.
Base Layer has released its report Crypto Culture Decoded that documents this emerging subculture within the crypto community, which is shaping wealth, community and identity in powerful ways.
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