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Banking on Bitcoin (1) is a documentary that discusses the opposing thoughts and ideologies of individuals in the market regarding the growing usage of cryptocurrency, which, due to being decentralized, is considered to be a significant source of illegal activities like money laundering, buy/sell drugs, illegal weaponry, etc.
Netflix’s Banking on Bitcoin
Duration: 1 hr 23 minutes
Release Year: 2016
Starring: Charlie Shrem, Gavin Andresen, and Eric Voorhees
Director: Christopher Cannucciari
Studio: Gravitas Ventures
In the year 2016, Netflix (2) released its documentary starring Charlie Shrem (3), Gavin Andresen (4), and Eric Voorhees (5), the early adopters of Bitcoin, called Banking on Bitcoin, directed by Christopher Cannucciari (6). The 1 hour 23 minutes long movie produced by the Gravitas Ventures (7) elaborated upon the ideological battle between Bitcoin supporters and capitalists. It talks about how revolutionary monetary technology and the players in the field will define our lives.
The documentary explains everything from the start of the Bitcoin, the usage of the innovative decentralized virtual currency to the criticism clashed for the cryptocurrency by multiple individuals and organizations.
Bitcoin functions on the Blockchain (8) technology and acts as a digital ledger system for the peer-to-peer transactions that take place across the world. The crypto accounts do not hold any personal names or details about the crypto account holders, thereby helping keep thew entire transaction system anonymous and encrypted.
Lessons from Banking on Bitcoin Documentary
1. Timing of Bitcoin Launch
Bitcoin was launched as the first cryptocurrency ever in January 2009, anonymously by Satoshi Nakamoto (9), the name used by the pseudonymous person/persons as the representative of the Bitcoin founder. The crypto asset came into the market during a time when the global financial system was collapsing.
2. Bitcoin is Risky, But so is All
During interviews & events in Banking on Bitcoin documentary, the Bitcoin enthusiasts encourage the users by talking about the risk associated with Bitcoin, like anything else. There are several incidents where sock markets have crashed, and even the fiat currencies have hyperventilated.
3. Best Solution for Countries with Unstable Governments
In Banking on Bitcoin, the enthusiasts explain how Bitcoin is the ultimate monetary solution for countries with an unstable government where the currency rate keeps on fluctuating due to policies and disputes.
4. The Creator Mystery & Downfalls
The crypto utopians promoting and calling Bitcoin a ‘Monetary Revolution’ and things like the ‘largest socio-economic experiment in the world’ is not the only thing the Banking on Bitcoin talks about. It also talks about the sketchy past and downsides of the crypto asset.
Firstly, no one knows who invented Bitcoin, and secondly, despite holding a great value, Bitcoin has been associated with money laundering and illegal activities conducted on the dark web.
Banking on Bitcoin: An Eye-Opener for the Ordinary
Overall, the Banking on Bitcoin documentary brings out the historical, technical, and mechanical overview of Bitcoin from the beginning of crypto-era and its impact on the capitalistic economy around the world. Despite being focused on disagreeing viewpoints between supporters & non-supporters, the movie also serves as an immensely informational source of information for its viewers.