<p>This paper explores the narratives of the evolution of the first digital asset, Bitcoin. Emerging as an unregulated, decentralized digital asset, it was developed as an alternative to fiat currency. Using primary and secondary data sources, the discussion is framed around four key themes that influence adoption: cryptographic technology, trust, decentralized finance, and regulation. Each focal theme extends the dialectical debates on Bitcoin, revealing competing narratives on digital responsibility and oversight of the nascent digital asset market. A nuanced understanding of the trajectory and scope of digital currencies to repurpose financial markets is presented. This study aligns with this special issue through its analysis of positive and negative crypto-asset contributions and the digital responsibilities that develop from transformation and adoption. A major contribution is that decentralized finance is not empirically confirmed, as centralized financial institutions are now offering digital assets as part of their regulated client portfolios.</p>

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Insights into Bitcoin and Decentralized Finance: Unpacking the Narratives of ‘Techno-Enthusiasts’ and ‘Techno-Critics’

  • Wendy L. Currie,
  • Jonathan J. M. Seddon

摘要

This paper explores the narratives of the evolution of the first digital asset, Bitcoin. Emerging as an unregulated, decentralized digital asset, it was developed as an alternative to fiat currency. Using primary and secondary data sources, the discussion is framed around four key themes that influence adoption: cryptographic technology, trust, decentralized finance, and regulation. Each focal theme extends the dialectical debates on Bitcoin, revealing competing narratives on digital responsibility and oversight of the nascent digital asset market. A nuanced understanding of the trajectory and scope of digital currencies to repurpose financial markets is presented. This study aligns with this special issue through its analysis of positive and negative crypto-asset contributions and the digital responsibilities that develop from transformation and adoption. A major contribution is that decentralized finance is not empirically confirmed, as centralized financial institutions are now offering digital assets as part of their regulated client portfolios.