A computer programmer becomes fascinated with the digital currency Bitcoin, and through his involvement in the Bitcoin community, we learn about the impending global impact of this amazing new technology.
Bitcoin is the most disruptive invention since the Internet, and now an ideological battle is underway between fringe utopists and mainstream capitalism. The film shows the players who are defining how this technology will shape our lives.
What is Bitcoin? With the advent of Bitcoin, the world's first digital currency, for the first time in history money is no longer controlled by banks or governments, but by the people who use it. But where did this currency come from? How does it work? And is it truly the way forward, or just a flash in the pan? Magic Money answers these questions and more as it explores the mysterious origins of Bitcoin, its role in society, and how it could shape the future.Written by
explains a lot about bitcoin but some things don't add up
One thing that they don't tell you is most countries will let you purchase bitcoin off an exchange but wont let you sell on exchanges for your local currency, if you want to sell your bitcoin you need to find a private buyer.
Also transaction fees are heavy any time you move bitcoin because the exchange you use to purchase the bitcoin also charges a fee.
So if you want to pull large amounts of bitcoin off your exchange wallet and place them in a more secure "hardwallet" for offline storage you get fees for moving off exchange and also fees for placing in hardwallet. Bitcoin can take up to 3 hours for transactions to complete they say bitcoin cash and some of these other "forked tokens" are going to be faster but what does that mean for bitcoin will it's token become more valuable because it functions better?
How will your government be able to tax it because I'm pretty sure a tax system they mentioned in the film where you choose if you wanna pay or not is about as realistic as Santa Claus.
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