Bitcoin as Globalization from Below

• In Event: Responses to Globalization

Abstract

Globalization from below describes the transnational processes of ordinary people using globalization to their advantage, often subverting powerful multinational corporations, international organizations, states, the media, and elite institutions that have immense influence over the direction of globalization (globalization from above). These are the people who feel left behind by globalization and seek to use the tools of globalization to survive and thrive. Among these tools is cryptocurrency, in particular Bitcoin. Bitcoin and its underlying technology, the blockchain, allow individuals to transfer value across the internet without requiring a trusted third party for verification. This paper situates Bitcoin within the globalization from above-globalization from below framework to show the ways in which individuals who have been injured by the processes of globalization use Bitcoin to circumvent entrenched institutions and power structures.

Author

• Scott Duryea