Bitcoin: The End of Money As We Know It

Bitcoin_logoThe best explanation of Bitcoins I have seen is available as a one-hour video on YouTube. I’ve seen regarding the evolution of money and how Bitcoin fits into the picture.“Is bitcoin the currency of the future? A godsend for criminals? Or a recipe for financial disaster?” the moderator asks early in the video.

The video starts by saying that money is used to accomplish our dreams. But it is also an instrument of destruction, some might say evil. The video does a great job of explaining the benefits and evils of both money and Bitcoins. It also states that “this might be the end of money as we know it.”

The film includes interviews with many well-known Bitcoin and financial personalities like Andreas Antonopoulos, author of “Mastering Bitcoin,” and Alan Greenspan, former chairman of the Federal Reserve.

Roger Ver, a Bitcoin entrepreneur, notes there is nothing politicians or big banks can do to stop Bitcoin. “What the Internet did for information, Bitcoin is doing for money,” says Eric Benz, director of UK Digital Currency early in the video.

Asked if Bitcoin could be the new gold in a TV interview, Greenspan says one has to stretch their imagination to infer what the intrinsic value of Bitcoin is.

Jeffrey Tucker, an economist, says bitcoin will change the economic culture.

I doubt if Bitcoins will ever replace money but it seems obvious that such cryptocurrencies are going to become more and more important in the near future.

UPDATE:

The video was available free of charge on YouTube when this article was written but apparently has since been removed. Amazon Video has the same video available for sale for $4.99 athttp://www.amazon.com/dp/B013HU429O?ref_=imdbref_tt_wbr_aiv&tag=imdbtag_tt_wbr_aiv-20 and the video’s producers also sell it on their web site at http://theendofmoneyasweknowit.com/ for the same price.

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