The popularity of bitcoin is on the rise. To many, the rising value of bitcoins means that they are a great alternative investment. True, the cryptocurrency is not exactly being used by most people and there are some in the developing world who are not yet aware of bitcoins, but the global currency, which is free from any restrictions from any governments or organization, has not only become very popular, but has also exhibited the value of the blockchain digital ledger technology, which is described by the BBC as “the underlying ledger system on which bitcoin is based”.
Bitcoins is a relatively new currency, and although a lot of the global population knows everything there is to know about it, there are others who are aware of this cryptocurrency but do not have much knowledge on how to use it. Banking On Bitcoin is a documentary that pretty much explains everything about bitcoin inside out and gives a deep insight into this phenomenon.
The Banking on Bitcoin documentary explains the fundamentals of Bitcoin, where and by whom it was founded – and why the creator’s identity still remains a mystery. It also gives some insight into the usefulness of using this cryptocurrency, considering such transactions have no fees or very low fees, and fewer risks in terms of being used online.
It’s clear that bitcoins are yet to be used as normal everyday paper currency, but leading brands in some industries have realized the potential for the cryptocurrency. A case in point is online gaming: some internet casinos, such as Bitcasino, have decided to trade exclusively in bitcoins. The brand also offers a VIP scheme which comes with many benefits, based on a points system. The fact that the operator doesn’t have to pay fees to banks and e-wallet brands allows them to push more promotions to players.
Released in independent cinemas across the United States of America on January 5, 2016 and created by Christopher Cannucciari, Banking on Bitcoin starts with the condensed but informative history of the cryptographic technology, including the significance of Satoshi Nakamoto in the development of the blockchain currency. The documentary explores all angles of bitcoins, and includes interviews with business owners who are using this cryptocurrency, financial columnists from The New York Times and the Wall Street Journal, and former New York Superintendent Benjamin Lawsky.
The movie then looks at the state of the bitcoin industry, including its rise and the stumbling blocks in its progress. Banking on Bitcoin does not get shy away from looking at the Silk Road and Mt. Gox cases, as well as Charlie Shrem’s prison sentence for his mistakes with BitInstant, which gives credence to the film. Instead of airbrushing the mistakes, the film actually opens the audience’s eyes to a different side of the phenomenon. Also included are interviews with various people who for some reason or another, oppose the cryptocurrency. As such, it is pleasantly neutral in its coverage.
Considering the rise of bitcoins, there are bound to be more documentaries about it in the coming years, but at the moment Banking on Bitcoin is the most definitive one. For anyone who wants to know about bitcoins or wants to invest in this industry, this movie is a must-watch. It explains, as impartially as it could, the benefits and the pitfalls of using bitcoins in daily life, both online and offline.
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