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After watching "Bitcoin: The End of Money as We Know It", I turned to "Bitcoin: Beyond The Bubble", which is a succinct 30-minute documentary on the workings of Bitcoin. To be honest, most of the points raised in this documentary were similar to those raised by "Bitcoin: The End of Money as We Know It" - how Bitcoin is different from conventional forms of currency, how traditional banks are reacting to Bitcoin, and how the unregulated nature can serve the needs of the unbanked in developing economies.
Nonetheless, I learnt one important thing from this documentary. I was wondering about how current users of Bitcoin have to pay pretty high transaction fees whenever they engage in Bitcoin transactions. This documentary excited me in the sense that it enlightened me about how Bitcoin is programmable money. As such, the latest innovations and technologies can be seamlessly integrated into its open-source code platform. As of 2018 (which was the release of this documentary), 4 to 7 Bitcoin transactions are conducted per second. But this number could go up to a million transactions per second since this novel technology called the lightning method can be incorporated, thus forming the 2nd layer of the Bitcoin blockchain network.
Doing so will drastically reduce the hefty transaction fees and benefit the poor in third-world nations, not to mention my wallet!
The more I learn about Bitcoin, the more fascinated I am by it. What aspects of Bitcoin appeal to you? Please let me know in the comments below!
Photo by Alesia Kozik from Pexels
