Recently I found out about a documentary about Bitcoin and Blockchain. Cryptocurrency and its importance for the world economy and the third world. The future of money. Blockchain and its endless possibilities.
Watch the documentary here:
Conclusion:
The documentary first highlights the history of money with silver and gold and then explains how FIAT took over this role. First money was backed by gold but then Nixon declared that money 'temporary' was not backed by gold anymore. At that point FIAT was born (money backed by nothing but trust of the people). From that point central banks where able to print an infinite amount of money. The disadvantage is that the rest of the value of money decreases by printing more money.
Digital money has always been there but digital money with a finite supply and an honest system that is not controlled by a central bank or third party has never been here yet. Furthermore the documentary explains how depended the third world countries are on Bitcoin and other cryptocurrencies as a banking system. They do not have access tot a bank so Bitcoin is very important for them. With the Lightning Network coming to Bitcoin the transaction fees are going to be very cheap again. These parts of the world will increase the use of Bitcoin tremendously when the Lightning Network comes out.
Beyond the Bitcoin bubble has an interesting and refreshing view on Bitcoin and other Cryptocurrencies in this time where most mainstream media are very negative.
~Cryptocurrency the future of money
Greetings,
Kevin