Maximise your Metaverse potential, giving you daily rewards and a passive income of 0.5% daily I'm going in!

How the Bitcoin and Ethereum economies shape their culture

6 min reading

Every cryptocurrency together have the power to form a community of its own and create new form together.


Cryptocurrencies are cryptocurrencies. This culture is expressed in different ways, but the main form of cultural expression is economic. Every blockchain is an experiment in the economy and the standard society that will create that economy.

The most famous and most famous experiment is Bitcoin. Satoshi Nakamoto introduced Bitcoin with the term "electronic money". Bitcoin was originally presented as fixed money that had properties like cash and properties like gold due to its consensus mechanism. Bitcoin will act in parallel as a medium of exchange and store of value. Nakamoto exhibits cipherpunk and libertarian instincts. Properties like money in digital money guarantee secrecy - in theory at least - and properties like gold guarantee scarcity. Reduction of Return on Block Rewards implies sending a maximum of 21 million Bitcoins.

The history of money has varied circumstances. Many users have not used Bitcoin for its intended purpose and have chosen to use a centralized exchange as their wallet, which undermines privacy. The rise in the price of Bitcoin also ensures that no one spends it on coffee. We see bitcoin as money in places like El Salvador, but perhaps at the expense of controversy as non-state money becomes state money. Another cultural problem is that it is a monetary network with an immutable monetary policy. The fact that there will only be 21 million bitcoins has prompted a subtle belief in what I call monetary minimalism. 

Also read: Three types of crypto investors

Monetary minimalism places money management in a decentralized software system and minimizes human intervention outside of system maintenance. In order to initiate a change in monetary policy, for example increasing the maximum supply of bitcoins, the majority of stakeholders will need to adopt new consensus rules. It is possible that Bitcoin culture could develop in this way, but at the moment a radical change in monetary policy is very unlikely. As Bitcoin users are attracted to it as an alternative to money managed by fiat currency systems, this situation means that Bitcoin is no longer the Bitcoin it was originally intended to be.

Ethereum's economy is an interesting contrast to Bitcoin's monetary minimalism. It's important to say that Ethereum is not about business, especially in today's hostile environment. In contrast, Ethereum is essentially a distributed global computer with its own local currency. However, it can be presented as a kind of home for the large token economy built on it: DAO, DeFi, NFT (or decentralized autonomous organization, decentralized finance or irreplaceable token).

Ethereum's native token, Ether or ETH, is presented more pragmatically on a white paper. It has a "dual purpose". The first is to act as a “liquid layer that enables efficient exchange between different types of digital assets”. The second is a small amount, called "gas", required to make transactions or to implement and use smart contracts. Ether is functional and, in the modern sense, more like money. Its productive use allows the expansion of economic activity.

Since the Ethereum project is not money oriented, we find that ether is discussed more as a management tool. Ether doesn't have a maximum amount - it's not designed to be a storehouse of libertarian value - but emissions are reduced many times over and the burning mechanism of ETH (EIP-1599) has some deflationary effects. In this case, the local currency has either managed to overcome the current technical challenges or is gearing up for a longer-term upgrade, such as the transition to The Merge (an upcoming update that will bring Ethereum to a new consensus mechanism called Proof-of). - bet). This is a form of monetary minarchism.

Also read: Compromised hot wallets from BSC, ERC-20, and Polygon cost AscendEX $80M Loss

Monetary monarchy allows the management of a limited world computer local currency to improve the world computer. The competitive business vision offered here in my opinion is temporary. Bitcoin, as author Lana Swartz puts it, is a “social theory” that includes the collapse of the fiat system and Bitcoin as the beneficiary of this collapse. Bitcoin is presented as a hedge against what society sees as the contradictions inherent in fiat currency. In this story, it is unavoidable.

However, the modern bitcoin community does not suggest this as an immediate concern, but rather as an event on the horizon. Therefore, the task of Bitcoin users is to give up now - save, save, not spend - to take profits later (reversal of preference theory over time). Following an accumulative strategy, the "Hodler" stereotype may seem almost evangelical to outsiders, and the emphasis is on the salvation of hermits. However, with interest rates rising, it could be argued that the deflationary alternative to Bitcoin could become increasingly attractive to the general public.

The Ethereum economy has a faster pull. Since Ethereum is a meta-economy with smaller sub-economy (DAO, DeFi, NFT), it offers another way to avoid economic stagnation. Ether has the characteristics of earning assets, where you can find attractive jobs (DAO), attractive interest rates (DeFi), and scarce digital assets (NFT). This productive position - the stereotypical "sword" - may seem almost meaningless to outsiders and an emphasis on irresponsible spending, but with the economy stagnating, Ethereum's earning alternatives could become increasingly attractive to the general public.

Monetary minimalism and minarchism are different, but it is good to remember that they are on the same side, as opposed to a fiat monetary system.

Currency Exchange rate Buy cryptocurrency

Maximise your Metaverse potential,
giving you daily rewards and a passive income of 0.5% daily

Dear customer,

We use cookies to provide our services correctly and safely. Cookies are small text-based data sets that shall be saved on the device you are using in connection with the use of this instnat website. Cookies are created in order to ensure proper functioning of thes instant website. By clicking the button "I accept and go to the website", you implicitly agree to creation of the cookies on your computer and to deploy automatic tracking and data collection and processing on behalf of the Ommyo.Net ( Click the above-captioned button is also tantamount to accepting website's privacy policy. Closing the notification by means of "X" is unequivocally connected with your consent. If you do not agree to any of the above, please discontinue using our Website.

“Cookies” shall make an identification of the software used by you and to customization of this instant website to your needs. Cookies contain the name of the domain from which they origin, duration of period of their storage on your computer and an assigned value.

Third party cookies:
We also use third-party cookies for the following purposes:

  • creating statistics - helping to understand the way Users use the Website, which allows to improve its structure and content with use of the analytical tools
  • defining a user profile - in order to display custom-tailored content in advertising networks.

External entities that might be source of any third-party cookies on this instant Website are as follows:

Using a settings of your web browser or by using pre-set configuration tools available in our service you can independently and at any time change the settings concerning your use of the “cookies”, specifying the conditionsof their storage and how your device is creating and downloading them. These settings can be changed to block the automatic handling of cookies in the settings of your web browser or inform about their placement on your device each time.

Detailed information about the options related to use of “cookies” is available in the settings of your software (web browser).

Service privacy policy

This instant document lays out the principles of the Privacy Policy on the website (hereinafter referred to as the "Website" or "Service"). The administrator of the Website is Ommyo.Net c/o Fintech Labs Global Solutions, Unit 303, Ile Du Port, Mahe, Seychelles

The full document to read the ommyo privacy policy is available in this document.

Advanced settings can be changed in your browser.