What we read: Blockspace Media
Modern Blockspace article It resonated deeply with me as someone who has lived in Asia and the West. He studied how Bitcoin users in Asia are mostly profit maximisers, not philosophically driven Bitcoin maximisers.
This rang true from my experience. When I meet Asian Bitcoin users, money and profit seem to be the primary motivators. Contrast this with Westerners, who often cite cypherpunk, privacy, and political ideals behind Bitcoin.
Of course, this is a broad generalization. There are many exceptions on both continents, but the general perspective is that each side’s views on Bitcoin differ significantly.
It is likely that cultural and economic differences are driving this division. Western Bitcoin users are often born into prosperity with a strong infrastructure. Money itself does not captivate them, because it is available in abundance. Thus, they have the luxury of prioritizing Bitcoin’s higher goals such as privacy, censorship resistance, and decentralization.
Meanwhile, many Asian Bitcoin users grew up poor, struggling to make money amid crumbling infrastructure. When they discover Bitcoin, it is understood that it represents a financial opportunity above all else. Having been short of money all their lives, profits take precedence over philosophical concerns.
A prime example of this is Maxi’s common argument against altcoins – that they lose value against Bitcoin over time. This philosophical position fails in Asia, where people judge investments based on empirical results measured in paper gains. If an altcoin makes 20x cash returns, Asians won’t care that it’s down 98% against Bitcoin. Their profit-focused framework renders some Western philosophical arguments ineffective.
You can see the results where Bitcoin extremism thrives – mostly in the West. Asia has relatively no maximum limits. Once again, the incentives align. When your sole goal is to maximize profit, altcoins and tokens are fair game.
That’s why we’re seeing more Bitcoin Season 2 projects coming out of Asia, which will continue to do so.
This does not mean that one mindset is superior. Both are integral to Bitcoin’s success. Asian companies are pushing to adopt these policies at all costs, providing the capital engine. Western idealism keeps the spirit of the protocol on track. Together they produce the checks and balances that Bitcoin needs to thrive.
Observing the profit-first mentality in Asia versus the ideological leanings of the West provides insight into the cultural landscape of Bitcoin. Neither view is right or wrong in itself. By understanding both mindsets, Bitcoin can combine the best of both worlds.
This article is a takes. The opinions expressed are entirely those of the author and do not necessarily reflect the opinions of BTC Inc or Bitcoin Magazine.