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| Banking on Bitcoin | |
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| Directed by | Christopher Cannucciari |
| Written by | Christopher Cannucciari and Prichard Smith |
| Distributed by | Gravitas Ventures |
Running time | 90 minutes |
| Language | English |
Banking on Bitcoin is a 2016 documentary about the beginnings of bitcoin and how it evolved to be what it is today.
Banking on Bitcoin is a documentary that was released on Netflix in 2016. [1] The film was directed by Christopher Cannucciari and distributed by Gravitas Ventures. [2] The official soundtrack was composed and produced by Ben Prunty. [3] For several years it was the only significant film on the subject. In July 2019 it was reported that Netflix was making a new documentary on cryptocurrency which would give broader coverage of altcoins, with interviews from experts in blockchain and cryptocurrency. [1]
Banking on Bitcoin provided many people with an introduction and overview into the cryptocurrency world. [4] The film compiles statements by journalists, economists, programmers and IT entrepreneurs to give a complete view of the background of the crypto-currency, its beginnings, and how it might evolve and affect the monetary system. Some specific cases involving Bitcoin are discussed in detail. [5] These include the incident where Mt. Gox, the leading Bitcoin exchange, lost $450m in a hack, the closure of the Silk Road dark web marketplace by the Federal Bureau of Investigation and the imprisonment of Charlie Shrem for aiding and abetting an unlicensed money transfer business. [1]
The film includes many early participants in the bitcoin movement, including Charlie Shrem, Barry Silbert, Nathaniel Popper, Alex Winter, Erik Voorhees, Gavin Andresen, David Chaum, and the Winklevoss twins. [6] For dramatic effect, the film depicts Bitcoin as a movement outside the law. It also contrasts Bitcoin to the role played by the banks in the financial crisis of 2007–2008. [1]
Lincoln Michel wrote in a GQ review, "Banking on Bitcoin gives a solid overview of the mechanics and history from a digital dollars used to buy drugs on the 'dark web' to an investment opportunity that everyone and their aunt is talking about." [4] Michael Johnson's review in That Shelf said, "Banking On Bitcoin ... pretty much explains everything about bitcoin inside out and gives a deep insight into this phenomenon." [7] Sadie Williamson in Grit Daily described the film as "... a helpful introduction to the concepts of blockchain and some of the critical incidents in the history of Bitcoin." [1]
A smart contract is a computer program or a transaction protocol which is intended to automatically execute, control or document legally relevant events and actions according to the terms of a contract or an agreement. The objectives of smart contracts are the reduction of need in trusted intermediators, arbitrations and enforcement costs, fraud losses, as well as the reduction of malicious and accidental exceptions.
Bitcoin (₿) is a cryptocurrency invented in 2008 by an unknown person or group of people using the name Satoshi Nakamoto and started in 2009 when its source code was released as open-source software.
A cryptocurrency is a digital asset designed to work as a medium of exchange wherein individual coin ownership records are stored in a digital ledger or computerized database using strong cryptography to secure transaction record entries, to control the creation of additional digital coin records, and to verify the transfer of coin ownership. It typically does not exist in physical form and is typically not issued by a central authority. Some cryptocurrencies use decentralized control as opposed to centralized digital currency and central banking systems. When a cryptocurrency is minted or created prior to issuance or held on a centralized exchange, it is generally considered centralized. When implemented with decentralized control, each cryptocurrency works through distributed ledger technology, typically a blockchain, that serves as a public financial transaction database.
The bitcoin network is a peer-to-peer payment network that operates on a cryptographic protocol. Users send and receive bitcoins, the units of currency, by broadcasting digitally signed messages to the network using bitcoin cryptocurrency wallet software. Transactions are recorded into a distributed, replicated public database known as the blockchain, with consensus achieved by a proof-of-work system called mining. Satoshi Nakamoto, the designer of bitcoin, claimed that design and coding of bitcoin began in 2007. The project was released in 2009 as open source software.
