Bitcoin - A Currency of the Future?
Our monetary system's history began with barter
trading. First, people exchanged goods and services for later use by means of
payment such as gold, silver, coins and banknotes. This was the start of our
banking system with money loans, corruption and financial crises.
How will payments
be made in the future? Some believe that Bitcoin is the currency of the future.
But what are Bitcoins, and how do they work?
After watching the program, I have to admit that I
still do not understand what bitcoin is or how it works?
"I understand
that it is a new monetary system." "Still, I think it will have to go
through crises, broken hopes, disappointments and" as usual "enrich
those who first get into the bitcoin game" before it stabilizes or
goes under.
To me, the most important lessons to learn from the program is that it
illuminates our monetary and financial systems in a way that is easy to comprehend and it increases
understanding of the history of money.
A lesson we should already have learned from "The
History of Money" is that all systems can be used and abused. This also
applies to monetary and financial systems. And we learned that a monetary system to function properly must have a currency that is relatively stable. So far Bitcoin really hasn't arrived there.
Some quotes from the program:
Francis Bacon: Money is an excellent servant, but a
bad master.
Albert Einstein: Interest rate is the eighth wonder of
the world. Those who understand it can profit from it. Those who do not
understand it have to pay.
What always characterizes money is:
1) There has to be a scarcity of money
2) Money should be easy to recognize
3) They can be shared
4) They can be changed
5) They can be transported
6) They are persistent (don’t deteriorate)
7) They have a value that is accepted
8) They are hard to fake
The program is available at:
International title: Bitcoin: the end of money as we know it
Production year 2015 - Available until: 31 December 2018 (English
language with Swedish subheadingsAlso check:
