WHAT WE’RE READING: Blockspace Media
A recent article by Blockspace struck a chord with me as someone who lives in Asia and the West. Check out how Asian Bitcoiners tend to make profits, not philosophy-driven Bitcoin maxis.
This was true in my experience. When I meet Asian Bitcoiners, money and profit seem to be the main motivations. Contrast that to Westerners, who often cite cypherpunk, privacy, and political ideas behind Bitcoin.
Of course, this is a broad generalization. There are many differences on both continents, but the common lens is that each side’s views on Bitcoin are very different.
Cultural and economic differences are likely the cause of this divide. Western Bitcoiners are often born into prosperity and strong infrastructure. The money itself does not take them, as it is available in abundance. Therefore, they have the luxury of prioritizing Bitcoin’s higher goals such as privacy, censorship resistance, and distribution.
Meanwhile, many Asian Bitcoiners grew up poor, struggling to make ends meet amid crumbling infrastructure. When they discovered Bitcoin, it understandably represented a financial opportunity above all else. After being penniless all their lives, profits take precedence over philosophical concerns.
A prime example is a common argument against altcoins – that they lose value against Bitcoin over time. This philosophical situation is falling down in Asia where people judge investments based on technical results measured by fiat profits. If an altcoin generates a 20x fiat return, Asians won’t care if it drops 98% compared to Bitcoin. Their profit-oriented framework invalidates certain arguments of Western philosophy.
You can see the results where Bitcoin maximalism thrives – especially in the West. Asia does not have a large population in comparison. Also, the incentives are consistent. If your sole goal is to maximize profits, altcoins and tokens are a fair play.
This is why we see many Bitcoin season 2 projects from Asia, which will continue to be the case.
This does not mean that one idea is superior. Both are part of Bitcoin’s success. The acquisition of Asian business at all costs, and provided the engine of capitalism. Western idealism keeps the protocol ethos in check. Together they produce the checks and balances that Bitcoin needs to thrive.
Looking at the Asian mindset of profit-first vs. Western ideological tendencies provides insight into the cultural nature of Bitcoin. There is no right or wrong way to view each session. By understanding both mindsets, Bitcoin can combine the best of both worlds.
This article is a Take it. The views expressed are entirely those of the author and do not reflect those of BTC Inc or Bitcoin Magazine.