The Concept of Cryptocurrency in Axiology of Science Perspective

Abstract

<p class="Abstract"><span lang="IN">Massive
 transformation and multifaceted nature of innovation due to increasing
 interconnectivity in globalisation era–particularly through the discourse of
 the Internet of Things (IoT)– have made technology and its instruments nearly
 inevitable in human life, not least in the economic sector. Cryptocurrency as
 one of the products of this activity is getting a great deal of public
 attention. Over time, this currency is gradually favoured by many people around
 the world, especially with the demands for ease of business and transactions in
 the era of digitalisation. The shift allows individuals with access and
 associated resources to store personal assets that cannot be censored/detected
 by central and banking authorities, carry out anonymous financial transactions,
 make high-speed transfers, invest in start-ups, mine new cryptocurrency, and
 even buy land or property in the virtual world/metaverse. All these advantages
 and conveniences encourage individuals, especially businesspersons and
 investors to switch to cryptocurrencies. However, its volatility also incites
 hesitation to adopt it as a medium of exchange/trading transactions. Due to the
 functionality, legality, and disputable implications of its use, this issue
 evokes our interest to study it as a subject matter, especially through the
 lens of axiology. This study employs a qualitative method to generate
 descriptive results. Cryptocurrency serves as a form of digital asset that
 functions as a virtual medium of exchange run in a blockchain system and is
 secured using an automated cipher called cryptography. From an axiological
 point of view, the writer considers at least 5 (five) values constituting
 priority scales in crypto transactions: trust, agreement, utility, pride, and
 speculation. Finally, the writer concludes that cryptocurrency utilisation
 cannot be separated from the axiological perspective of science, considering
 the gap between personal ​​and social values is pertinent.<o:p></o:p></span></p>