Other Talks in the Series: The Blockchain and Cryptocurrencies

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Hi, I'm Dr. Maya Finger from the College of Management Academic Studies. My work focuses on ESG and promoting global knowledge and development in this field.
In this talk, we will continue the in-depth discussion about the ESGness of Bitcoin and talk about the two other aspects of ESG, S, society and G, governance and how they are reflected in Bitcoin.
From a social point of view, some equate Bitcoin with freedom, freedom of access to financial resources, freedom of action, and perhaps most of all, freedom of identity. In the cryptocurrency space, anyone can own Bitcoin, even a lot of it, without revealing their identity. The mechanism allows it. Instead of a traditional bank account, one simply sets up a digital wallet without the need for an ID or other identifying information and can start purchasing Bitcoin. Therefore, cryptocurrencies and Bitcoin can eliminate several of the barriers to accessing financial services because not everybody has an ID, but almost everyone has a smartphone and access to the internet.
Satoshi Nakamoto, the creator of Bitcoin, wrote in their white paper in 2008, "A purely peer-to-peer version of electronic cash would allow online payments to be sent directly from one party to another without going through a financial institution." Removing intermediaries and creating a decentralized currency has some advantages for society. First, as long as you have a sufficient balance in your digital wallet, you can use Bitcoin and perform all kinds of financial transaction, such as buying or selling, purchasing product and making and receiving payments. Opening a digital wallet does not require providing any identification document. Therefore, even people who do not have an ID such as those in remote areas of Africa, can own Bitcoin, make financial transaction and gain access to various financial sources. Another example is El Salvador, which approved a proposal to make Bitcoin a legal tender in June 2021. 70% of the country's population that does not have a bank account can now have access to financial services. The opposite claim is that cryptocurrencies may be for the rich only due to the resources it takes to mine, store, and transact. But it's technology, Blockchain is indeed the basis for many inventions designed to reduce social gaps and increase financial inclusion.