The more and more I read about cryptocurrency, the more and more subcultural acquisitions of cryptocurrency seem to pop up on my Twitter feed. But what exactly does this mean?
Cryptocurrency, offers a new way of handling finance at a fundamental level, it goes against the grain of what government and regulators want. Subcultures thrive under these anti-establishment conditions so, the formation of new, culturally specific cryptocurrencies was inevitable.
Look at rave culture for example, a popular sub culture within the UK. Rave culture began to ferment in the early 90’s, giving young people an unregulated market through which they could explore dance music, en masse. ‘Ravers’ could arrange huge socially noteworthy events that did not come under the jurisdiction of licensing, meaning anybody could turn up and experience the phenomenon.
Similarly, cryptocurrency itself might be seen as a subculture, it’s a network that enables users to go against the grain and trade finances that are not being regulated by local bodies. Within these exchanges, more specific cultures are able to grow, take the Vegannetwork for example which I touched upon earlier this week, or the Smokenetwork, a cryptocurrency designed for users of cannabis.
The unrestricted and fluid nature of cryptocurrency and the blockchain allows these subcultures to develop. If you’re passionate about something that can be commodified and traded then you can kickstart your own cryptocurrency subculture, it’s that simple.
What does this mean for cryptocurrency?
I fully believe that more and more of these niche and specific cryptocurrencies will develop, A. because people can make a lot of money from them and B. because the nature of the internet simply allows for these sort of motions, look at meme culture for example, small ideas that hit a viral heart string and become famous pieces of artwork, all in a matter of hours.
Cryptocurrency and subcultures go hand in hand, the internet acts as a medium through which fans of a particular ‘thing’ can communicate, as ideas resonate, new cryptocurrencies will be generated. Cryptocurrency is a subculture, a subculture which facilitates the construction of other subcultures within itself, rather paradoxical, but also rather magical don’t you think?