Being a newcomer to the Bitcoin I found a film on Netflix title “Banking on Bitcoin.” So, I decided to talk a look at it tonight. Mostly because if I get an understanding of the history of Bitcoin, then it help explains the emergence of all the cryptocurrency out there. So, I’d like to give a brief overview and my thoughts about the film and if it has changed my viewpoint of the crypto currency market or not.
Image retrieved from: http://www.imdb.com/title/tt5033790/mediaviewer/rm2975008512
The film begins with an overview of the very early founding of Bitcoin. Cypherpunks, a new term to me, was also used and identified individuals who were driving aspirations of a cryptocurrency.
Being so new of a concept, bitcoin took a little bit of time to grow. There was talk of the company Bit Instant and how the founder was sent to prison over providing Bitcoins to another individual. This individual happened to be doing some shady stuff with bitcoins and narcotics.
There was also the search for Satoshi Nakamato and that it delved into who could possibly be the creator. It was intriguing to see that different people point to multiple others in trying to discover who was the founder. From my viewpoint of the movie it seems like it was likely a multitude of individuals, not just one person. But, then again, I’m only seeing the movie and not a history buff on bitcoin itself. So, who knows.
The interesting thing is that since the emergence of Bitcoin there is now major industry, particularly the financial firms, are now looking at blockchain technology itself to move forward with their own eventual transactions. When I saw this the first thing I thought about was Steem. And, that is only because Steem and Stemmit is the only actual crypocurrency that I have any experience with. The movie states that the financial firms might try to insert themselves and take over. But, I think that they are similar to that of a cable company. They have seen their hey-day. This new technology will replace their need because the design of the technology is such that you don’t really need them to account for bitcoins that you own, earn, etc.
My overall view of the movie is that.. well… it’s a decent movie/documentary about the early beginnings of Bitcoin and the hiccup’s that happened along the way. Did I learn anything new from the movie? Well, mostly just information about the stories the movie discusses surrounding the couple of enterprises trying to move forward and promote bitcoin. My knowledge of Steemit and Bitcoin actually seemed to originate from the introduction I got with the Steemit platform back in May of this year.
Do I recommend the movie? Yes… Yes I do. It gave me some extra insight into bitcoin. And, it made me actually more confident in the technology than I had been before watching the movie. This movie provided me with some clarity and the mindset to see what the other crypto markets are like. Myself, I’m still looking at the market. One movie does not make me an expert. But, it gives me the confidence to look at the wider picture and realize that this is not something that will crash in a year or two. This looks to have some permanence and (hopefully) do what the uptopians wanted, which was to make transactions free of industry and state control. It would be very interesting to see what the world currency market will look like in 10 years. My thoughts and guesses are that the cryptocurrency might have a much… MUCH.. larger presence.
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