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Bitcoin, the world’s most common and well-known cryptocurrency, has been increasing in
popularity. It has the same basic structure as it did when created in 2008, but repeat instances of the world
market changing have created a new demand for cryptocurrencies much greater than its initial showing.
By using a cryptocurrency, users are able to exchange value digitally without third party oversight.
Cryptocurrency works on the theory of solving encryption algorithms to create unique hashes that are
finite in number. Combined with a network of computers verifying transactions, users are able to
If cryptocurrencies became the global norm for transactions, long standing systems for trade
would need to be completely reformed to deal with this type of competition. For this reason,
cryptocurrencies could possibly be the single most disruptive technology to global, financial and
The global financial system is under an increasing amount of pressure to get with the times and
evolve to the needs of its customers. Bitcoin was not the first attempt at a digital currency, but it has been
the most successful and it is now being accepted by a number of major retailers. Bitcoin is a
algorithms instead of governments and has the potential to become a major means of payment for e-
commerce and may even materialize as a viable challenge to traditional money-transfer providers. Instead
of serving one country or some countries, Bitcoin serves the entire world (Gilpin, 2014).
According to Jackson (2019), although Bitcoin has gained momentum primarily in the last three
years, due to mass media and public attention, it's been around for over a decade.
Back in 2010 - 2014 cryptocurrencies were not well known and their primary reported use was as
evader and shady buyer, but also as one which could benefit users with fast, stable transference of value.
The general public realized there was nothing to fear from Bitcoin, and people from all walks of
life, fed up with the system, as well as with banks and high fees, started doing their own research. Once
It was the massive spike in interest and public awareness that forced banks, governments, and
companies on the scale of IBM, Microsoft and Amazon to look into digital currencies and their
underlying technology. These last three years have laid a fascinating foundation for what could be the
In relation to this, Virtual currencies exhibit network externalities, the more people use them, the
more valuable they are. Because Bitcoin was the first digital currency to market gives it a tremendous
advantage. Bitcoin gets the most publicity and has more people and merchants supporting it, and also has
the most users invested in it. As long as Bitcoin continues serving the needs of users, it has the potential
of remaining the most important digital currency indefinitely. And although there are many proposed
improvements to Bitcoin that are theoretically interesting, none appear to be able to induce users to switch
in large numbers (Lee, 2013). As argued by Popper (2013), Bitcoin could become a major means of
payment for e-commerce and may emerge as a serious competitor to traditional money-transfer providers.
As a medium of exchange, Bitcoin has clear potential for growth, in our view.
Along with its benefits, Bitcoin brings a fair amount of political upheaval. As stated before, it is
not controlled by any single government or bank. Because it’s a highly individualized type of wealth, and
because of the cryptography involved, no state can take away that individuality. As people begin to
understand that cryptocurrencies like Bitcoin are advantageous because they’re governed by code rather
Despite the rise of digital currency, it is just now becoming mainstream, and many people are still unsure
how Bitcoin works. An increasing number of sellers are accepting cryptocurrency payments, and it’s a
Having said this, as revealed by Wenke (2018), during the last few years, bitcoin has rapidly risen
to global prominence. In becoming the world’s leading cryptocurrency and a top performer among
currencies overall, it has gained an astounding 35% over the past year. However, attaining this level of
recognition hasn’t been easy. Bitcoin’s association with crimes such as the narcotics sales and money
laundering that commonly occurred on dark-web sites like Alphabay and Silk Road, as well as its high
level of volatility, left conventional financial market participants very wary of its risks.
Furthermore, along with its benefits, Bitcoin brings a fair amount of political upheaval. As stated
before, it is not controlled by any single government or bank. Because it’s a highly individualized type of
wealth, and because of the cryptography involved, no state can take away that individuality. As people
begin to understand that cryptocurrencies like Bitcoin are advantageous because they’re governed by code
rather than by human bias, the political controversy is likely to continue (Wenke, 2018).
REFERENCES
Gilpin, L. (2014) 10 Things You Should Know About Bitcoin and Digital Currencies. TechRepublic.
Jackson, R. (2019). Understanding the Last Three-Year Cryptocurrency Rollercoaster. Retrieved from:
https://bigthink.com/technology-innovation/review-of-cryptocurrencyhistory?rebelltitem= history
Kelly, B. (2014). The Bitcoin Big Bang: How Alternative Currencies Are About to Change the World.
2019.
Ketchell, M. (2019). Cryptocurrencies Are Finally Going Mainstream – The Battle Is on To Bring Them
September 9, 2019.
Lee, T. (2013). The Washington Post. Dogecoins And Litecoin And Peercoin Oh My: What You Need To
/2013/12/26/dogecoins-and-litecoins-and-peercoins-oh-my-what-you-need-to-know-aboutbitcoin-
Popper, B. (2013). The Verge. Bitcoin is too cheap for its own good. Retrieved from: http://www.theverg
Wenke, M. (2018). How Bitcoin May Affect the Worlds Future. Retrieved from:
September 9, 2019.
Chapter II
Discuss why the technology has a big potential of making people forget about the good life. Cite
Make an association/connection between the negative effects of the technology and the failure to
2-3 pages excluding title page and references. short bond paper. times new roman size 11, double
space.
Chapter II
This chapter discusses the technology and the good life perspective in accordance to Aristotle and
other philosophers’ philosophical perspective. Moreover, the correlation between technology and the
good life was also presented, along with the author’s perspective.
