If the notion of bitcoin intrigues you, yet you find yourself intimidated by the complicated techno-jargon surrounding it, then the documentary “Bitcoin: Beyond the Bubble” is for you. This incisive overview explains the intricacies of the cryptocurrency in an engrossing and easily digestible manner.
The film begins with an examination of popular currencies throughout history, including our long-time reliance on precious metals like gold and silver as well as the system of the U.S. dollar that is most commonly employed today. Bitcoin is viewed by many as the next logical evolution from these currencies, and a highly desirable one at that.
Bitcoin, coupled with an interface known as blockchain, is a completely decentralized network that eliminates all intermediaries from the currency exchange process. This is one of the major factors that set it apart from dealings with traditional banks or credit card companies, and it’s a significant reason why these firmly established institutions are threatened by the growing popularity of the cryptocurrency.
The network is especially useful for those who are not active members of the banking system, but its benefits transcend the needs of the individual. As detailed in the film, currency insecure countries are using bitcoin to avoid dealing with corrupt governments and greed-infested central banking systems. Many of the world’s wealthiest regions are hesitant to engage in financial transactions with third world countries due to rampant credit card fraud. Bitcoin eliminates this risk, and thereby opens up a new realm of revitalization for these impoverished nations. Incredibly, it can also be used to enhance privacy standards, protect the integrity of national elections, and help struggling families across the globe in procuring property rights.
The film dives headfirst into answering bitcoin’s most ardent critics, including on issues related to the endurance of the technology if it should grow far beyond expectations in the near future, and the securities that are in place to prevent widespread fraud.