This year, Bitcoin has conquered both Everest and Babylon, becoming more than anyone of us imagined. If you still do not understand or want to get the first insight into the cryptocurrency world, Bitcoin: The End of The Money As We Know It, is what you need for basic knowledge about the economy. Be assured - you did not learn everything in school.
The three-awards winner documentary released in 2015 explains in 60 minutes the history of currency, coins, paper money, cryptocurrency, sovereign debts, the deficit of spending, fund purchasing system, and inflation.
Experts, founders, entrepreneurs, and economists will explain and show a different perspective to understand how Bitcoin is the money of the future.” This the best documentary to help you understand how the need for a decentralized money system surfaced.
The ancient history of currency
The history of money begins almost 2,000 years ago, and first, there was currency. Believe it or not but is started as a mentally kept debt ledger. According to Andreas M. Antonopoulos, author of “Mastering Bitcoin”, the currency is the language that still allows expressing transactional value between people.
Did you know that the first currency around the world was salt in Rome? Each currency had a unique value and had to satisfy the same five characteristics – to be scared, recognizable, divisible, fungible, and portable.
How did the money become centralized by the government?
Despite having all the five characteristics mentioned above, soon it became clear, that the coins did not have durability in time. China was the first to start mining coins (Wu-Shu coins lasted for over 500 years), which later were minted from silver, gold, or other metals. The coins as a universal unit put the base for the Economic Market today.
Money has been a tool of sovereignty instrument for centuries. The one person, emperor, or government who released the coins became the one who held the state economy and controlled it. That was the beginning of the centralized era of money that still stands these days.
Paper money, banks, and the magic money
'Bitcoin: The end of the money as we know it' documentary explains the appearance of paper money and the lesson given to the state, using the Medici family merchant trading system as an example. When paper money started to shadow the coins, merchants found a way of putting their coins in circulation and putting the base of a bank system inside a state still used in the 21st century.
The travel scheme of paper money
How is it possible that the paper money in your hand or your bank account to be just magic numbers? The documentary explains the dilemma with a logical approach - digital money - in your bank account is magic numbers shown as your balance. If you get a loan of magic money and pay the debt, you help the bank make new money.
The Magic Money Machine
How a bank makes new magic money. The Fractional Reserve Banking.
Bitcoin: The end of the money as we know it
Cryptocurrency is the internet resurrecting the fundamental purpose of what money used to be - a world without a centralized economy. In 2010, Bitcoin became an unwelcomed innovation for the governments, with unsuccessful attempts to shut it down or, at least, try to transform into a centralized system. The moment people start using bitcoin for a transaction, no bank can profit from it. And this is a big problem for the governmental system.
Bitcoin transactions scheme
To explain better all the negativity towards cryptocurrency, let me give you a hint about car innovation. The big panic that occurred when the first cars hit the roads was not because it was a bad innovation - it just threatened structured industries, such as tramways, trains, and carriage businesses. Imagine the world today without cars.
What makes Bitcoin unique and safe?
Bitcoin is a unique and safe coin created mathematically and an open-source public and transparent software available to anyone connected to the internet. The publicly distributed database - the blockchain - is your same Medici book ledger held without any help from the bank. A bitcoin transaction is all about the code control key to the database. Despite its worldwide transparency, no one, person or computer, can solely control the blockchain.
Bitcoin transaction benefits
Bitcoin can not be forged and satisfies all the five characteristics. It still depends on two things only - the volume of transactions and the massive adoption. Your smartphone or computer is the bank, and you control it via an internet connection. In the last decade, more than 8,675 cryptocurrencies occurred, inspired by Bitcoin while, the king of crypto coins increased its value up to $60,000 per BTC in February.
The days of the money as we know it are indeed almost over. Step into the digital revolution. Watch the trailer below.
The End of Money (2015) is still relevant is AVAILABLE for Rent or Buy on Vimeo.