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Banking on Africa: The Bitcoin Revolution

This documentary follows the journey of Bitcoin pioneers as the African continent seeks to leverage cryptocurrency to increase their independency from a banking system that fails them.

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Tamarin Gerriety

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The whole point of this project - Banking on Africa: The Bitcoin Revolution

The whole point of this project

I mean, obviously
there's a lot more things - Banking on Africa: The Bitcoin Revolution

I mean, obviously there's a lot more things

If they can have that
burden lifted a little, - Banking on Africa: The Bitcoin Revolution

If they can have that burden lifted a little,

One of the struggles that we've had - Banking on Africa: The Bitcoin Revolution

One of the struggles that we've had

A lot of these metering
companies make a lot of money - Banking on Africa: The Bitcoin Revolution

A lot of these metering companies make a lot of money

Now, having a
blockchain-based system means - Banking on Africa: The Bitcoin Revolution

Now, having a blockchain-based system means

So, it was quite an uphill struggle, - Banking on Africa: The Bitcoin Revolution

So, it was quite an uphill struggle,

So what we can do is perhaps
bring an antenna through here - Banking on Africa: The Bitcoin Revolution

So what we can do is perhaps bring an antenna through here

So, once we get the
donation going through, - Banking on Africa: The Bitcoin Revolution

So, once we get the donation going through,

It will be hard to see now, - Banking on Africa: The Bitcoin Revolution

It will be hard to see now,

- The blockchain is the
operating system that it runs on. - Banking on Africa: The Bitcoin Revolution

- The blockchain is the operating system that it runs on.

So, you can see it as your Windows, - Banking on Africa: The Bitcoin Revolution

So, you can see it as your Windows,

The software layer is the blockchain - Banking on Africa: The Bitcoin Revolution

The software layer is the blockchain

- Blockchain is
the magic behind the money, - Banking on Africa: The Bitcoin Revolution

- Blockchain is the magic behind the money,

It is the technology
that underpins Bitcoin - Banking on Africa: The Bitcoin Revolution

It is the technology that underpins Bitcoin

You can use it to store
data like patents or wills, - Banking on Africa: The Bitcoin Revolution

You can use it to store data like patents or wills,

The authenticity of the exchange
of value, or transactions, - Banking on Africa: The Bitcoin Revolution

The authenticity of the exchange of value, or transactions,

Each transaction is recorded
on a public distributed ledger - Banking on Africa: The Bitcoin Revolution

Each transaction is recorded on a public distributed ledger

- The blockchain is a
decentralized system, - Banking on Africa: The Bitcoin Revolution

- The blockchain is a decentralized system,

No single institution is in
charge of this information. - Banking on Africa: The Bitcoin Revolution

No single institution is in charge of this information.

Now that differs from the
current financial system - Banking on Africa: The Bitcoin Revolution

Now that differs from the current financial system

In the case of South Africa, - Banking on Africa: The Bitcoin Revolution

In the case of South Africa,

And the Reserve Bank
checks all the other banks, - Banking on Africa: The Bitcoin Revolution

And the Reserve Bank checks all the other banks,

And that's the difference
between a decentralized system, - Banking on Africa: The Bitcoin Revolution

And that's the difference between a decentralized syste...

If I, for example, want to
give you government money, - Banking on Africa: The Bitcoin Revolution

If I, for example, want to give you government money,

We think that is what happens, - Banking on Africa: The Bitcoin Revolution

We think that is what happens,

There's always a middle man somewhere - Banking on Africa: The Bitcoin Revolution

There's always a middle man somewhere

- The creator of Bitcoin,
the cryptocurrency - Banking on Africa: The Bitcoin Revolution

- The creator of Bitcoin, the cryptocurrency

People think it's a group of people, - Banking on Africa: The Bitcoin Revolution

People think it's a group of people,

Several people have come out - Banking on Africa: The Bitcoin Revolution

Several people have come out

I like the fact that
I don't know who it is - Banking on Africa: The Bitcoin Revolution

