The Rise and Rise of Bitcoin

The rise of the virtual currency known as Bitcoin has been described as a "Wild West in cyberspace." Viewed as an alternative to traditional banking systems, Bitcoin is particularly attractive to libertarians, who seek monetary values that can't be manipulated by a centralized banking system. Filmmaker Nicholas Mross's PBS-aired documentary describes the new world of "Bitcoin fever," which is also characterized as "nerd money for computer nerds." Bitcoin was originated in 2009 by a possibly fictitious person or group of people going by the name of Satoshi Nakamato. Bitcoin changes the way money works, aiming for a predictable currency governed by scarcity. Payments are sent via the web and identities remain anonymous, but transactions are available to be inspected. Also, no consumer protections are in place, and Bitcoin is vulnerable to hackers and scammers. The documentary discusses the mysterious identity of Bitcoin's founder, as well as the appeal of Bitcoin in developing countries, where many residents lack access to banks. Despite deep suspicions of Bitcoin supporters, the U.S. Treasury insists that it is neither for nor against the system. However, officials are concerned about Bitcoin's potential for money laundering, terrorism funding, and use in online black markets such as “Silk Road," which trafficked in illegal drugs and items including fake passports. Viewers will learn about Bitcoin startups and the failure of these same fledgling businesses, which hardly dampens enthusiasm for Bitcoin believers. Given the fact that business regulations lag well behind innovations, Bitcoin is still a story in progress: will it prevail or merely be dismissed as a fad? Featuring interviewees ranging from Bitcoin pioneers to an (identity obscured) drug dealer, this is an informative, thought-provoking documentary on one facet of the online economy. Extras include bonus segments. Recommended. Aud: C, P. (S. Rees)