A computer programmer becomes fascinated with the digital currency Bitcoin, and through his involvement in the Bitcoin community, we learn about the impending global impact of this amazing new technology.
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Reviewed in the United States on December 26, 2017
For me this was a great documentary on Bitcoin, seeing as how I did not understand much about it, after hearing and reading about it in the media. Now after watching I think the concept is really a great thing, as far as it has its own value that cannot be changed by anyone, and has a value that can be used universally around the globe. I still don't completely understand how Bitcoins are "mined," or how to acquire them, but it looks like they have to be purchased with hard cash using some country's currency. What I kept thinking is, if you didn't buy into Bitcoins up front when they were worth pennies, and you had to buy them when they were worth $200/coin to get into the system, how does everyone get into the system and still remain with the relative wealth they had when Bitcoins were worth one dollar per dollar.
The biggest thing that troubles me with having much invested in Bitcoins is that their use DEPENDS on a functioning Internet around the world. At least that is what it looks like to me. That seems to me to be pretty fragile, especially if a submarine can maneuver above a transatlantic or transpacific fiber optic cable and send either an underwater robot or diver to cut the cable in several or more places. Same goes for sabotage of trunk lines within a country. Without the Internet, how could anyone use Bitcoin around the globe or in their own country? One thing that is assumed, in my opinion, is that the Internet will always be up and running worldwide for a secure, stable system of currency.
Another concern is that since the Internet is controlled by governments, what's to keep government from cutting the feeds through the Internet infrastructure if the order goes out by the "Swamp" controllers, big banks = Federal Reserve, etc.? Nothing.
Looks pretty shaky to me, the way I understand it now. On the other hand, I do see money going the way of total electronic system, as predicted by the Bible, where no one will be able to buy or sell without the Mark of the Beast - whatever that may be technologically-speaking. Cold cash will someday be a thing of the past, but putting an embedded electronic "number" into humans seems to be something already available, just like they do for pets.
After watching a couple of videos on two self-sufficient men living like hermits for 30-60 years in the north where winters are as bad as those in Siberia, I think living in a temperate climate with winters three months long, having a garden in the summer, a root cellar, a way to gather and purify water, a shelter and clothes, etc., and tools of a trade, I don't think Bitcoins or currency will be that important to me if everything collapses. And I doubt that if I had to barter some actual gold, silver, or liquor for something I needed to survive, I don't see anyone with any common sense that will be willing to take a Bitcoin in return.
Much, much better than I thought it would be, esp from the sort of silly start, and not the infomercial I feared, but a nice overview of the history of the bitcoin. They didn't delve deeply into the white paper behind it (if you have the math knowledge for that, you are free to research it yourself) but most questions were answered. Both sides of the possible futures of bitcoin were laid out. I would have liked it if they had explained our present monetary system a bit more and how tightly it is controlled and how a few at the top are making trillions and controlling governments, but that gets into politics and conspiracy, which is out of scope of this doc, but more needed to be said so that people knew where to start looking when doing further research. They did clearly make the point that our money is already just digital, like bitcoin, but bitcoin is not government backed (sold to us). This US was founded primarily to end the trade deficit with Britain caused by their control of the money system/banking. The first USD was as the bitcoin, a free market currency. The War of 1812 was fought when we would not capitulate to the British banking system, when the first USD issue expired. Why do you think Britain (or the US or any power through the ages) is colonial? Not only for oil! To sell them money! The US got control of the world money system and the USD replaced the Pound as the world currency basis after WWII. It was a deal we made for helping them out. All the regulation the Fed does, all the money laws we have to 'protect' us, are just ways to control it. If you get paid via direct deposit, is little different than bitcoin as both are then just bits and bytes, but the difference is that your bank is using most of your money to invest on their behalf, with no return to you for the privilege. Just fees and more fees for our trouble. That is why we are strangely encouraged to use direct deposit and many accounts are free if you direct deposit. So much faster and cheaper than a physical check which must be then deposited and cleared. Just cheaper cost of business for the banks. I wish this doc had pointed out clearly that currencies are traded like stocks NOW. Wall Street has us betting on things that *might* happen (futures). When you can exchange money, people will figure out how to profit from that by buying low and selling high. That is not bitcoin's fault or invention. You can bet the bankers will not go quietly while bitcoin takes some of their business, another thing I wish this doc had spent more time on. As soon as they understand what a threat it is, heads will roll (literally) as no one lets go of a trillion $$$ business easily. Wars have been fought over banking and money systems, so little is off our bankers' plates. it is high time this free currency happened, but it will be a revolution in every sense and not easy. I have not yet used bitcoin, but always meant to look into them. BTW, today (Jun 4, 2017), the bitcoin closed at $2,541.42! Its market capitalization is $4.6BILLION, so it has come quite a way since this doc. The chart over its lifetime is mostly up up up, with one big correction the doc mentions, then up up up again. If any of us had bought bitcoins when new, we'd be millionaires many times over. Or at least made a tidy profit. You can be sure the world bankers are going into high demonizing mode over this, and as you can see from the doc, even then, with all the arrests and allegations. Strange they will arrest bitcoin business owners yet did not put one banker into jail for the latest financial crisis! Sorry this is so political, but you can hardly speak of bitcoin without doing it, although the doc did better than me.
This isn't an exciting Tom Clancey or Jack Grisham story, but money has a certain excitement of its own, and this is a well-told documentary.
People tuning in to this are likely to have several questions: 1, How do I get set up to use bitcoins. 2. How do I get bitcoins? 3. Where can I use bitcoins? 4. Why should I bother?
The fourth question is partially answered. Maybe you shouldn't. At this point, bitcoins are mostly bought and sold as an investment, by people who want to keep their affairs secret from the government, and speculation is inherently dangerous. The first three questions are not answered hardly at all.
Interesting show, but for now, I'm putting my life savings into things like food, clothing and utility bills.
Of the two "bitcoin documentaries" I find on Amazon Instant Video, I found this one to be MARGINALLY more a cheerleader for the concept; they both try to appear neutral, but both are rooting for bitcoin, this one slightly less-well hidden.
Reviewed in the United States on December 20, 2017
I don't know anything about Bitcoin except a news blip about someone becoming a millionaire due to it. Well, becoming a millionaire sounds good to me and this documentary was offered free by Amazon Prime so I watched it. And? Well, I know a little bit more about Bitcoin now and I have to admit, I am intrigued. At the same time, it also seemed like a glorified infomercial and I feel like another sucker getting reeled in to this risky business.
4.0 out of 5 starsfair overview of bitcoin for novice people, missing information about exchange costs
Reviewed in the United Kingdom on March 10, 2019
The video is a fair overview of bitcoin history for novice people, anyway here is missing important information about exchange costs, it is nice to inform people when bitcoins are exchanged with USD or EUR the commission fee is very important, it can be up to 20% depending on the service provider.