I like the fact that I don't know who it is

- Bitcoin and cryptocurrency, - Banking on Africa: The Bitcoin Revolution

- Bitcoin and cryptocurrency,

I love Bitcoin, I really do,
and I like what it stands for, - Banking on Africa: The Bitcoin Revolution

I love Bitcoin, I really do, and I like what it stands for,

I've been in Gabarone,
and I went to Francestown - Banking on Africa: The Bitcoin Revolution

I've been in Gabarone, and I went to Francestown

We talked blockchain and all that - Banking on Africa: The Bitcoin Revolution

We talked blockchain and all that

I was inspired by Satoshi Nakamoto, - Banking on Africa: The Bitcoin Revolution

I was inspired by Satoshi Nakamoto,

The Satoshi Centre's vision
was to create a community lab - Banking on Africa: The Bitcoin Revolution

The Satoshi Centre's vision was to create a community l...

- Somebody came up with this
idea of making it possible - Banking on Africa: The Bitcoin Revolution

- Somebody came up with this idea of making it possible

If you compare it to the
traditional financial system, - Banking on Africa: The Bitcoin Revolution

If you compare it to the traditional financial system,

One of the disadvantages of cryptocurrency - Banking on Africa: The Bitcoin Revolution

One of the disadvantages of cryptocurrency

But, to be fair, if you compare it - Banking on Africa: The Bitcoin Revolution

But, to be fair, if you compare it

It's really very difficult to understand - Banking on Africa: The Bitcoin Revolution

It's really very difficult to understand

The item in question is this over here, - Banking on Africa: The Bitcoin Revolution

The item in question is this over here,

You're gonna be bidding
for this 100 rand note. - Banking on Africa: The Bitcoin Revolution

You're gonna be bidding for this 100 rand note.

A slight switch though on
the traditional auction model - Banking on Africa: The Bitcoin Revolution

A slight switch though on the traditional auction model

180 rand going once, - Banking on Africa: The Bitcoin Revolution

180 rand going once,

You can come and settle afterwards - Banking on Africa: The Bitcoin Revolution

You can come and settle afterwards

It's not that central financial
authorities were a bad idea. - Banking on Africa: The Bitcoin Revolution

It's not that central financial authorities were a bad ...

It gave us a way of scaling up to what now - Banking on Africa: The Bitcoin Revolution

It gave us a way of scaling up to what now

You could travel to the
other side of the world - Banking on Africa: The Bitcoin Revolution

You could travel to the other side of the world

That's the second highest price - Banking on Africa: The Bitcoin Revolution

That's the second highest price

It's a great game for me - Banking on Africa: The Bitcoin Revolution

It's a great game for me

It's designed so that I'm gonna win - Banking on Africa: The Bitcoin Revolution

It's designed so that I'm gonna win

We all remember what happened - Banking on Africa: The Bitcoin Revolution

We all remember what happened

In that situation, we were reminded again - Banking on Africa: The Bitcoin Revolution

In that situation, we were reminded again

We have a fractional
reserve banking system - Banking on Africa: The Bitcoin Revolution

We have a fractional reserve banking system

When a bank gives you a loan
to buy a house, for example, - Banking on Africa: The Bitcoin Revolution

When a bank gives you a loan to buy a house, for example,

That's basically money they
can make out of thin air. - Banking on Africa: The Bitcoin Revolution

That's basically money they can make out of thin air.

But when you have a run on the bank, - Banking on Africa: The Bitcoin Revolution

But when you have a run on the bank,

Governments then stand - Banking on Africa: The Bitcoin Revolution

Governments then stand

So, governments say, if the
bank doesn't have enough money - Banking on Africa: The Bitcoin Revolution

So, governments say, if the bank doesn't have enough mo...