Good life is a moral concept. Hence, it is not possible to describe it without the analysis of
Ethical theory and one basic way we use the word “good” is to express moral approval (Westacott, 2019).
Aristotle’s good life involves a comprehensive treatment of the question “how should we live?”
The good life for him, is the life of excellence. For Aristotle, the attainment of good life is the main
purpose of human existence (Brainly, n. d.). Furthermore, according to Aristotle, happiness and having a
good life is about virtue. He considers the end of humans to be the good life. According to him, having a
good life is having happiness or prosperity which can be accomplished by living a life according to virtue
which is achieved by continually living in a virtuous manner or living with high moral standards.
On the other hand, as stated by Zand (2019), to Plato, a good life or a life well lived was achieved
by the pursuit of higher knowledge and man’s social obligation to the common good. Thus, individuals
who simply aspire for great wealth, fame, and power for its own sake were misguided. In addition, as
argued by Plato, individuals can possess the virtue of wisdom by pursuing a life of learning fueled by
curiosity. Being a lifelong learner allows you to possess new skills and develop more in-depth
knowledge. In turn, this allows the higher potential for efficacy and self-mastery leading to a more
Elseways, as mentioned by Prezi (2019), Socrates' definition of the good life means that there is
more to life than just living your life day to day in the same pattern. Socrates believes that in order to
truly live a good life, you need to think about your existence and ask questions about the things around
you. He then thus came up with a saying, “the unexamined life is not worth living”.
Meanwhile, the Greek philosophers called a good life eudaemonia– a branch of ethics in
philosophy that deals with well-being as the ultimate good for people which sometimes mistakenly
referred to as the study of happiness (Zand, n. d.). In essence, by possessing and acting out on our
intellectual virtues and moral virtues, a person would achieve eudaimonia or happiness which they
The way I see it, today, happiness is portrayed as a state of mind at any given moment, more or
less a subjective mindset. We largely have a utilitarian view of happiness–maximizing pleasures while
minimizing pain. However, in my humble opinion, good life just like what all these philosophers believed
in as combined, it all boils down to “happiness” which includes living with moral standard, self-
development and discovery as well as being a lifelong learner. Even so, in my own conceit, there’s
potentially a huge difference between living the good life and living a good life. Not every person that is
Evidently, in our society of today, every single way of becoming successful not minding the
means can be blatantly seen. One example are the corrupt politicians. Not to generalize, but in this
country, naturally, politicians are known to be wealthy. They may have even experienced the things not a
normal citizen would have tried. However, despite living a good life—wealthy and luxurious, that doesn’t
necessarily mean that they live “the good life”—living with morals and dignity.
this modern world, for now, the good life, and one without going to excess, is one where there's enough
money to be able to have and do the things which you get most pleasure and enjoyment out of, and which
will enable you and your family to live in comfort and security, and never need worry about where the
in today. The problem for Heidegger is not so much the existence of technology or the forms it takes, but
technology?" He comes up with two answers: technology is a means to an end and technology is a human
activity. Heidegger deems both responses as correct, but not true. They have the potential to lead us to the
essence of technology, but are not the essence of technology. The first response implies an instrumental
object breaks down or is unable to perform its function, it reveals itself as useless to him. In other words
the instrumental value of modern technology is temporary; whether it has an intrinsic value is debatable.
Using object, Heidegger begins by observing that the “essence” of technology is itself nothing
technological, just as a tree is not the same as the essence of being a tree (which all trees share). He then
points to the “correct” notion of technology, that it is considered something belonging to human activity,
Having said these, it can be perceived that technology has a huge potential on making people
forget about the good life. The forester, for example, is at the mercy of the paper industry, which in turn
is at the leniency of the print industry, which in turn transforms the reading public into a source of its own
profits. It can be seen that the forester, because of technology is pushed to do something that could
actually benefit him but is not considered living the good life—exploitation of nature. He also notes that
our use of the expression "human resources" aligns human beings with raw materials such as coal or
petroleum.
In addition to that, since for Heidegger, technology is a human activity, it is perceived that very
soon, machines will be able to do the things of human workers—blue or white collar job, By then, we will
no doubt be utterly dependent on machines in every aspect of our lives. Plus, for the foreseeable future,
machine intelligence will not include emotional intelligence or ethical concerns. If so, what would happen
to our norms, social contracts, values and morals when machines run everything for us? In conclusion,
there’s a possibility of humans being enslaved by technology.
ADAMSON UNIVERSITY
COLLEGE OF ARCHITECTURE
900 San Marcelino Street, Ermita Manila
CHAPTER II:
TECHNOLOGY AND THE GOOD LIFE PERSPECTIVE
OCTOBER 2019
References
Brainly. (n. d.). What Does Aristotle Say About the Good Life? Does It Still Stand In The Contemporary
2019.
https://prezi.com/qhr3utyuv_wz/socratess-conception-of-the-goodlife/#targetText=Socrates'%20d
Seubold, G. (n. d.). The technological view of the world of Martin Heidegger Retrived from:
Westacott, E. (2019). What Does It Mean To Live The Good Life?. Retrieved from
Zand, B. (n. d.). How To Live A Flourishing Life According To Plato And Aristotle. Retrieved from:
https://bzandmd.blog/2018/01/28/how-to-live-a-flourishing-life-according-to-plato-and-aristotle/.