Charles Shrem IV is an American entrepreneur and bitcoin advocate. He co-founded the now-defunct startup company BitInstant, and is a founding member of the Bitcoin Foundation. In 2014 he was sentenced to two years in prison for aiding and abetting the operation of an unlicensed money-transmitting business related to the Silk Road marketplace. He was released from prison in 2016. In 2017, he joined Jaxx and served as its chief operating officer, and founded cryptocurrency advisory CryptoIQ.
Blockchain.com is a Bitcoin block explorer service, as well as a cryptocurrency wallet and a cryptocurrency exchange supporting Bitcoin, Bitcoin Cash, and Ethereum. They also provide Bitcoin data charts, stats, and market information.
Vitaly Dmitriyevich "Vitalik" Buterin is a Russian-Canadian programmer and writer primarily known as a co-founder of Ethereum and as a co-founder of Bitcoin Magazine.
Ethereum is the second largest cryptocurrency platform by market capitalization, behind Bitcoin. It is a decentralized open source blockchain featuring smart contract functionality. Ether is the cryptocurrency generated by Ethereum miners as a reward for computations performed to secure the blockchain. Ethereum serves as the platform for over 260,000 different cryptocurrencies, including 47 of the top 100 cryptocurrencies by market capitalization.
Bitcoin Center NYC was founded by Nick Spanos in 2013 in the financial district of New York City, located 100 feet away from the New York Stock Exchange. The center's main claim to fame is as the "first brick and mortar exchange for Bitcoin" and also as a catalyst for New York State's subsequent regulatory crackdown on cryptocurrency businesses.
Stellar is an open source, decentralized protocol for digital currency to fiat money transfers which allows cross-border transactions between any pair of currencies. The Stellar protocol is supported by a 501(c)3 nonprofit, the Stellar Development Foundation.
A blockchain, originally block chain, is a growing list of records, called blocks, that are linked using cryptography. Each block contains a cryptographic hash of the previous block, a timestamp, and transaction data.
Ledger is the first peer-reviewed academic journal dedicated to cryptocurrency and blockchain technology research. The journal covers aspects of mathematics, computer science, engineering, law, economics and philosophy that relates to cryptocurrencies such as bitcoin.
Bitwala is a blockchain banking service, headquartered in Berlin, Germany that was founded by Jörg von Minckwitz, Jan Goslicki, and Benjamin P. Jones in October 2015.
The Lightning Network is a "layer 2" payment protocol that operates on top of a blockchain-based cryptocurrency. It is supposed to enable fast transactions among participating nodes and has been proposed as a solution to the bitcoin scalability problem. It features a peer-to-peer system for making micropayments of cryptocurrency through a network of bidirectional payment channels without delegating custody of funds. Lightning Network implementation also simplifies atomic swaps.
The Rise and Rise of Bitcoin is a 2014 American documentary film directed by Nicholas Mross. The film interviews multiple companies and people that have played important roles in the expansion of Bitcoin. It first premiered at the Tribeca Film Festival in New York on April 23, 2014. The film was nominated for the “Best International Documentary Film” at the 2014 Zurich Film Festival. This film has a run time of 96 minutes.
Bitcoin Gold is a cryptocurrency. It is a hard fork of Bitcoin, the open source cryptocurrency. It is an open source, decentralized digital currency without a central bank or intermediary that can be sent from user to user on the peer-to-peer Bitcoin Gold network.
JPM Coin is a dollar-backed cryptocurrency (stablecoin) from the major bank JP Morgan Chase, announced in February 2019 as an institution-to-institution service.
Libra is a permissioned blockchain digital currency proposed by the American social media company Facebook, Inc.
Robert A. Küfner is a German entrepreneur, author and investor. He is mentioned as a pioneer in the field of Bitcoin and blockchain technology.
TRON is a Blockchain-based decentralized operating system based on a cryptocurrency native to the system, known as TRX.
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