But, of course, that money needs
to come from somewhere too, - Banking on Africa: The Bitcoin Revolution

But, of course, that money needs to come from somewhere too,

The U.S. government
didn't have enough money - Banking on Africa: The Bitcoin Revolution

The U.S. government didn't have enough money

- Every country's
economy is intertwined - Banking on Africa: The Bitcoin Revolution

- Every country's economy is intertwined

The saying before 2008 - Banking on Africa: The Bitcoin Revolution

The saying before 2008

Over a decade later, - Banking on Africa: The Bitcoin Revolution

Over a decade later,

- Hi, my name is Bheki Mahlobo, - Banking on Africa: The Bitcoin Revolution

- Hi, my name is Bheki Mahlobo,

So, I'm an economics student, - Banking on Africa: The Bitcoin Revolution

So, I'm an economics student,

This is because in university
we're not particularly exposed - Banking on Africa: The Bitcoin Revolution

This is because in university we're not particularly ex...

What is your opinion of Bitcoin being used - Banking on Africa: The Bitcoin Revolution

What is your opinion of Bitcoin being used

- You're absolutely right
that in our universities - Banking on Africa: The Bitcoin Revolution

- You're absolutely right that in our universities

This new technology will
really put the power - Banking on Africa: The Bitcoin Revolution

This new technology will really put the power

This is a real freedom, - Banking on Africa: The Bitcoin Revolution

This is a real freedom,

- 21-year-olds don't normally - Banking on Africa: The Bitcoin Revolution

- 21-year-olds don't normally

The first time I heard about Bitcoin - Banking on Africa: The Bitcoin Revolution

The first time I heard about Bitcoin

This movie doesn't cover
Bitcoin in a positive light. - Banking on Africa: The Bitcoin Revolution

This movie doesn't cover Bitcoin in a positive light.

And then, I heard it again, and I was like - Banking on Africa: The Bitcoin Revolution

And then, I heard it again, and I was like

So he was explaining
central banking, right, - Banking on Africa: The Bitcoin Revolution

So he was explaining central banking, right,

He explained that we actually
don't need the system. - Banking on Africa: The Bitcoin Revolution

He explained that we actually don't need the system.

In a normal economy things are supposed - Banking on Africa: The Bitcoin Revolution

In a normal economy things are supposed

I did a little bit more digging - Banking on Africa: The Bitcoin Revolution

I did a little bit more digging

They follow the Austrian
school of economics, - Banking on Africa: The Bitcoin Revolution

They follow the Austrian school of economics,

When you define economic growth - Banking on Africa: The Bitcoin Revolution

When you define economic growth

When the first phone came
out it was quite expensive - Banking on Africa: The Bitcoin Revolution

When the first phone came out it was quite expensive

That also could apply
to the economy as well, - Banking on Africa: The Bitcoin Revolution

That also could apply to the economy as well,

- Using this greedy algorithm
I can make a lot of money, - Banking on Africa: The Bitcoin Revolution

- Using this greedy algorithm I can make a lot of money,

The problem is, when you
have money on the table - Banking on Africa: The Bitcoin Revolution

The problem is, when you have money on the table

There are rules that have
been put in place that mean - Banking on Africa: The Bitcoin Revolution

There are rules that have been put in place that mean

Our current banking systems, - Banking on Africa: The Bitcoin Revolution

Our current banking systems,

Money was always centralized,
was always opaque, - Banking on Africa: The Bitcoin Revolution

Money was always centralized, was always opaque,

Banking on Africa: The Bitcoin Revolution poster

★ ★ ★ ★ ★

This documentary follows the journey of Bitcoin pioneers as the African continent seeks to leverage cryptocurrency to increase their independency from a banking system that fails them.

User Rating: 0.0 (0 ratings)

Director: Tamarin Gerriety

Writer: N/A

Production: N/A

Genre: documentary

Year: 2020

MetaScore: N/A/100

ImdbRating: 5.4

BoxOffice: N/A

Released: 22 May 2020

Awards: N/A

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