Bitcoin Demonstration (02:09)
Roger Ver sends €100 worth of Bitcoin from Tokyo to the Netherlands using a TV, a camera, and his smart phone. The same process would have taken several days and cost approximately €30 through a conventional bank.
Movement for Economic Autonomy (02:20)
People take it for granted that money production is controlled by government and banks, but a growing ideological community sees the financial system as fraudulent. Bitcoin bypasses banks with direct payments.
Alternative Monetary System (02:20)
Proponents believe Bitcoin can save the world from financial ruin, as a global currency. In November 2008, Satoshi Nakamoto proposed a digital currency on a cryptographer's website.
Bitcoin "Jesus" (02:06)
MemoryDealers.com CEO Roger Ver keeps his money in the digital currency. He bought $25,000 worth of Bitcoins in 2011, which are now valued at $6 million.
Perfect Money (03:41)
Ver lists criteria that make Bitcoin an ideal currency, in his view. He promotes Bitcoin in Japan and in the U.S. After a presentation in Tokyo, he demonstrates how to transfer Bitcoins using an online "wallet."
Bitcoin Mining (03:46)
Learn about the complex process of creating new digital currency units. Final Hash CEO Marshall Long discusses how Bitcoins have accrued in value. He runs a large scale mining operation with multiple computers in a shipping container.
Bitcoin Network (02:04)
A global user network checks transactions in a public ledger called the Blockchain. Free, anonymous accounts, or "wallets," eliminate the need for a central bank. The system's decentralized nature attracts Libertarians.
Argument for Separating Money and State (03:18)
Many early Bitcoin adopters were Libertarians because it promotes freedom from state intervention. The U.S. government halted Ver's politically subversive campaign and he moved to Japan. He sees the federal bank as counterfeiting citizens' dollars and harming the economy.
Bitcoin Market Volatility (02:53)
Nakamoto programmed Bitcoins so that only 21 million could be mined, resembling gold. Hackers stole user data in 2014, causing Bitcoin to plummet. Financial journalist Izabella Kaminska explains that it followed a classic bubble trajectory.
Bitcoin Elite (03:09)
Hoarded Bitcoins have no interest or yield, since they are not being reinvested to grow the economy. Early investors have become wealthy, contradicting the democratization argument. Financial reformer Brett Scott discusses his experience working "undercover" in London City.
Protesting the Financial System (01:49)
A Bitcoin economy would have inequality issues, but provides an alternative to flawed banks. Scott discusses the idea of a cashless society and compares Bitcoin to the Occupy movement.
Arnhem Bitcoin Experiments (02:44)
Dutch enthusiasts are trying to convince retailers to accept Bitcoin payments. Tourists can have a fun weekend without using traditional money. A shoe repair man says banks take too much money from small businesses for debit card transactions.
Exchange Rate Issues (02:28)
BitKassa entrepreneurs distribute Bitcoins to Arnhem students, who discover they fluctuate rapidly. Hileman explains why prices remain static as units of account. Ver sees Bitcoin as having the same properties as gold, except being easier to divide and to transport.
Unprofitable Venture (02:51)
The "intrinsic" value of gold has been constructed; Bitcoin could be similarly imbued with value. As more people mine Bitcoins, they become increasingly rare. Long's Chinese colleagues spend more on mining equipment and electricity than they accrue, yet are "addicted" to finding Bitcoins.
Resembling Gold Currency (03:18)
A Changcheng Bitcoin mining operation uses 3,000 computers to mine up to 25 Bitcoins daily. The average person cannot afford mining equipment costs. Kaminska finds the community absolutist and politically driven, but the system is becoming increasingly practical for global transactions.
Blockchain Technological Innovation (03:37)
Nakamoto's open ledger could share information, as well as money, and provide a standardized global platform. Data could be shared publicly without a single party controlling the system. Experts see it as a digital democracy revolution, but Nakamoto's identity remains anonymous.
Bitcoin Foundation Myth (03:32)
With the Blockchain technology, Nakamoto has relinquished control of the currency. However, he owns one twentieth of all Bitcoins. Experts speculate as to why he remains anonymous. Ver believes Bitcoin will undermine governments, via the central banking system, and bring global peace.
Credits: The Bitcoin Gospel (00:29)
Credits: The Bitcoin Gospel
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